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Your Questions Answered
How much is the property tax in Dubai?
Dubai does not levy a property tax. Instead, property owners are subject to a Dubai Municipality fee, which is determined as a percentage of the property's annual rental value. This fee, typically set at around 5%, is collected through utility bills. It's important to mention that when renting to a long-term tenant, this fee is typically covered by the tenant, not the property owner.
What is a Golden Visa in UAE?
The Golden Visa in UAE is a long-term residency program designed for foreign investors, entrepreneurs, and talented professionals, allowing them to live, work, and study in the UAE without a national sponsor. A property investor is eligible to apply for a Golden Visa when investing in a property that exceeds 2 million AED in value.
Does Shosty provide a Free Consultation?
Indeed, Our real estate office in Dubai offers complimentary consultations to discuss your unique property investment and management needs in Dubai.
Does Shosty offer insights into Dubai's Real Estate Market?
Yes, as an informed real estate agency in Dubai - Shosty provides precise, data-driven insights and expert advice on navigating Dubai’s real estate market effectively.
Is property management a service provided by Shosty?
Absolutely, Shosty's property agents in Dubai deliver comprehensive management services, ensuring the whole process is profitable and hassle-free property ownership in Dubai.
Can Shosty assist me with real estate investement in Dubai?
Yes, Shosty will strategically partner you with a professional real estate agent in Dubai that will provide you with the guidance and expertise to navigate and optimize your property portfolio in Dubai's dynamic market.
What is the current state of the real estate market in Dubai?
The real estate market in Dubai is dynamic and ever-evolving. As of the latest data available, here are the key points to consider straight from our real estate office:
Dubai's real estate market has shown resilience and stability in recent years, with moderate price fluctuations. In 2022, the Dubai Land Department recorded over 50,000 real estate transactions, indicating continued interest in the market. Various government initiatives and Expo 2020 Dubai as well as the UAE’s response to the COVID-19 Pandemic have bolstered investor confidence and stimulated demand in the sector. A well informed real estate company in Dubai is paramount in helping you navigate the latest trends within the market
Can foreigners buy property in Dubai?
Yes, foreigners can buy property in Dubai. However, there are specific regulations and guidelines to follow:
Foreigners can own freehold property in designated areas known as Freehold Zones, such as Dubai Marina and Palm Jumeirah. In non-Freehold Zones, foreign investors can typically acquire property through long-term leasehold arrangements, usually lasting for 99 years. It is essential to engage reputable real estate brokers in Dubai and seek legal advice to navigate the buying process effectively.
What are the most popular areas for real estate investment in Dubai?
Dubai real estate offers a variety of neighborhoods and communities for lucrative investment opportunities. Here are some of the most sought-after areas:
Downtown Dubai: Home to iconic landmarks like the Burj Khalifa and Dubai Mall, it offers luxury living and high rental yields.
Dubai Marina: A waterfront community with a vibrant lifestyle, featuring apartments and villas with stunning views.
Palm Jumeirah: Known for its luxury villas and beachfront living, this man-made island is a prime choice for investors.
What are the costs associated with buying property in Dubai?
Buying property in Dubai involves several costs beyond the property's purchase price. Here are the essential expenses to consider:
Property Registration Fee: Typically 4% of the property's purchase price, payable to the Dubai Land Department.
Real Estate Agent's Commission: Generally 2% of the property's value, usually paid by the seller.
Maintenance Fees: These vary based on the property type and location, covering maintenance and services.
What is the process for obtaining a mortgage in Dubai?
Obtaining a mortgage in Dubai involves several steps with our real estate brokerage:
Pre-Approval: Begin by getting pre-approved for a mortgage, which will help you determine your budget and negotiate effectively.
Property Selection: Choose a property that fits your budget and requirements. Your mortgage lender will assess its value.
Mortgage Application: Submit your mortgage application along with the necessary documents, including proof of income and identification.
Property Valuation: The lender will conduct a valuation of the property to ensure it matches the sale price.
Offer Acceptance: Once the mortgage is approved, you can proceed with the property purchase.
Are there any regulations on renting out property in Dubai?
Yes, Dubai has regulations governing the rental of a property which is one of the many reasons why its important to have a relationship with a reputable real estate brokerage.
Ejari: It's mandatory to register rental contracts with Ejari, a government initiative that ensures transparency and legal compliance.
Rental Disputes: In case of disputes between landlords and tenants, the Dubai Rental Dispute Center provides a platform for resolution.
Rental Caps: Rental increases are capped to prevent excessive hikes, ensuring fair treatment of tenants.
A Dubai real estate agency is your best resource for navigating any and all regulations
What are the advantages of working with real estate agents Dubai?
Working with real estate agents in Dubai can be highly beneficial:
Local Expertise: Agents have in-depth knowledge of the market, including property values and emerging trends.
Time Savings: They can save you time by shortlisting properties that match your criteria.
Legal Guidance: A real estate agency in Dubai can provide legal advice and assist with documentation, ensuring a smooth transaction.
What services does a real estate agency in Dubai offer?
A real estate agency in Dubai offers a wide range of services to both buyers and sellers in the real estate market. These services include:
Property Buying and Selling: Real estate agencies assist clients in buying and selling properties, whether it's residential, commercial, or industrial.
Short Term Rental Management: They help clients take advantage of the bustling tourism market by letting out their properties on various channels like Airbnb etc.
Property Management: Shosty provides top notch property management services as well, including, maintenance and tenant acquisition.
What are the benefits of using a real estate agency in Dubai?
Engaging a real estate agency in Dubai can provide several advantages for both buyers and sellers:
- Market Expertise: Agents have in-depth knowledge of the Dubai real estate market, helping clients make informed decisions.
- Time and Effort Saving: A real estate agency handles property searches, negotiations, and paperwork, saving clients valuable time and effort.
- Access to Exclusive Listings: Many agencies have access to off-market properties and exclusive listings that may not be publicly available.
How are real estate agency fees in Dubai structured?
Real estate Dubai fees typically follow a standard structure:
Broker's Commission: The buyer and/or seller each pay a commission to the real estate agency, usually a percentage (2%) of the property's sale price.
Property management: A percentage of the total rental value is charged as a fee for managing the real estate in Dubai. See the different packages here.
Short Term rental Management: A commission (17%) is taken on the total revenue generated on a monthly basis.
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