How Much Time It Takes To Get Property In Dubai

Have you ever had the desire to purchase property in the amazingly golden city of Dubai, with its incredible skyscrapers, fabulous style and all-year round sunshine? 

The charm of the global city is hard to resist; it magnetizes investors as well as dreamers of every corner of the world. However, amidst the glitz and glamour, one burning question often arises: what time does it need for the idea to become a practical matter? 

Starting from here, we will highlight each and every step that one takes as they acquire property in Dubai, the timeline, and the tough parts that come along with this adventure. Stow seats, ’cause we are exiting on a ride through the sands of reality Dubai real estate.

How Much Time It Takes To Get Property In Dubai

The purchase of property in Dubai is an interesting venture, however, it also involves a different timelines and processes to what is known to us. 

The step-by-step process of acquiring various types of properties in Dubai may differ depending on various factors such as the nature of the property, an off-plan operation or a ready one, how complicated the transaction is, and any legal issues involved. Here’s a detailed breakdown of the typical timeline:

1. Research And Selection (1-4 weeks)

That odyssey starts with serious studies on the dip and the bubble of the Dubai real estate market. This phase involves surveying various areas, amenities, property options, and developers. At this phase, determine your tastes, budget, and investment ambitions.

Timeframe: 1 to 4 weeks

Activities:

• Researching property listings online and through real estate agents.
• Visiting property exhibitions, open houses, and showrooms.
• Shortlisting properties based on location, size, amenities, and budget.

2. Reservation And Agreement (1-2 weeks)

The next step is to secure the property by signing a reservation agreement and paying a deposit once you have found the right property. 

The charge serves to remove the property off market for a given timeframe to allow you due diligence and finalize purchase.

Timeframe: 1 to 2 weeks

Activities:

• Negotiating the terms of the sale, including price, payment plan, and other conditions.
• Signing the reservation agreement and paying the reservation fee (usually 5-15% of the property value).
• Conducting due diligence, which may include property inspections and reviewing legal documents.

3. Sale And Purchase Agreement (SPA) (2-4 weeks)

The Sale and Purchase Agreement (SPA) is a legal document which gives description about the selling and buying activity of the property. 

This document is normally drafted by either the developers or the seller’s legal team and you must ensure to get it reviewed by your lawyer before you sign it.

Timeframe: 2 to 4 weeks

Activities:

• Reviewing the SPA with your legal advisor to ensure all terms are clear and fair.
• Negotiating any changes or amendments to the SPA.
• Signing the SPA and paying the agreed-upon instalment (usually 20-30% of the property value).

4. Transfer Of Ownership (1-2 weeks)

Ownership transfer refers to the process of changing the ownership rights by transferring the title deed from the seller to the buyer. The process is facilitated by the Dubai Land Department (DLD) and this requires some documents to be submitted and paid.

Timeframe: 1 to 2 weeks

Activities:

• Completing all necessary paperwork, including the application for property transfer.
• Paying the property transfer fee (usually 4% of the property value, plus other small fees).
• Submitting required documents to the DLD for verification and approval.

Also Read: Step By Step Guide Registering Your Tenancy Contract With Ejari In Dubai

5. Registration And Handover (1-2 weeks)

After the DLD approval, the customary step is your name registration into the property in dubai. It also covers title deeds (Oqood) and the final payment.

Timeframe: 1 to 2 weeks

Activities:

• Receiving the title deed/Oqood from the DLD or developer.
• Making the final payment, if any, to the seller or developer.
• Registering the property with the relevant authorities and obtaining the keys for handover.

Additional Considerations

Off-Plan vs. Ready Properties: Properties purchased before completion may take longer e.g. bear with the project construction schedules and delays in the process. Immediate space allows the acceleration of the process.

Mortgaged Properties: Another level of complexity arises when the property is mortgaged, this may necessarily involve extra steps of communication with the lender thereby making the process take a longer time.

Legal and Financial Checks: This is why the executive must carry out proper due diligence, which includes legal checks, financial assessments and getting approvals from the required authorities. This can also affect the timeline.

In the end, the entire process of buying property in Dubai includes two to ten weeks but still it depends upon the individual’s circumstances and property specifications. 

By joining hands with experts like seasonal real estate agents and legal advisors in the current revision and help you to fulfill your dream of buying your own house.

COSTS INVOLVED IN BUYING PROPERTY IN DUBAI

While buying property in Dubai, it is necessary to take into account that a number of expenditures the administrative sphere is going to be involved. These costs can impact your budget significantly, so let’s break them down:

Dubai Land Department Fees

• These fees typically amount to 4% of the property’s value.
• Additionally, there is an administrative fee of AED 430 for land purchases or AED 40 for off-plan properties.
• For apartments and offices, there is an administrative fee of AED 580.

Property Registration Fee

• Properties valued below AED 500,000 incur a fee of AED 2,000 plus 5% VAT.
• For properties valued above AED 500,000, the fee is AED 4,000 plus 5% VAT.

Title Deed Issuance Fee

To obtain the Title Deed for your property, there is an additional fee of AED 250.

Agent’s Fee

It is usual that real estate agents charge a commission fee of 2% percent of the property’s value when they work with someone.

Timeline For Payment

These fees are usually due within a specific time frame after signing the initial agreement.

It’s crucial to have these funds available to ensure a smooth transaction process.

Additional Considerations

Moreover, the other expenses that the buyers need to take into account include the registration, valuation and legal fees that accompany the transaction.

These administrative costs are known beforehand and can be planned ahead to enable the financial positioning of your property in Dubai. 

Consult with a legal professional or expert always to make sure that the costs in your specific property transaction are all covered.