The benefit of buying off-plan is that re-sales command relatively high premiums therefore reducing any profit margin in the investment considerably.

Who Can Buy?

Any investor, overseas or resident, can purchase in Dubai’s luxury property developments.

Home Financing

If you are looking for home financing options in Dubai, most developers offer finance packages. However, Tamweel is certainly one of the best options. Tamweel offer a wide range of products for you to choose from. Tamweel finance properties that are ready to move into, as well as those that are under construction. They will even pre-approve your loan before you start looking so that you will know exactly what your budget is. In addition, Tamweel offer you the option of owning the property outright, or leasing it from them with an unconditional offer to own it at the end of the lease period – whatever suits you better. All of their products have been designed keeping your individual needs in view, especially the need for stability and peace of mind, and that is what makes us sure that they have a solution that is just right for you.

Payment Terms

In general, a deposit representing 10% of the buying price is required at the contract-signing stage for all new development properties. This is followed by what are known as stage payments that are made at regular intervals through to completion. Contact us for project-specific details.

Bank Accounts

Buyers do not need a local bank account to arrange purchases, though these can easily be arranged through our partners in Dubai.

Appreciation

Property prices in Dubai have experienced considerable growth, and are forecast to remain this way for some time. This can be clearly seen if comparing current prices with those of 6 months ago. Like all investments, however, property prices can go down as well as up.

To Buy on the Secondary Market or the Resale Market:

If during the construction stage of a property a second party wishes to purchase the property from the owner then the process is straight forward.
The buyer pays the owner an agreed sum which includes those payments the owner has already made to the developer and any premium applied by the owner.

Exchange of contracts with owner at the developers head office usually within two week period.

The developer will then charge a percentage of the original price of the property (typically between 2% to 7%) to reissue the PSA with a new name on it and update their title records. This must be done either in person or with the buyer’s authorised representative. The whole process takes a matter of minutes.
Contract re-issued in buyers name – there is no legal representation for either party or any stamp duty implications.

The buyer will then continue to pay the remaining instalments to the developer as laid out in the PSA.
Commission, typically 2 to 3% is paid to the agent.
The transfer fee is paid by the purchaser.

What exactly is freehold in Dubai?

Purchasing a freehold property in Dubai now means that you own the property forever or until you decide to sell it. You are allowed to pass this property to your family for example, and they enjoy the same level of ownership as you do.

Most important for investors, your resale rights are guaranteed, as is your freedom to rent out your property to a third party, though some restrictions apply to individual developments.

You should note that although these are freehold properties, some conditions on their owners apply, because they are “private community” developments. These conditions will restrict what owners can do with their properties, and oblige them to maintain their properties to certain standards, according to the themes and quality of the communities.

When buying an apartment, the nature of ownership is different from that of a villa, because an apartment is a unit in a building. These are normally classed as “common hold”. Sale agreements for apartments do, however, usually warrant effective full ownership of the unit, subject to restrictions applying to the building, such as renting out the unit, and making modifications.

Where can you buy freehold properties?

Most property developers in Dubai offer freehold, but so far most of the freehold developments have mostly been limited to the Sheikh Zayed Road, and the area of Jumeirah (including Palm Island). However, exceptions to this include the Arabian Ranches and Emaar Towers in downtown Diera. Other future developments include Nakheel’s International City project.

What about buying in other emirates?

So far, the UAE as a whole does not have laws regarding the sale of freehold property to non-GCC nationals. Each emirate makes its own property laws, as Dubai has done. Recently Abu Dhabi announced the availability of freehold, limited to “surface rights” for non-GCC nationals in the Al Raha beach area, outside the main city limits. Ras Al Khaimah, in the north, has created a similar development. The other emirates are expected to follow suit, but there have been no definitive announcements at the federal level yet.

Are property owners eligible for residence visas in the UAE?

Many developments give you the opportunity to gain a residency visa through purchase. Read about Procedures for obtaining a residence visa in our articles under Immigration.

Property Law

The freehold property market in Dubai really started in 1998 when the Dubai Marina project was launched. At that time there was no freehold property law, and villas were sold “leasehold”, on 99 year leases. In 2002 a decree was issued by the Dubai government granting freehold rights to non-GCC nationals (The GCC is the Gulf Cooperation Council, comprising Saudi Arabia, Kuwait, the UAE, Oman, Bahrain and Qatar.) This provided the impetus that has led to the size and dynamism of Dubai’s property market today.

Dubai Residency

The Government has stated that a special category of residence visa will be granted to people buying ‘foreigner’s’ properties. The visa will allow a purchaser to live, but not work in Dubai. The arrangements for granting, and the terms of the visa, are at this time unclear.

Only the Government of the UAE can grant these visas, not the developer or estate agent.

http://www.gulfbusinessguide.com

Article Source: http://EzineArticles.com/?expert=Michael_Cain

It should be kept in mind that some emirates, acting of their own accord, had already amended their foreign property ownership laws and developed their own freehold visa arrangements. The purpose of the proposed freehold property visas at the federal level is to streamline the process and set a unified guideline for the entire UAE. The Federal Government officials hope that the new law will be introduced soon but no timeline for the regulation’s introduction has yet been announced.

Issuance of residence visas on the purchase of freehold property was earlier in place when big developers like Nakheel and Emaar helped foreign property buyers to get three-year renewable residence visas. But all of a sudden, the developers stopped facilitating the buyers in this regard which brought the issue of freehold visa into focus.

UAE property experts see the proposal as a wise step that could restore buyers’ confidence in this time of crisis and add lure to foreign property investment in the region that presently shows an investment meltdown. Since 2002, major developers in Dubai have successfully used the issuance of residence visas on the purchase of freehold property to attract foreign investment in the emirate’s real estate sector.

