If you want to buy a property, house, flat, mansion or studio in Dubai, whether to live there with your family or simply as an investment, this is the best time to do it! Savour the New Year and make your dream come true by investing in a property in Dubai ï. Buying a villa or penthouse is easy and disconcertingly quick, so why not give it a try? An opportunity not to be missed!

Why invest in Dubai in 2024?

There are many reasons why people invest in Dubai on a massive scale. Firstly, we could mention the attractive prices per m2, the fascination with the city itself, the facilities for all payment plans, and of course the particularly advantageous tax system.

Dubai is above all 90% expatriate! And they didn’t choose to settle here by chance! The returns on investment are much higher than you’d get in France, or even Europe. When expatriates arrive in Dubai, most of the time they won’t be able to afford to buy a flat, so they’ll have to rent one! And that’s where you come in, by offering the flats you’ve invested in for rent! Their rents are almost always paid by their employers, and the property market has taken advantage of this by offering high rents for rent, giving you ever higher financial returns. And there’s no tax to pay.

All these benefits should convince you that investing in Dubai is the opportunity not to be missed in 2024. Whether you’re looking for a rental investment or to buy a primary or secondary residence, the agents at Elite Dubai Properties will put all their expertise at your disposal to find you the perfect property! We will find you suitable financing plans, with no commission, from Dubai’s most renowned property developers. A life of luxury, dreams and income awaits you.

There’s no denying it: prices per m2 are among the lowest you’ll find in a metropolis of Dubai’s calibre. If you take a look at the prices offered by our agency, you’ll soon realise that very high-standard flats are available for less than €3,000 per m2, and that’s an unbeatable price! The services and facilities available to you are also exceptional, if not unrivalled. With a lagoon and infinity pool, spa, jacuzzi and gym, concierge service and club house, Dubai goes out of its way to satisfy your every wish.

How can you finance your purchase?

The best and most accessible solution is to use the payment plans that our agency, Elite Dubai Properties, will negotiate for you. These buying facilities enable thousands of people to make their dreams come true, so why shouldn’t you be one of them? To put it simply, payment plans are the equivalent of payment schedules. Using this method, you pay a small percentage of the total cost of the property while it’s being built, so your initial financial contribution doesn’t need to be too large. You then pay a further share on delivery, i.e. the total balance, or you can spread your payment over several years once you’ve handed over the keys!

Every effort is made to facilitate home ownership, and it’s even possible to pay up to 75% of the total amount of your investment once you’ve moved in! The good news doesn’t stop there: property developers in Dubai don’t ask for proof of income! The norm is to consider that if you are able to pay 10% of the total amount of your investment, you will also be able to pay the full amount – a far cry from French standards, you’ll agree! All financing of this kind is formally interest-free, in accordance with Muslim traditions.

Making a success of your first rental investment

Our agency, Elite Dubai Properties, strongly recommends that investors place their assets in the smallest areas. In fact, this is where you’ll realise your greatest capital gains! Studios and one-bedroom flats are the most sought-after in Dubai. There are a lot of expatriates in the prime of their lives in the emirates, and the rental market is in a perpetual state of flux. Investing in small flats is your guarantee of an efficient return. We can offer you the properties that best match the current demands of the Dubai property market. The assurance of exponential rental yields, given that studios are a feature of all new property developments.

And why not a villa?

Many French people aspire to a city of charm and luxury, so what better way to make your dreams come true than by buying a villa in Dubai? You could start this adventure with a villa that would become your second home, your family holiday home. Then, we’re sure, Dubai will have won your heart and you’ll want to become a permanent resident.

Until a few years ago, the majority of our customers wanted to invest remotely, with a view to high profitability. Now things are more balanced and the trend has changed, with many French people wanting to live in Dubai permanently, with their families.

Property developers are betting big on family reunions, so we can offer you luxury villas, under construction or off-plan, from as little as €350,000! Family happiness at your fingertips!

