In recent years, more and more individuals are opting to buy a property in Dubai on mortgage rather than renting. Well, with mortgage installments, you’re investing in an asset you can eventually call your own, rather than just paying rent. This justifies why mortgages are such a lucrative avenue to own properties. With that being said, a number of people assume that obtaining mortgages involves numerous steps and loads of paperwork, and consider it as an option that is way less convenient than paying upfront. However, this does not always have to be the case. Through this article, we will break down the steps involved in getting a mortgage in the UAE.

Mortgage in the UAE – An Overview

In simple terms, a mortgage is a loan offered by a bank or other financial institution to a purchaser for buying a real estate property. The loan has to be then repaid in installments over a period of time. In case the borrower fails to pay back the amount, the lender has the authority to take ownership of the property. Thus the property itself is the collateral in the case of mortgages.

To obtain a mortgage, the borrower must pay a certain percentage of the total loan amount upfront. This amount is termed as the down payment. It is crucial to note that in most cases, the borrower is required to be a UAE resident or a citizen to avail a mortgage. Non-residents have selected options when it comes to securing a mortgage in the UAE. Moreover, the borrower must have a minimum income level. Banks and financial institutions in the UAE have different requirements for minimum income levels.

Documentation for Securing a Mortgage in the UAE

Below we have given the list of documents that are commonly required for availing a mortgage in the UAE.

1.Passport copy
2.Emirates ID copy
3.Salary certificate
4.Proof of residence
5.Bank statements (usually from the past 6 months)

One must bear in mind that the requirements vary from one lender to another. You may be required to present additional documents.

Mortgage Application or Finding Property: What Comes First?

Though it is possible to secure your mortgage after narrowing down a property, we recommend that you first finalize your mortgage option first. Doing this will help you in many ways. Firstly, a pre-approved mortgage demonstrates to the seller that you are a serious buyer. Secondly, by having your mortgage sorted, you will be in a position to immediately book a property within your financial reach.

Steps to Avail a Mortgage in the UAE

Below we have outlined the steps to get a mortgage from a bank or a financial institution in the UAE:

1. Research Your Options

It is advisable to acquire the services of a mortgage broker to give you a better understanding of the mortgage options at hand. As the fees and interest rates vary from one lender to another, it is quite possible for you to get caught up between the options available. A mortgage broker will ease your task of finding the best possible mortgage option, the one that ideally fits your requirements.

2. Apply for a Mortgage

Secure your mortgage pre-approval by following the necessary steps and submitting the necessary documents as prescribed by the lender. If your application is successful, you will receive a mortgage pre-approval letter.

3. Search a Property

Once issued, a pre-approval letter will be usually valid for a period of up to 3 months. As mentioned earlier, this document considerably eases your search for the ideal space.

4. Complete the Purchase

Once you have found the ideal property, you can complete the necessary due diligence, and then proceed to finalize the loan agreement. The lender may appoint a professional to evaluate the pricing of the property before finalizing the mortgage. During the ownership transfer process, the lender will transfer the loan amount to the seller.

If you are looking to buy a property on mortgage in Dubai or elsewhere in the UAE, InZone Properties can assist you in finding the perfect space for your needs. With seasoned experts possessing years of real estate experience, InZone Properties can ease your journey of finding your dream property in the UAE.

Dubai has become a sought-after metropolis thanks to reasons like stunning architecture, a luxurious lifestyle, endless career opportunities, and a booming business landscape. People across the globe who visit Dubai as tourists often aspire to live and invest in this prosperous city. One of the most straightforward ways of obtaining residency in Dubai is through property investment in the city. However, the process of obtaining residency through property investment is not as simple as it might seem, and there are a few considerations and requirements that you must remember before deciding to reside in Dubai.

Residency in Dubai Through Investment in Property

Dubai gives an option of residency through the visa program that is linked with property investment. Investors can acquire residency through this program and for their dependents by buying a property that meets the required criteria. This is seen as a lucrative option as not only do you secure property but also get residency in the UAE.

