If you want to buy property in Dubai, you may want to keep a few important things in mind. Since 2002, Dubai has been experiencing a boom in the construction industry as foreigners are now allowed to own property in Dubai.
If you want to keep your property ownership confidential, you can buy property through Jebel Ali offshore company. Let us find out how it can be done.
Buying property in Dubai and Getting it registered
First off, you should deal with only reputable developers and agents registered with RERA, which is a Real Estate Regulatory Agency. In Dubai, you can get the registration done through DLP or any of the offices of registration trustee.
Land department rules
One of the functions of the Dubai Land Department is to offer registration and ownership of property. Usually, the registry fee of buying a property in Dubai is 4%. Besides, once the sale is completed, you will have to pay 4% of the amount to the real estate agent as their commission.
Jebel Ali offshore
Before 2011, you could turn to any offshore company in Dubai for the purpose of buying property. Now, you can go with only a licensed company or a Jebel Ali offshore company. As a matter of fact, Jebel Ali offshore companies are authorized to own properties in projects owned by Emaar Properties, Dubai Holdings and Dubai World.
How to set up and register a property
Now, let us go ahead and go through the whole process of setting up a property and getting it registered in Dubai.
To set up an offshore company
You need to provide important documents and information with the registrar. Here is what you need to provide:
• Offshore company’s name and address
• Business type
• Founders’ names and addresses
• Share capital amount
• Articles of association
• Other documents required by the registrar
Once the registration is complete, the company will be given an identification number and the registration certificate.
The registration process
The next step is to submit the contract at any of the offices of the registration trustee in Dubai.
Other things you will need
• The trade license of the company (copy or original)
• Shareholders’ passport copies
• Power of Attorney (Arabic and English)
• Board Resolution (English and Arabic)
• Company memorandum (English and Urdu)
• Shareholders’ certificate (English and Urdu)
Finally, the concerned parties will sign the contract submitting the application to any of the employees of the trustee office in the presence of the real estate agent of RERA. Then the new owner will be registered with the Dubai Land Department. The registration will take around 4 days to complete. The fee of the registration trustee is AED 2,000. However, if the value of the property is equal to or over AED 500,000, the fee will be AED 4,000.
So, this is how you can buy property in Dubai with ease. Do you find this article helpful? If you do, please go ahead and invest in real estate in Dubai without any worries.
Source by Cecilia D’Cunha