Remote investment

The vast majority of property sales in Dubai – almost 80% – were made from abroad in 2021. And things are unlikely to change, as everything is being done to ensure that you can invest safely from France!

Our clients have very little administrative work to do. All you need to do is send us a photocopy of your passport and all your contact details, and Elite Dubai Properties will take care of the rest. We’ll take care of everything for you. All the formalities are carried out online, except for the contract, which will be sent to you by post. All banking transactions are secure and your payments are made into escrow accounts managed by the Dubai authorities.

The best places to invest in Dubai

The main factor in your investment decision will necessarily be location! This will determine the environment in the vicinity of your property, and it’s important that you, as investors, take this into account before considering your purchase in Dubai.

There are plenty of prime locations in the emirate, and investing in areas such as Dubai Marina or Jeremiah Circle Village will ensure a profitable investment from the moment you buy.

The hotspots for investment are located in the business districts, close to offices and must-see tourist attractions such as the Burj Khalifa.

Marina Bay, an investment of choice

The nec plus ultra in terms of business centres is the Dubai Marina, where everything has been designed for the financial market and business people from all over the world gravitate here. For stays of varying lengths, business travellers will choose this destination.

Beyond its incredible unobstructed views over the water, Marina bay is a great choice if you’re looking for a risk-free first investment. Its proximity to Dubai Internet City and Dubai Media City guarantees unrivalled shopping convenience.

Dare to visit the Business Bay in downtown Dubai

There are plenty of really affordable investment opportunities in Dubai! Its city centre is home to the tallest skyscraper ever built, the Burj Khalifa! Its gigantic shopping centres, also known as malls, and tourist attractions are now internationally renowned, attracting millions of visitors every year.

And Business Bay is literally the centre of business, where everything happens! This site represents real potential if you want to make your mark on the world of investment in Dubai!

To sum up investment in Dubai :

• The average property transaction takes between one and two weeks.
• All foreigners acquire property rights for a maximum of 99 years.
• In Dubai, the property market is still accessible to everyone, unlike in Paris, Berlin or New York.
• Your bank loans will be for a maximum of 25 years.
• Investors will need to own 20% of the value of the property in order to proceed with the transaction.
• You can buy your home remotely as long as you have a bank account.

So how do you invest in Dubai as a non-resident?

We tell you everything you need to know about investing in rental property in Dubai.

Investing all or part of your savings is not without risk, but investing in property in Dubai is still a safe bet! To ensure that you have the keys to success in your hands, you need to take into account the specifics of the international property market, and more specifically, in this case, Dubai. More and more French people are deciding to buy a flat or villa in Dubai, and our agency, Elite Dubai Properties, would like to tell you all about the advantages and benefits of investing in rental property in Dubai.

Investing in property in Dubai for a foreign national can be done very quickly, but you need to be very well advised or have a thorough knowledge of the particularities of this market. Freehold purchases have been possible for foreigners since 2002, when the administrative procedures were standardised. In 2006, the legislation changed to provide even greater security for foreign investors.

Dubai is one of the cities where property purchases can be made in record time, while respecting the security needs of buyers.

The purchase protocol in Dubai

To get started, you need to know the ins and outs of this market and its vocabulary. There are several categories of investment, and we’re going to list them for you. Firstly, there is rental investment, which is suitable for any buyer wishing to invest in Dubai with the sole aim of generating rental income. Then there’s the so-called holiday investment, where you want to buy a second home to spend part of your holiday or even part of the year there. Finally, there is the residential investment, which is suitable for buyers who want to live in Dubai all year round and make their property their main residence.

What are your needs, your budget and when do you want to invest?

1 – Define your buying criteria

Before you buy, it’s vital that you determine your investment criteria. For example, you need to ask yourself the following questions:

• What’s the minimum number of rooms you’d like?
• Do you prefer to buy off-plan or a ready-built flat?
• What type of property: villa or flat?
• In which area would you like to invest?