Threshold of Investment and What to Expect?

The following are three residency options that are directly linked with property ownership. Foreign nationals are not allowed a lifetime residency in Dubai.

1. Ten-Year Residency Visa

Also known as Golden Visa, this new type of visa allows residency of up to 10 years, enabling the individual a longer stay in Dubai. This visa application has the criteria, which require an investment of at least AED 2 million. The Golden Visa can be applied for with the Dubai Land Department (DLD). The most essential of the criteria for obtaining this much sought-after visa is the establishment of an investment of not less than AED 2 million in a Dubai property. The property has to be retained for a period of at least 2 years. However, for properties that are valued below AED 4 million and owned by a married couple jointly, only one person is allowed this visa. Also, the partner with more shares of the total will be deemed as the main visa holder of your family. In case the property is divided equally between the spouses then either of the two individuals can apply for the visa. It is also important to remember that the spouse can also be sponsored by the visa holder. Ensure that you meet the criteria of holding a valid passport that has its validity for six months at a minimum.

2. Two-Year Residency Visa

This kind of visa would require you to purchase a property of AED 750,000. However, if this property is owned jointly by spouses, the investment combined by both spouses should be AED 1,000,000 (USD 272,000 approx). The spouse can also be sponsored by the visa holder. The passport should hold a validity of at least 6 months. The property should not be either commercial or an off-plan property. Finally, in case the property is mortgaged, at least 50% of the total value should be already paid.

3. Five-Year Retirement Visa

This investment is valid for retirees who are looking to gain residency in Dubai for at least 5 years. They need to invest in a property that is valued at AED 1 million irrespective of the fact that it is mortgaged or not. This visa can also be obtained if the person applying has a sustainable income, a fixed deposit of three years, and also owns a property valued at AED 500,000.

It is also important to note that a title deed issued by Dubai Land Development is important for holding these properties and for retaining the residency.

Important Factors to Remember Beyond the Price of Property

Requirement of renewal

As Dubai does not allow permanent residency visas for expats, all the aforementioned visas require renewal after their validity periods lapse. In order to renew the visa, maintaining ownership of the property as well as proving that you have sufficient funds to meet living expenses is important.

Visa sponsorship for dependents

The residency visa also allows the resident to sponsor the visa for spouses as children under the age of 18 with the submission of additional documents and fees that might be involved.

Conclusion

The current property-linked program to receive residency is an attractive way to get residency for investors. However, it is equally important to get a clear approach to the process to meet the requirements, financial risks involved, and long-term plans you might have to make an informed and safe decision to align it with your dream of investing in Dubai. If you are looking for professional assistance to buy property in Dubai, InZone Properties is here to walk you through the process and help you gain residency in Dubai.

In addition to being a business haven, Dubai is renowned for its luxurious lifestyle and breathtaking architecture. These factors are among the main causes of the city’s real estate development. The increasing population is also responsible for the rise in real estate demand, which presents more opportunities for investment in this industry.

The good news is that in an atmosphere where global markets are unpredictable, Dubai’s real estate continues to thrive. In 2024, Dubai’s real estate market began to show signs of maturity following years of volatility, as seen by a steady rise in both property prices and general market confidence. So if you are looking forward to buying a property in Dubai, now is the perfect time!

However, Dubai’s real estate market varies like any dynamic market because of several factors, such as the status of the economy and governmental laws. A few factors that correlate with these shifts in real estate are listed below.

Factors Contributing to the Sustainability of Real Estate Trends in Dubai

Government Initiatives and Policies:
Recently, Dubai’s government has made some significant moves to improve the city’s attractiveness to investors. These policies that promote stability and economic progress are important in raising consumer confidence and elevating the real estate market. The administration has demonstrated its commitment to bringing in expatriates’ competence by focusing on business-friendly regulations and long-term resident visas.

