Common Questions About Buying Property and Moving to Dubai
Nov 18, 2022
Answers to common questions from foreigners planning to buy property and move to Dubai
Buying property in Palm Jumeirah and moving to Dubai could be the best decision you make in your life. The city offers a wide range of benefits, such as luxurious amenities, a wide range of entertainment, well-maintained beaches and developed infrastructure. Below are answers to the most common questions from foreigners who are planning to buy a house and move to Dubai.
How much does property cost in Dubai?
Dubai is a tax haven for both locals and wealthy foreigners. The country has abolished many types of fees that are actively used in other countries. But some tax payments still remain:
- DLD transfer fee. Since 2013, it has been 4% of the total cost of the property. You pay this fee directly at the DLD during the process of concluding a purchase and sale transaction. This amount can be divided proportionally between the buyer and the seller, or it can be paid by the buyer in full, depending on the terms of the contract. An administration fee of AED 540 must also be paid when paying the registration fee.
- Registration fees. This is a fixed one-time payment of AED 2,000 for homes up to AED 500,000 and AED 4,000 for buildings over AED 500,000.
- Fee for issuing a certificate of ownership. After the actual signing of the transaction, the homeowner needs to obtain a certificate of ownership, which will confirm the legality of ownership of real estate. To do this, you must file a relevant request with the local court and pay a fee of USD 70.
- Agency services. According to the emirate’s real estate law, a licensed realtor must be present at the conclusion of a sale and purchase agreement. When purchasing real estate in the primary market, the seller often pays for real estate services (as a rule, the commission is 2% of the transaction amount). If the property is bought on the secondary market, then this amount is divided equally between the buyer and the seller.
Which areas of Dubai are the best for expats?
Each community offers unique benefits and lifestyles. The most popular areas for expats are:
- Palm Jumeirah. The Palm Jumeirah is the largest artificial island in the world. Most of the community is occupied by hotels and private villas. It is here that the famous Atlantis hotel and a large water park are located. A significant part of the local infrastructure is designed for tourists: e.g., most restaurants and other entertainment on the island are located inside hotels. However, the Palm Jumeirah is also suitable for the everyday life of both families with children and young professionals. The island has two kindergartens, several medical clinics, a mall and supermarkets.
- Dubai Marina. Dubai Marina is a coastal area located next to the Palm Jumeirah. It is built up with skyscrapers that form a recognizable urban landscape. Among them are the Kayan Tower, “twisted” by 90°, and the Princess Tower. It has a variety of residential and commercial buildings, as well as the Marina Mall and the 7 km Dubai Marina Walk. The beach is within walking distance. The district has two metro stations, as well as bus and tram routes.
- Business Bay. Business Bay is one of the main financial centers in the Middle East. The area is located on the banks of the Dubai Canal, between Downtown and Jumeirah. Most of the local real estate is reserved for office and retail space. However, it also offers a wide range of residential complexes. Most often, young professionals and bachelors, office workers and entrepreneurs settle here. Almost 18,000 companies are registered in the region. At the same time, there are practically no parks and playgrounds.
What jobs can foreigners find in Dubai?
The rapid development of emirate’s economy requires more workers. Every day, local employers are looking for new personnel, so the government does not mind attracting foreign labor.
Most often, expats work:
- hostess, etc.
The salary of an employee without a specialty starts from USD 1,500. Computer professionals can count on higher incomes. IT-specialists are the most demanded personnel on local labor market, so they are offered extremely favorable conditions. Companies often pay experienced workers for housing, entertainment, food, vacation and sick leave, family visits (with accommodation) or trips to their homeland.
How much does it cost to live in a property in Dubai?
The cost of living in the emirate depends on many factors, such as the area of residence and the level of needs of a person. Almost all expats will have to deal with two main expenses:
- Transport. Public transport in the city includes the metro, buses and trams. The ticket price depends on the type of pass and distance. The cheapest option is NOL Red Ticket. The ticket itself costs AED 2. Using it, a trip within one zone will cost 4 AED, within two zones – 6 AED, for more zones – 8,5 AED.
- Nutrition. Food prices in Dubai supermarkets are 60% higher than in Moscow. Almost all categories of goods will cost more. In order to save money, you should go shopping at Choitrams or Carrefour supermarkets. Lunch in an inexpensive cafe will cost about AED 30, fast food costs about AED 8.
Where to search real estate in Dubai
A wide range of quality Dubai real estate in various configurations and price categories is presented in the catalog of AX Capital. Contact the highly qualified specialists of the agency to get help with the selection of the optimal residential property from a trusted developer, support at all stages of the transaction and high-quality after-sales service.