To do this, you need to know exactly how much you can invest and how much of your savings you want to allocate to buying a property in Dubai. If you don’t have the full amount you’re looking for, you’ll need to borrow money. The question is whether you’d rather take out a mortgage in France or in Dubai! These are questions you absolutely must answer before considering any kind of investment.

Finally, you’ll need to think carefully about when you want to invest – whether it’s as soon as you find the property of your dreams, in a few months’ time, in 3 months’ or 1 year’s time, or in the longer term! This may seem like a trivial point, but the Dubai property sector is constantly evolving, so prices can vary completely and the amount of your initial investment can change considerably!

2. Remote purchase offers or on-site visit

Once our estate agents have received all your buying criteria, we can start suggesting flats or villas that are right for you!

If you are not a resident of Dubai, you will need to find time to get here so that we can start the visits. Don’t forget to ask for all the information and details before planning to fly to Dubai. Virtual tours can save you a lot of time, and allow you to target your needs as closely as possible!

Don’t worry if you can’t make it to Dubai – we’ve thought of everything! Everything can be done remotely from France. Ideally, you should come to Dubai at least once to make sure that everything is in order, so that you can really appreciate the environment that sumptuous Dubai has to offer.

3. Start negotiations and the preliminary sale agreement

Once you’ve found the property of your dreams, you can position yourself by making an offer to buy. Our estate agents will draw up a Memorandum of Understanding (MOU), a written agreement between the developer and you, the buyer.

If you are not able to send your title deeds straight away, you will be required to pay a 10% deposit to reserve your purchase. It is also at this point that the seller must give you the NOC, or Non Objection Certificate. This means that the seller is entitled to sell the property and has paid all the charges due.

If you have opted to buy off-plan, all these formalities will be carried out directly with the property developer. As payment plans vary depending on the property developer, our agency, Elite Dubai Properties, will provide you with all the details.

4. Opening your bank account in Dubai

To open a bank account, we’ll need your last 6 statements, and then it’ll only take an hour! This is essential to be able to deposit money into your account. It also enables you to send cash from France and to issue bank cheques. Your French banker will have to certify the originality of your bank statements. This is a crucial step for any new investor in Dubai, but as the procedures are really straightforward, it will be a simple formality!

5. Transfer of ownership

We’re nearing the end of this investment adventure – your dream is within reach! Once you’ve gathered all the required documents, provided them to us and your funds have arrived in your new bank account in Dubai, our estate agents will take care of the rest! We will then arrange a meeting with the Land Department. This is a Dubai government institution that deals with property transfers, and is specific to this property market.

You, the buyer, seller or developer, and the estate agents will have to meet at the Land Department. This is where the financial transaction takes place. This department will ask you to pay a fee of around 4% of the total purchase price of your property. To give you an idea, the average time taken for this type of transaction is between 4 and 15 days.

6. Taking out a mortgage in Dubai

Just like opening a bank account, the procedures for taking out a mortgage in Dubai are relatively straightforward! Whether you’re a French investor or an expatriate, the procedures are pretty much the same. For expatriates, however, you will need to prove that you earn at least €2,400 a month and that your income has been consistent over time. Your last few years’ income will therefore be examined, but the formalities are much less difficult than in France, and you will certainly be able to buy a property if you meet the required criteria!

In order to facilitate transactions with foreigners, banks in Dubai undertake to issue an agreement in principle within 3 to 4 days. You can see for yourself that this has nothing to do with the French banking system!

Supporting documents to be provided

Here is a list of the supporting documents most frequently requested by banks:

A photocopy of your valid passport!

Bank statements. If you are employed, you will need to provide your last 3 months, and if you are self-employed, you will need to provide proof for the last 12 months.

An identity card issued by the Emirates

All your salary certificates

Your tax return for the current year or the previous year from your country of origin, i.e. France.

