Buyer Guide

Buyer Guide

Once you've talked it over, checked your finances and made the decision to find the perfect property to buy in Dubai, what next? For most people, purchasing a villa or an apartment is a serious life event, which can be a stressfilled experience without the right advisors to help you through the process. At Panaap Properties our agents know the ins and outs of buying property in Dubai, they understand the small print and go over and above to make sure customers like you feel comfortable and confident you're making the right choice.

First steps

Most buyers, here and elsewhere in the world, start searching for their perfect ten-out-of-ten property that will tick all the boxes, but quickly realise it doesn't exist. The buying process requires a strong element of compromise and it's important to decide early on between must-have and would-like features. All Panaap Properties brokers are trained to help determine what's important for you and your family, so we can show you suitable properties that meet your core criteria yet still have some or all of your nice-to-have features. By fully understanding your needs we can help you find the right home, which may end up being very different from the one you originally had in mind; it's not uncommon for our agents to throw in a curve-ball viewing or tweak your criteria slightly if they think you'll appreciate it. Whatever you're looking for, we give you the reassurance that our brokers will provide property investment tips and always offer honest, clear advice that fully supports your search.

Following discussions with one of our brokers, your want-list will be added to our sophisticated Customer Relationship Management system so you can search the database for matching properties. You'll enjoy the full support of our RERA-certified agents who are specialists in their dedicated areas and offer a sophisticated level of professional advice. If your search area changes, our specialist team covers all of the prime areas of Dubai and will steer you in the right direction, with your original broker on hand as your first point of contact.

We actively encourage our brokers to share their insights and observations with each other, to keep the team upto-date and fully briefed about what is happening in each area we cover. By amassing so much in-depth knowledge of the local market, we are perfectly placed to pass on to our customers important background information on a specific property or the area in which it sits. Our industry experience and understanding of local transaction mean we list properties at the correct market price and negotiate fair terms for our clients' purchases.

In safe hands

If you're a non-cash buyer, you'll need to obtain pre-approval consent from your bank as proof that a lender is prepared to finance you up to a certain level — dependent upon your job, deposit and current financial obligations.If you need help obtaining pre-approval, Panaap Properties can recommend an independent mortgage broker to offer transparent advice on the best lenders or financial products available. In the event that an international funds transfer is required, our currency exchange partner can help; and will offer advice on the best way to maximise your investment, too.

To ensure a fair and ethical agreement between both parties, our contracts are very explicit with no nasty surprises lurking in the small print. We also use an independent conveyancing team to guide you through the purchasing procedure, from signing contracts to completion. Together, we have successfully transferred thousands of properties over the past 10 years.

Sign on the dotted line

The process of buying property in Dubai is outlined in our Sellers Guide, but before signing on the dotted line it's important to understand about the target purchase price and anticipated costs associated with the property. You'll need a suitable deposit, which is based on your financial standing, purchase price and amount (if any) of other properties owned in Dubai — the current minimum lending criteria is 75% LTV; 50% for off-plan purchases. A transfer fee must be paid, currently 4% of the purchase price, and you may be liable for developer NOC charges, although this is usually the seller's responsibility. Other one-off fees include: agency commissions – industry standard is 2%; Land Department or trustee office – AED 4,000 plus AED 580 (villa/apartment/office); mortgage registration – 0.25% of loan amount plus AED 290; and bank / mortgage broker arrangement or set-up charges, which vary. There are also ongoing fees to consider: maintenance; annual utility deposits – AED 2,000 (apartments) and AED 4,000 (villas); costs of utility consumption; and monthly mortgage payments.

As of January 2018, fees are subject to 5% VAT.

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