All properties that are listed on Dubai palm island are freehold properties. All ownership is owned by foreigners, regardless of being a UAE resident or not regardless of nationality. According to law in Dubai.
For first-time buyers, the process of buying the villas for sale in Palm Jumeirah or other property can be daunting. No matter where you are in the world, there are some legal aspects of real estate investing that you should be aware of.
Check out legal proceedings under real estate law:
Bank accounts
We have built connections with many of the most reputable banking institutions within the UAE and are able to provide you in opening accounts with banks in Dubai in the event that you need it. However, it’s not mandatory to have an account at a local branch for a purchase of a home.
Government tax
Dubai can be considered a tax-free location and there aren’t any taxes on the purchase of properties. There isn’t capital gains tax either. You’ll have to settle tax of 4% equivalent to the cost of purchase of the property once your lands department registers your title deed. The registration fee for title deeds of 4% will be paid in cash directly to Dubai land department on transfer date.
Mortgages
Residents are eligible to apply for a mortgage with a 25/75 ratio but non-residents cannot in applying for a mortgage 50/50. Both are easy to apply for and the majority of banks will provide loans.
If you are able to get a mortgage in the purchase of your next home then you’ll be required to pay 0.25 percent of the amount that the mortgage loan is due to Dubai land department on transfer date, which is the day the title of your new home will be transferred into your own name.
Development service charges
Services charges are for the community’s services, which include security, garbage collection and maintenance of facilities such as gardens, pools and other such things. Service charges range from aed 10 up to aed $15 per square foot, based on the area of your property, as specified on the deed of title.
Dubai residency
All investors/end users, and their immediate family members are issued residency visas according to regulations of uae when a minimum aed one million in the purchase of a home is paid in advance. Visas need to be renewed every two years, in accordance with immigration rules.
If you have any other questions, we’ll be glad to assist you.
- We can help you with the following areas:
- Bank account recommend
- Mortgage advice
- More information on how to buy
FAQ’S
Why Buy a Villa in Palm Dubai?
The design of each villa is exquisite and well thought out. When you buy a vacation home here, you can be sure that you are purchasing a stylish property that redefines luxury living. The Palm is just a short drive from Sheikh Zayed Road, giving the community access to all of Dubai.
Can UAE non-residents buy Palm Jumeirah property in Dubai?
If you are looking to buy a villa on Palm Jumeirah as a non-UAE resident, then in Dubai he can obtain a UAE residency permit by purchasing a property valued at over AED 1 million. Note that you can get This will be evaluated on a case-by-case basis, but it is an attractive option for those wishing to live in Dubai.
Why invest in Palm Jumeirah, Dubai?
Dubai has many areas that are in high demand from investors. One of them is Palm Jumeirah. This island is often called his eighth wonder of the world and is associated with comfort and luxury. Palm Jumeirah real estate isn’t just popular with expats. Many people want to invest in real estate.
Conclusion
Palm Jumeirah villas are known for their luxurious lifestyle. This is why these villas are among Dubai’s most sought-after residential units, especially by investors. The real estate market has evolved over the past few years and you can see it. Buyers are becoming more selective about villas for sale in Palm Jumeirah. At Fam Properties you can find the right type of Villas for Sale in Dubai. This means that you should consider your options before you make them. Decide on a place or location that fits your needs and preferences, as well as your budget.
Read More: Houses & Villas & for Sale in Dubai
