How BSO Assists You in Buying Property in Dubai

You may feel slightly taken aback when you want to buy property in Dubai with all those rumors and unknowns. In this post, we will cover all the FAQs with detailed answers to provide you with a complete picture.

How BSO Club App Can Help Property Owners

Buying a property is only the beginning. Once you become a property owner, keeping track of documents, property-related tasks, maintenance, brokers, tenants, and other responsibilities can quickly become difficult—especially when everything is handled through different channels.

The BSO Club App brings property-related activities together in one convenient digital environment, helping landlords stay organized and keep track of what is happening with their property.

Instead of managing everything through separate messages, phone calls, emails, and spreadsheets, you can use the app to keep your property-related activities easier to manage and follow.

Are foreigners allowed to buy property in Dubai?

Yes, since 2002, foreign nationals have been allowed to buy villas, apartments, etc. in Dubai. Rumors say only males can acquire the real estate unit in their name, but that is a lie. Dubai legislation does not bear any discriminatory attributes. In other words, it does not restrict women's rights to be the owners of a villa or apartment. The only requirement you need to fulfill is to be over 21 years old. That is all. So simple and easy.

As time went by, the Government did not just allow foreigners to invest in the local real estate market but facilitated such investments. To clarify, the Government grants a long-term UAE visa to certain investor categories. The latest modifications here came in 2019. Starting this, you may enjoy a 10-year residency in the UAE under the sponsorship of your property. We have already discussed the conditions in some of our earlier posts.

Once the purchase is complete, however, managing the property becomes an ongoing responsibility. The BSO Club App gives property owners a digital place to manage and track their property-related activities.

Documents to buy property in Dubai

As a non-resident, you shall have a valid passport when submitting the documents personally. If you act via your representative, he should provide a registered copy of your passport, his valid Power of Attorney, and his passport or ID card. This will prove you authorized him to hold the transaction.

As a resident of the UAE, you shall provide your ID card in addition to the aforementioned documents.

After purchasing a property, keeping important property information and ongoing tasks organized becomes equally important. With the BSO Club App, landlords can manage their property-related activities through one digital platform rather than relying on multiple separate channels.

The legal factors to think about before purchasing a property in Dubai

If you act via your representative who resides in Dubai, you shall notarize the Power of Attorney with a Notary Public. If you sign this document in your country, you need not only to notarize it as well, but also legalize it with the UAE Embassy, and, then, legalize via the UAE Ministry of Foreign Affairs.

Besides, keep in mind that the national language in Dubai is Arabic. Therefore, authorities deal only with documents written in Arabic or translated into Arabic.

While the purchase process involves important legal documentation, property ownership continues beyond the transaction itself. The BSO Club App helps landlords keep their property-related responsibilities and activities organized in one place.

The process to go through when buying property in Dubai

If you purchase an off-plan flat or villa, you need to:

• Sign a reservation agreement with your developer,
• Sign a sale contract,
• Get an Oqood,
• Apply for the title deed as soon as the unit is completed.

If you purchase a secondary unit, your steps are the following:

• Sign and register a Memorandum of Understanding,
• Get a No Objection Certificate (NOC),
• Submit documentation to the DLD.

Once the purchase process is completed, the next stage is managing the property efficiently. The BSO Club App provides a convenient digital environment for keeping track of property-related activities after purchase.

The legal requirements for acquiring property in Dubai

First, the Power of Attorney shall be issued not later than two years ago.

Second, the Dubai Land Department (DLD) requires you shall pay your property in full with manager's cheques.

At last, if the subject of the transaction is pledged at the moment when you sign papers, it is your responsibility to settle the mortgage. This task must be done before you apply for an NOC.

Once these requirements have been addressed, landlords still need to stay organized with the responsibilities that come with property ownership. The BSO Club App can help bring those property-related activities into one digital platform.

Taxes and fees you need to pay

If you buy a flat or villa, its value is not charged with taxes. In contrast, if you buy an office, its value is charged with 5% VAT.

However, in both cases, you need to pay certain fees:

• DLD transfer fee of 4% of the purchase price + AED 580.00 as an admin fee;
• Real estate agency fee of 2% of the purchase price;
• Oqood fee of about 4% of the purchase price (for off-plan assets) + 5% VAT;
• No Objection Certificate issuance fee of up to AED 5,000.00 (for secondary assets) + 5% VAT;
• Property registration fee of AED 2,000.00 for units of under AED 500,000.00 or of AED 4,000 for units of over AED 500,000.00 (if via DLD Registration Trustees offices) + 5% VAT;
• Mortgage fee of 1% + 5% VAT.

As you see, there is a lot to know when buying property in Dubai. But ownership does not end when the transaction is complete. There are ongoing activities, responsibilities, documents, maintenance matters, and property-related tasks to keep track of.

The BSO Club App gives landlords a convenient digital platform to manage these property-related activities and stay organized.

Explore the BSO Club App and simplify the way you manage your Dubai property.

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