international mortgages
dubai
Purchasing in Dubai is relatively easy with few costs currently applied by the government.
On deciding on a property you will be asked to make a reservation payment. This payment may be non refundable so before passing over funds you should be sure you know where funds are going to come from for completion.
Many developments are paid for in staged payments but most developers will look for an initial deposit of between 10-15% of purchase price. Most properties are sold off plan.
There are few mortgage facilities available in Dubai at present and most are linked to specific developers and developments. This eligibility should be checked if mortgage finance is going to be required for completion. The security you get from this is that a bank has already checked the development title deed security, and is happy to lend against it.
There are no purchase taxes at present but you will have to pay registry costs of around 1.5% of the purchase price to register property in your name and approximately 0.25% of loan amount to register mortgage deed. Sellers will also charge a transfer tax which will vary considerably from 1% to 7% of purchase price so you should always check what transfer tax will be applicable to your purchase.
It is advisable although not necessary to appoint a Lawyer to act on your behalf. There are still title issues in Dubai and therefore having an independent adviser acting on your behalf is wise.
We will charge a 0.50% mortgage processing fee on top of our normal broker fee. This fee is payable upfront and refundable bar £ 250 should the mortgage not complete.
If you would like to speak with a representative to discuss your requirements please call +(34) 677 874 948
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