The government’s aim to elevate the United Arab Emirates to the status of one of the best nations in the world will likely boost the real estate sector. The objective is to build smart, sustainable cities, which will likely stimulate demand for smart, environmentally friendly buildings. Moreover, the government’s proactive response to market changes is an essential component.

Impact on Global Economy:
The global economy has a direct effect on Dubai’s real estate market. Since the COVID-19 pandemic, the world economy has recovered, and demand for real estate in Dubai is expected to rise.

Economic growth has been a major contributor to the expansion of the real estate industry in Dubai. The steady stream of visitors, developers, and investors has encouraged economic diversification away from more conventional industries like oil and gas. This growth in Dubai real estate can be attributed to the growing demand for luxurious lifestyles brought about by societal demands and rising economic status. This trend is advantageous for those wishing to sell a property in Dubai.

Technological Advancements:
Technology in real estate is already revolutionizing the industry. The industry is now more efficient and customer-focused by utilizing AI in property management and virtual property tours.

By employing Building Information Modeling (BIM) and 3D printing to drastically reduce construction time and cost, properties can be made more affordable. Thus, technological advancements might lead to a rise in real estate demand in Dubai.

Latest Real Estate Trends in Dubai

Shifts in Demands
As the world becomes more digitally connected, smart homes are becoming more and more popular. The number of smart homes developed in Dubai is expected to soar, attracting tech-savvy purchasers and individuals looking to buy or rent properties in Dubai with integrated home automation systems. According to estimates from 2022, smart home components were included in almost 30% of new residential developments.

Sustainable Developments
Global sustainability trends are driving a surge in environmentally conscious real estate developments in Dubai. The emergence of eco-friendly neighborhoods and LEED-certified buildings is a sign that developers are prioritizing sustainable development. These endeavors not only mitigate their impact on the ecosystem but also meet the demands of modern-day consumers who value environmentally sustainable living spaces.

More cutting-edge green developments will probably appear in Dubai’s skyline as real estate development and sustainability become more intertwined. Owing to the city’s commitment to initiatives that facilitate collaboration with global endeavors to address climate change, developers are increasingly incorporating green building practices, prioritizing energy efficiency, and promoting environmentally sustainable designs.

Technological Innovations:
The real estate sector in Dubai reflects the city’s reputation as a cutting-edge urban hub. It will become crucial to use virtual reality (VR) and augmented reality (AR) for property viewing and inspection. Furthermore, there’s a rising anticipation that real estate transactions will be more transparent thanks to blockchain technology.

Technology is revolutionizing every aspect of the real estate industry, and Dubai is setting the standard for this transformation. Blockchain-based transactions and virtual property tours are just two instances of how the application of cutting-edge technologies is enhancing customer experiences and streamlining processes.

Project Diversification:
Developers are focusing their efforts on affordable housing projects in order to create more inclusive communities. The number of developments in Dubai offering cheap housing will increase by 20% by 2022, and it is anticipated that this trend will continue, contributing to the city’s growing and varied real estate portfolio.

In a market as vast and varied as Dubai, staying current with trends is crucial. With the assistance of real estate brokerage firms such as InZone Properties, you can easily find a property ideal for you!

Dubai’s real estate market is thriving and it is for this very reason that investors are keen to know about the opportunities it has to present. In addition to being one of the most recognizable destinations for modern, cosmopolitan living, Dubai’s advantageous location and the quickly growing sectors like technology, tourism, and healthcare, are major reasons why real estate is booming in the city.

In a destination with soaring skyscrapers, picturesque waterfront tourist spots, and islands shaped like palm trees, purchasing real estate properties can be undoubtedly beneficial to expand one’s financial portfolio. Here’s an overview of the top 5 reasons Dubai real estate thrives.

1. Increase in Population

Now you might wonder why Dubai’s population should influence entrepreneurs or individuals to invest in its real estate. Dubai is home to people from many nations who come to advance their careers and businesses, and the city’s population is constantly rising. The demand for housing is increasing quickly as a result. Dubai now has additional investment prospects as a result.

