How Can a Foreigner Buy an Apartment in Dubai?
Dubai is a metropolis that continually amazes with its scale, diversity, and innovative approach to development. Many Russians are attracted to this city for several key reasons:
Firstly, Dubai is an economic hub with huge potential for business and investment. The city has established special economic zones that attract entrepreneurs from around the world, including Russian businessmen, and the presence of infrastructure, favorable tax conditions, and entrepreneurial freedom make Dubai attractive for launching and developing businesses.
Secondly, Dubai offers a high level of comfort and services, ranging from luxurious housing, magnificent shopping centers, first-class restaurants, and entertainment complexes to world-class infrastructure, including healthcare and education. The luxury real estate in the UAE and opportunities for an active lifestyle attract many, especially those who value a high standard of living.
Thirdly, Dubai is famous for its entertainment facilities, including luxurious beaches, theme parks, shopping malls, excursion programs, golf clubs, luxurious hotels and restaurants, and much more.
For many Russians, the attractiveness of Dubai lies in its diversity of opportunities, comfort, and economic stability, making it a desired destination for living and investing.
In Which Area is it Better to Buy Real Estate in Dubai?
There are several areas in Dubai where foreigners are allowed to own real estate as full owners. These vary from high-rise apartments to spacious villas and are usually called "freehold areas". The most popular among them include:
Downtown Dubai: This area is known for its luxurious skyscrapers, including the famous Burj Khalifa, as well as shopping centers such as Dubai Mall.
Palm Jumeirah: Known for its unique palm-shaped design, this area offers luxurious villas and apartments with sea views.
Dubai Marina: This area is one of the most desirable places to live in Dubai, offering modern residential complexes with views of the Marina.
Jumeirah Beach Residence (JBR): Located along the coast, JBR is known for its beachfront apartments and proximity to the sea.
Arabian Ranches: This area is known for its spacious villas and quiet streets, ideal for families.
Emirates Hills: An exclusive residential community, known for its luxurious villas and beautiful landscaped gardens.
Stages of Acquiring Real Estate in Dubai
To become a property owner in the UAE, a Russian resident needs to successfully complete the following stages of the transaction:
1. Creation of a contract between the buyer and seller;
2. Signing of the purchase-sale contract;
3. Application for a certificate confirming the absence of objections;
4. Transfer of a deposit to the seller for the apartment or house ranging from 5% to 25% of the total cost, depending on the terms of the deal and type of property;
5. Conclusion of an agreement for the maintenance services of the residential object;
Registration process to formalize property rights.
You can find more details about the stages of buying a property in our article: Step by Step: The Process of Buying Property in Dubai.
Real Estate Documents
To purchase real estate in the United Arab Emirates (UAE) by Russian citizens, a certain set of documents is required. Here are the main ones:
- Original international passport;
- Visa, based on which the buyer is staying in the UAE;
- Proof of financial solvency - this can be a bank statement showing available funds, account statement, or other documents proving the buyer's ability to finance the purchase;
- Certificate of no criminal record: In some cases, a certificate of no criminal record from the buyer's country of origin may be required;
- Memorandum of Understanding (MOU) - a document for signing between the buyer and seller, which outlines the terms of sale, including the purchase price, payment schedule, and completion date. This document is prepared by the real estate agent. You can find the F form/contract on the official website of the Dubai Land Department;
- Power of Attorney, if the transaction is conducted by a representative of the buyer;
- Confirmation of residence in Dubai;
- NOC certificate (No Objection Certificate), which must be obtained from the Dubai Land Department. This document confirms the absence of unpaid debts or legal problems associated with the property;
- Sale and Purchase Agreement (SPA), which legally transfers property rights to you.
Remember that many documents have a limited period of validity. For example, a secondary real estate purchase-sale contract, which has been formalized and notarized, is valid for 30 days.
Can I Buy an Apartment in Dubai Remotely?
Absolutely! In recent years, especially in the context of the COVID-19 pandemic, many developers and realtors in Dubai have switched to conducting transactions online. The main advantage of this approach is that it is not necessary to be physically present in the UAE to complete the transaction. You can be anywhere in the world and at a convenient time for you, while your agent organizes virtual tours of the selected properties, provides photos for thorough examination. All procedures necessary for formalizing and signing the purchase-sale contract are carried out remotely using electronic signature.
Remote purchasing of an apartment in the UAE requires thorough preparation and legal expertise. Therefore, it is essential to involve experienced professionals in the process of buying real estate in Dubai. The Major Real Estate team, with experienced lawyers, will assist you step by step in acquiring your dream apartment in the UAE. We help clients complete successful transactions in real estate purchasing with minimal bureaucratic burden and paperwork.