While real estate investment is widely democratised in France, for those looking to diversify their property portfolio abroad. Indeed, Dubai is the ideal place to buy a property, whether for a primary residence or to turn it into an Airbnb ! Its luxurious environment makes it a metropolis of choice, especially as prices are still very attractive, unlike in the West! And with good reason, Dubai is renowned for its very attractive tax-free environment and interest-free loans. It’s a real paradise for anyone looking to invest their money !
How does buying property in Dubai work?
The way property is sold in Dubai has changed considerably in recent years, particularly since 2002. Every effort has been made to facilitate financial transactions and increase security for you, the buyer. They have also reformed the Land Department, our equivalent of a notary’s office, and professionally trained estate agents, who are now supervised by the RERA.
If you want to become a homeowner in Dubai, there are a number of compulsory steps to follow.
1. Defining your purchasing project with a real estate agent
The very first thing you need to do is get in touch with a real estate agent in Dubai, Elite Dubai Properties will be there to welcome you. We will establish your purchasing profile and list all your criteria and expectations so that we can target our property searches as effectively as possible. During our first interview, we will ask you to provide us with a number of necessary details:
- How much cash do you have available, do you have a deposit, or will you need a finance plan?
- What budget are you going to allocate to this property investment?
- What type of investment are you aiming for: rental or residential?
- Do you have any preferences about the area? We can define this together.
- When do you want to buy ?
- Which properties for sale on Elite Dubai Properties have caught your eye?
We will also need to collect all your personal information, such as your full name, telephone number, email address and postal address.
2. Meet and talk
We advise all our buyers to visit Dubai, if only to get to know the country, to see the extraordinary opportunities you can make here, and to make sure you’ve made the right choice!
You might be tempted not to come all the way, but frankly, Dubai’s gigantism can’t be sold only on paper, or on the internet. If you’re here, you’ll be able to contemplate the masterpieces built in our city, from towering skyscrapers to the Burj Khalifa. You’ll be able to fully immerse yourself in the lush surroundings and the way of life of the locals. It’s a chance to try out everything you couldn’t do anywhere else, from state-of-the-art attractions to breathtaking tours!
You’ll be completely looked after from the moment you arrive in Dubai until you take off for France. Our teams will take care of you every step of the way, and we pay particular attention to your wishes and needs.
However, if you have already experienced Dubai, and already have a bank account here, we will take care of your file remotely. Thanks to our virtual tours, you can enjoy a fully immersive experience from the comfort of your own home.
3. Visiting the homes
Our first meetings always go something like this:
- We will introduce you to Dubai and its real estate sector.
- If you wish, we can introduce you to the must-see tourist spots.
- Finally, we’ll visit the flats of your choice.
Don’t worry, if you don’t find what you’re looking for on the first day, we’ll accompany you until we find the perfect property! If you haven’t found what you’re looking for, we can visit the flats over several days.
If you decide to visit a flat with another estate agent, we advise you to take a few precautions.
What’s more, if you’ve found your property on your own and want to buy it, don’t forget to check all the compulsory information, such as the fact that the agent’s passport is valid, as is the agent’s ID, and that the agent is up to date with the payment of utilities.
Finally, although this practice is becoming less and less common, we strongly recommend that you never make a deposit by hand without a written record from the seller. For all these reasons, we urge you to contact our agency, Elite Dubai Properties, to avoid any problems of this kind.
4. Setting up a bank account in Dubai
It is not compulsory to have a bank account in Dubai to start investing, but we strongly advise you to do so, even if you can carry out all your transactions from France. The vast majority of our buyers open an account in Dubai, and we help them with all the formalities.
On the other hand, if you want to collect your rent more easily, this type of account is essential, especially as it’s so easy to open, so why deprive yourself! Note that we can also take care of the rental management of your property, but we’ll explain all that in more detail in a later section. If you wish to open a bank account in Dubai, you will need to provide a photocopy of your valid passport, your last 6 bank statements certified by your banker, your last 6 payslips and your purchase contract.
It’s really easy to do, and we’ll also help you put together your bank documents. Once we’ve received all these documents, we’ll contact the bank to finalise the last administrative steps. You will then officially be the owner of a bank account in Dubai!
5. The sale agreement
Our agency, Elite Dubai Properties, takes care of preparing the Memorandum of Understanding (MOU), which is equivalent to the compromis de vente in France. This document sets out the price of the property, the amount of commission, the transfer date and the passport numbers of the seller and buyer. If you are unable to transfer title immediately, you will be required to pay a 10% deposit to reserve your property.
The seller is obliged to provide a Non Objection Certificate (NOC), which guarantees that they can sell the property and that the payment of all their charges is in order.
6. Transfer of ownership
Once we have gathered all your personal documents required for the transfer of ownership, we will arrange a meeting at the Land Department. The notary’s commission is around 4% of the total value of your property. To sum up, here’s why you should invest in property in Dubai.
Dubai’s attractiveness as a property destination is well established, especially since 2002, when the authorities authorised foreigners to own freehold property. Since then, Dubai has continued to expand, and buyer interest has followed this upward curve. To give you an idea, growth has increased by over 10% in the last 6 years.
Dubai is the ideal place if you want to invest in a very attractive property market. The rates and services on offer are much more attractive than in London, Paris or Singapore! The tax system is exceptional: you won’t pay any tax. The flats for sale are of a very high standard. Your rental yields are very attractive, between 5 and 10% net!
And that’s just the beginning – the Dubai adventure is only just beginning! The city is booming, and there’s no end in sight. Developers are bursting with inventiveness, and the projects to be built by 2024 are staggering.
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