Steps to buying in Dubai

There are a number of steps to go through before you pick up the keys to your property in Dubai. We'll go through these in detail once you've found somewhere to buy but, until then, here's a guide to how the sales process unfolds.

• Find out how much you can borrow - This is dependent on your income and the type of mortgage you want. Bear in mind the maximum "loan to value" amount (how much of the property value your mortgage lender is prepared to lend you) and that you should not over-stretch yourself to make the mortgage payments.
• Set your budget - Be realistic as you calculate all the costs involved. You'll have a variety of professional fees, taxes and charges to pay on top of the price of your property.
• Search for a property - This is the most exciting part of the buying process. When it comes to finding a property, nothing beats actually going to a location to check it out in person. If nothing else, it's a great excuse for another holiday! The sheer choice of property out there is pretty daunting, so ask yourself some basic questions about what and where to buy so you can narrow down your search. Buyers with a young family looking for a holiday home are bound to have different requirements to retiring couples and investors. Ask yourself practical questions about airport, road connections and local amenities. Use the wealth of magazines, books, exhibitions and websites out there to get inspiration and to focus on what you want from your property in Dubai. Use the links below to help you find a property that we can help you finance in Dubai:

Emaar
Nakheel
Dubai Properties
ETA Star
Union Properties (Green Community Motor City, UP Town Motor City, Index House - DIFC, Limestone - DIFC)
Seven Tides

• Carry out a price check – It's so easy to find yourself falling in love with the first property you visit particularly when you are buying re-sale property, but do some research on prices for comparable properties in the area where you want to buy. This will make sure you don't pay over the odds for your dream property. Unfortunately, some sellers assume that a buyer, particularly from overseas, may not know the local market and set an unreasonably high sale price - don't get caught out!
• Appoint a lawyer - Your first step should be to hire a reputable and independent lawyer who knows the Dubai legal system and property laws (both national and regional). Your lawyer should review the contract and documentation before signing, as it’s important to ensure that you’re contracting to purchase the property you want to buy. You can also ask questions relating to the property and its ownership, but these are generally asked on a less formal basis than in the UK.
• Carry out a survey This is a sensible precaution for your own piece of mind.
• Arrange your mortgage, or alternative finance - Barclays in Dubai have a number of mortgages for every type of buyer. Look at our Mortgages section to find out more.
• Arrange a valuation
• Set up a local bank account - You'll need a bank account in Dubai during and after the buying process. Apart from the property itself, you'll need to pay professional fees, taxes and charges on the purchase and utility bills and potentially management fees once the property is yours.
• Pay a deposit - For an apartment, you can expect to pay around £1,000, up to £3,000 for a villa. This is refundable if the vendor has a change of heart, but not if you cancel. If buying off-plan, a deposit of 10 per cent of the purchase price is required at the contract signing stage, followed by several more instalments. These will differ depending on the type of new-build, but will be to an agreed timetable over a period of months. Money paid by buyers towards properties will be deposited in an account held by an approved bank or ‘escrow agent’ opened under the name of the property development.
• Arrange a date for completion - On the completion date, the notary will read the property deed aloud and ensure you understand the commitments you're taking on prior to you signing it.
• Pay for the property and applicable taxes - At this point you'll pay the remainder of the purchase price plus all the charges, taxes and fees. We can help you budget for these costs when you arrange your mortgage and we can provide a hassle-free money transfer service to make these payments as quick and easy as possible for you. Check out our 'overseas payment services'.
• Title will be registered at the Land Registry - The very final step of the buying process is for your lawyer to advise you when you can expect to receive the full title deeds which usually takes a few months to process. When these documents have been completed and returned by the local registry office, you will officially become a property owner in Dubai - congratulations!

For more information on buying and living in Dubai, get in touch today so we can email you our buying guide filled with information on buying in Dubai.