Stride Post Latest News
Related Articles
Dubai, Abu Dhabi and Sharjah, are part of the UAE an association of seven independent emirates. As a result, there is a dual legal system, with municipal courts and the federal courts serving as equal partners. As a result, when it comes to property concerns, the discrepancies across the emirates might be enormous.
The country’s Real Estate Regulatory Authority regulates rental prices (RERA). The Rental Increase Calculator can provide you an idea of the city’s rental pricing if you happen to be in Dubai. The rent index in the rest of the emirates is reasonably open. You have an advantage in negotiations if you are aware of this and feel that the agent/landlord is asking for too much.
Due to the rapid pace at which new buildings are being constructed in the UAE, the supply of rental properties far exceeds the demand. Because of this, you should take your time and find the ideal rental property. Your dream home will be found, and it will be more affordable than the market will tell you.
Rental properties in UAE
An estimated 35-40 percent of the average household’s income may go toward rent and utilities in emirates like Dubai and Abu Dhabi. Although this may be the case, it isn’t entirely accurate. Rental properties should be well within 25% of your CTC budget, so don’t fall for the trappings of high-end properties. It’s possible to have a wonderful time while renting in the United Arab Emirates even on a tight budget.
Remember that living together as an unmarried couple in the United Arab Emirates is unlawful because the country is ruled by Islamic law. While many people get away with it, it’s better to be safe than sorry in this case. The United Arab Emirates is one of the safest countries in the world, so don’t allow the prospect of living alone put you off. Especially for single women, it’s a safe haven with a wealth of modern conveniences.
The “Housing and Property” section of the Abu Dhabi Government Services website has helpful information on property-related issues.
How to Buy a House?
Purchasing a resale home in the emirates is very comparable to doing so in the United Kingdom. In most cases, you’ll need an agent to find a property and make a formal offer. After accepting the offer, you’ll need to put money down to secure the deal (usually 10 percent ). Transfer costs and estate agent fees are additional expenses you’ll have to deal with.
Off-plan property purchases are widespread in the UAE. Still, you should contact the appropriate authorities in the local emirate to finish your research on the developer and the project before making any purchasing decisions. Amounts charged for programmers vary by region, and you may be required to pay in increments until the job is complete. Additionally, you’ll have to pay a transfer charge and a premium, which is often a percentage of the initial purchase price. Before signing a contract, be sure this is the case and consider whether there are any additional fees or penalties if the project is not completed on time. The Dubai Land Department offers escrow Account Services to help protect both the buyer and the developer during real estate transactions.
Tips for Buying a Home in the UAE
Foreign nationals cannot acquire freehold or leasehold property in some parts of the UAE.
We have the following idea for you:
- Confirm the approval of a regulatory agency by the developer or real estate agent
- Examine the developer’s previous homes to see how they compare in terms of finishes and quality; confirm that you can buy property in the area of your choice as a foreign investor; perform a pricing check to ensure the property you intend to buy is being offered at a fair market value.
- confirm your lender has authorized you and you have considered all charges, such as the deposit, fees for agents and transfers etc. ensure your lender has accepted your loan
- You are aware of your contractual duties and any issues with the relevant organisations you have obtained legal advice.
How to Rent an Apartment in the United Arab Emirates?
In UAE, renting is very frequent. Rents have declined dramatically in recent years, making the market more competitive.
Registered agents are the only ones to make use of. You may verify that an agent is working legally in Dubai by asking to see their RERA card, verifying that they are not freelancing, which is prohibited in the country. An agent charge, usually a percentage of the yearly rent, is what you may expect if you work with one.
A copy of your passport and proof of residency is typically requested when you find a home you like (or proof that your residency is in the process). At this point, a deposit of a portion of your annual rent will be required from you to the landlord. Several post-dated checks will also be required; however, the amount required varies from one landlord to another. As confirmation of what you’ve provided, make sure to include photocopies of the checks in the contract and indicate when you will submit them. In the UAE, bouncing a check is against the law. If a check is presented without sufficient funds to cover the cost, you risk prosecution and incarceration.
Responsibilities of a Landlord
As a landlord, you have responsibilities if you purchase a property to rent it out. An agreement should be made between you and the tenant, outlining your responsibilities like upkeep, servicing repairs, and collecting rent. To be on the safe side, it’s a good idea to consult with an attorney.
Contracts in Dubai must be registered with Ejari to be legally binding. The contract you sign will be on file for the duration of your tenancy and will not be amended in any way. Disagreements will be resolved more quickly using this system. The Dubai Land Department has more information, which can view on their website. Rental agreements in Abu Dhabi must be registered through the Tawtheeq system. If you’re a landlord in any other emirate, you should check with the Municipality. Moreover, a local lawyer to see what your responsibilities are.
Disclaimer
Despite our best efforts, this information is not meant to be the only resource used by prospective purchasers. When making a purchasing decision. We further disclaim any responsibility for the content hosted on the websites. Featured in this guide and make no representations of the quality or accuracy of the information provided there. To be on the safe side, potential UAE property buyers are strongly advised to seek independent legal. Moreover, financial counsel throughout the buying process.
Visit stridepost.com for more details about Properties in UAE and all-new projects coming in the real estate Market of Dubai.
