Did you know that you can become a property owner in Dubai within just 30-45 minutes? While this might sound unusual at first, it’s entirely normal in Dubai. To ensure you’re perfectly prepared for your property purchase in Dubai, we’d like to give you a closer look at the buying process:
Two Different Buying Processes
For purchases in the primary market, i.e., off-plan from a developer, different processes apply compared to buying in the secondary market, i.e., purchasing from an individual or investor.
Buying from a Developer
Off-plan properties offer many advantages for investors. One of them is the very straightforward and transparent buying process, consisting of just four steps. However, once we’ve found the right unit for you, speed is crucial in Dubai!
Step 1:
Reserve your desired unit with a down payment. Typically, this is AED 50,000. This reservation takes only 30-45 minutes, can be done 100% online, and is legally binding for both parties. Congratulations, you’re now practically a property owner in Dubai!
Step 2:
Transfer the deposit or, for completed properties, the full purchase price.
Step 3:
The Sales and Purchase Agreement (SPA) is drafted. In Dubai, this happens after payment because the SPAs are highly regulated and completely secure for you as the buyer.
Step 4:
The property registration takes place. This is done entirely online and without a notary appointment. You’ll receive the title deed from the Dubai Land Department (DLD), Dubai’s real estate authority, within a few days. Of course, also online! Please note that the exact procedures may slightly vary depending on the developer and purchase price. We’re happy to clarify this for your specific case.
Purchase on the Secondary Market (Secondary Market):
This usually involves properties that have already been completed, giving you the opportunity to inspect them before making a purchase. Once we have found the right property for you, the process continues as follows:
Step 1:
Submit a purchase offer. To officially submit your purchase offer, you first sign the “Form B” online and provide a Master Cheque* equivalent to 10% of the purchase price. This is a requirement of the Dubai Land Department.
Step 2:
Create the purchase contract. We will have the purchase contract (“MOU” or “Form F”) created online for you. Like in the Off-Plan purchase, this contract is legally regulated and secure for you as the buyer.
Step 3:
Sign the purchase contract. To confirm the purchase, you sign the contract online and provide a Master Cheque* equivalent to 100% of the purchase price, which we will submit along with the contract copy to the DLD.
Step 4:
Finalizing the purchase. For this step, you will either go to the DLD or to a trustee in Dubai within 30 days after Step 3. Alternatively, you can grant a trustee a power of attorney (possible via video) to handle the final transaction on your behalf.
Step 5:
Create the property registration. Congratulations, you are now a property owner in Dubai.
* = Master Cheques can only be issued with a bank account in Dubai. If you do not have an account in Dubai, we are happy to assist you with a trustee/conveyancer who will handle the financial transaction for you.
Stay tuned for more valuable tips to approach your real estate investment in Dubai correctly! If you have any questions or need further information, please feel free to contact us.