Dubai’s residential property has always appealed the investor and the common buyer alike. In all the emirates of UAE, especially Dubai, several new residential developments are underway or nearing their completion. Homes in Dubai have never lost their demand and the number of those looking to buy a house in Dubai is continuously on a sharp rise.

Hundreds of real estate agents have mushroomed throughout the emirate that offer a wide variety of Dubai homes for sale and urge the buyer to buy property in Dubai with confidence. Villas retain their unique appeal and investors love to buy villas in Dubai. Property owners can also get the best use of their property if they choose to sell property in Dubai or rent it out. If you own a property such as Dubai beach property or Dubai condos, you can get high returns through short term rental. For all other types of residential property, you can get handsome returns through long term rental in Dubai.

If enforced, the new law pertaining to the issuance of freehold property visas will surely add to the attraction of property investment in Dubai and other emirates of the UAE which under present circumstances appears to be lackluster.

Daniel Marshall is a senior real estate consultant associated with Better Homes, a leading real estate firm in Dubai, UAE. His firm Better Homes offers online Dubai property listings, Apartments in Dubai and in general every aspect of Dubai accommodation.

Article Source: http://EzineArticles.com/?expert=Daniel_Marshel

First of all, the current crop of construction projects are expected to be over in the next 5 to 10 years, which will force up to 50% of the UAE’s expatriates to go back to their homelands. The expatriate population will still continue to remain quite significant though, as the properties being developed now will mostly by bought by the offshore clients later. The projected scenario of the Gulf News article can only arise, if the authorities kept announcing more and more new projects in the years to come. This could again be called a distant possibility, as no nation can ever dream of having an endless growth.

However, some related issues of these demographic upheavals might require attention by the authorities sooner than later. For example, outsiders can buy homes and properties but no land on which they were made. This limits their ability to have a say in the matters of policymaking in the UAE. How long will they continue to stay and share their knowledge, time and wealth if disallowed to have even the basic rights of a tenant? Remember, the UAE and Dubai are heavily dependent on both the cheap and the highly skilled labor from other nations. The local economy will crumble immediately the day outsiders were asked to leave the UAE. Either the ethnic Arab community will have to be self-reliant or be ready to provide greater rights to the expatriate community, to continue having an association that has benefited all involved.

There is no scope for any permanent citizenships being granted to the outsiders, as it can seriously interfere with the ethnic interests. But, what many observers are asking right now, is to let the outsiders have more say as tenants, and thus ensure their continuation in the UAE’s economy. Unless it was done so, the expatriates might think of moving away to other locations, thus curtailing the UAE’s commerce.

This brings us to the belief that the imbalanced demography of the UAE will have to be addressed by its administrators, so that their economic achievements didn’t get wasted down. It will be in the interest of all parties involved to have a lasting alliance between the ethnic Arabs and the outsiders. Despite the fact that no overnight solutions could be achieved for the above stated matter, one will still require looking for the answers for the sake of tomorrow.

Pankaj Mohan is an India based freelance writer, who often writes on behalf of DubaiFurnishedApartments.com. Please visit this site to get more information on Dubai apartments and Dubai hotel apartments.

Article Source: http://EzineArticles.com/?expert=Pankaj_Mohan

This might be about to change however, if the recent trends from media and various government resources had to be believed in. With a booming economy and increased job opportunities, the UAE government was trying out its best to empower their women with higher education and job placements. This has given rise to a sudden influx of the local women applying for jobs in various professions. One could see as a result, many young and confident Arab ladies taking up responsibilities on various fronts in the UAE today. From being radiologists to TV presenters or managing online ventures, the UAE’s women are moving forward in all spheres gradually.

Like any other region of the Middle East, it’s deemed highly inappropriate for the UAE’s women to speak up with strangers in public. All government owned universities have been made single-sex for this reason. With a bullish economy and a large expatriate workforce in their own backyard however, people are now trying to come out of their orthodox mindset. This has now allowed for the women to work with their male colleagues in places like Dubai. The local media proudly keeps on displaying the achievements of lady police officers, medicos, businesswomen and other similar working women.

Take the case of Fatma Mohamed Haj (21) for example, who had to face a stiff resistance from her family when she decided to be a radiologist. Her profession would have asked for touching male strangers and working late at nights. She won her argument by negotiating tactfully though, and is headed to get her first job very soon. Similarly, Nariman al-Rostamani (19), used to face taunting men in public, but it only grew her into confidence, and made her task as a TV presenter more interesting. There are many young women who still can’t argue their cases with their families and therefore, may never get to have a public profile ever. However, the few like Fatma and Nariman are enough for creating a stir in the UAE’s life and pushing forward with the empowerment agenda.

Amna Mazam is a student counselor who teaches working women about negotiating skills. It comes handy in getting family’s nod for job placements. She confirms about the difficulties faced by the working women in the UAE, however feels positive about tomorrow at the same time. While many males do still not like the idea of working wives, there are some who might be willing to move ahead with time. An IT student, Fahad Qahtani (25), believes working wives can be a good idea for husbands as they won’t annoy by chattering about domestic issues. Jokes apart, Fahad’s opinion does indicate about the changing times in the UAE, and the future ahead for its aspiring women.

Pankaj Mohan is an India based freelance writer, who often writes on behalf of DubaiFurnishedApartments.com. Please visit this site to know more about apartments and hotels in Dubai, and the advantage of living privately as compared to that in Dubai hotels.

Article Source: http://EzineArticles.com/?expert=Pankaj_Mohan