Once you have all these documents, you can apply for a bank loan in Dubai. However, our agency, Elite Dubai Properties, strongly recommends that you frequently analyse the interest rates charged by banks. These tend to vary considerably according to the Emirates Interbank Offered Rate. That’s why it’s best to visit as many bank branches as possible, to get an overall view of the financial market in Dubai! After talking to a number of banks, you can make your choice with peace of mind, knowing that you’ve found the best possible interest rate for your new investment!

Agreement in principle: a guarantee

Before you start looking at flats, you should also make sure that the bank gives you its agreement in principle. Failure to do so could jeopardise any negotiations if you fall in love with the property. It’s easy to understand why sellers need a guarantee before they reserve their property for you! If you don’t manage to get this agreement in principle before you start your viewings, you will always have the option of paying a deposit, which will be equivalent to a reservation.

You should be aware that certain companies that are well-known abroad or recognised worldwide are automatically approved by banks as employers offering sufficient guarantees. Employees hired by such companies often have a better chance of being granted credit if they are unable to provide all the supporting documents requested by the bank.

Conventional and Islamic loans

Sharia law does not allow a person or institution to profit from a loan of money, in other words, to charge an interest rate. Islamic loans are structured differently. The bank buys the asset and then sells it at a profit. The applicant then pays for the asset in monthly instalments. Alternatively, the bank may buy the property and rent it out. Applicants can choose their type of loan, and Islamic loans are very popular among Emiratis.

Some other details differ for Islamic loans. No interest will be charged on late payments, but a fixed fee may apply instead. Some applicants may find this attractive. With a traditional loan, early settlement is capped at 3% of the outstanding capital (plus VAT). Islamic loans are not bound by the same rules and early repayment charges vary from bank to bank.

Another piece of good news is that in Dubai, your monthly credit repayments (all repayments taken together!) can never exceed 50% of your total income! It’s a way of ensuring that your repayments don’t affect your sound financial management.

7. How much money do I need to buy in Dubai?

In an obvious bid to protect its banking system, Dubai’s government leaders have obliged UAE nationals to pay a minimum 20% deposit on their principal residences, if the total value of their property does not exceed 1.2 million Euros, or 5 million AED.

If the property is worth more than AED 5 million, these same nationals must pay a deposit of at least 30%! However, there is an exception to these obligations: if UAE nationals use a housing scheme, the deposit is only 15%.

For all French expatriates living in Dubai, or foreigners, the laws are slightly changing. In this case, you will have to pay a deposit of at least 25% for any first investment in a property worth up to AED 5 million (€1.2 million). For purchases above this amount, the deposit will rise to 35%. In some cases, these deposits amount to 50% of the initial price.

8. Important points to check during your visits

We’re now going to tell you about all the things you need to pay attention to when you visit a flat to make your investment dream come true.

Outside your property:

Noise: construction of housing projects nearby, the presence of a major trunk road. Empty lots next door often mean that future buildings will be built here.

Transport: Depending on what you’re looking for, check that your flat has excellent transport links.

Shops: If you’re looking for a lively nightlife, take a good look at your neighbourhood and note the presence of shops, bars and restaurants.

Your pets: Always ask whether your pets are welcome.

In conclusion

Although the procedures for buying a property in Dubai 2024 may seem simplistic, we strongly advise you to use a real estate agent! They are experienced and well-versed in all aspects of negotiations. They will be able to select the property that ticks all your boxes, draw up the preliminary sales agreement for you and check all the supporting documents required for the sale.

If, after reading this article, you are interested in investing in Dubai, we advise you to contact us via the Elite Dubai Properties website, we will be delighted to provide you with all our knowledge. We’ll show you the different investment options that suit you best, and be at your side right through to the final transaction!

Dubai is the most populous city in the United Arab Emirates, and it’s also the city of records! Skyscrapers that you’ll never see anywhere else, such as the 818-metre-high Burj Khalifa, huge shopping malls specially designed for a luxury clientele, and insane property developments! Dubai is the city of all possibilities, and you can be part of it too! In the past, there were only small ports and a hostile desert here, but oil has achieved the impossible, making this khalifa a paradise on earth!