Dubai’s population is growing rapidly and is expected to grow by 5.8 million by 2040. This rise in population leads to an increase in demand for real estate and lavish communities. And this city has ample space for amazing architecture to flourish, and there are plenty of investment opportunities as well!

2. The Growth of the Economy

Dubai is renowned for having a strong economy. Dubai acts as a go-between for a lot of trade and business because it is located halfway between the East and the West. It serves as a stable foundation for those wishing to grow their business globally as well. Large capital investments in the region are responsible for this increase in commerce, which is encouraging for investors.

Dubai’s economy post COVID-19 has had significant development in capitalization and has greatly improved in all areas. This could be attributed to the government’s goal of making Dubai the commercial and business hub in the MENA region.

3. The Golden Visa

In an attempt to attract foreign investors to the UAE’s real estate market, the government has recently instituted new visa laws related to real estate investment that offer a quick route to residency. A commitment to such a long-term residential choice highlights the total security of an investment in the UAE and demonstrates how investor-friendly the country is.

Furthermore, real estate investors fulfilling certain criteria are among those who can apply for Dubai’s Golden Visa, which provides a long-term residency chance with special benefits.

4. High-End Living

Due to its superior infrastructure and high standard of living, Dubai is regarded as one of the best places in the world to invest. With its first-rate dining establishments, opulent lifestyles, stunning beaches, connectivity, and cutting-edge entertainment and leisure options, Dubai is a sanctuary for investors.

When it comes to Dubai real estate, a number of developers are investing in up-and-coming and sought-after neighborhoods and have an expanding inventory of gorgeous residences. Dubai is reasonably priced when you compare it to some other major cities. Their main selling point is that, depending on price, Dubai has something to offer everyone.

5. ROI

According to research conducted by the real estate investment consulting business Global Property Guide, the average yearly return on real estate in Dubai is 5.19%. Dubai has established itself as having the best return on investment (ROI) when measured against the annual rental yields of New York (2.9%), London (2.7%), Singapore (2.5%), and Hong Kong (2.4%). According to the data provided by Sole Real Estate Consultants, investing in real estate in Dubai can easily yield an 8–12% return on your investment.

If you are keen on investing in Dubai’s real estate market and are on the lookout for properties, it is advisable to seek professional advice. InZone Properties is a reputable real estate brokerage that can assist you in locating the ideal home for your requirements.

Dubai is a top choice for real estate investments because of its first-rate infrastructure and lavish lifestyle. Due to its thriving economy and several other factors, Dubai’s real estate market attracts investors from all over the world.

Despite fluctuations in the market, real estate has always shown to be a rewarding choice in Dubai. There are many different sorts of properties with stunning architecture and class-leading amenities that draw investors from all over the world, ranging from opulent villas to quaint apartments.

Benefits of Purchasing a Property in Dubai

Purchasing real estate in Dubai provides numerous advantages, such as:

Rental Yields:
When you buy a property in Dubai and lease it, the annual rental return could generate a decent passive income for you.

Property Prices:
The property market in Dubai remains fair-valued, providing potential investors with numerous benefits. Buying a property here offers long-term financial benefits and an unmatched luxurious lifestyle.

Taxes:
Additionally, purchasing real estate in Dubai offers buyers from all over the world an excellent deal because of the several tax benefits.

Top 5 Locations to Buy Property in Dubai

Dubai Marina:
Dubai Marina is a popular place to invest in the Emirate. This neighbourhood is by the water and offers breathtaking views. There are several different types of high-rise flats, villas, and townhouses in Dubai Marina. There are also a lot of famous eateries, cafes, and other public spaces in the region.

Downtown Dubai:
Downtown Dubai is one of the most prominent areas in the Emirate. Some of the most recognizable sights in the city, such as the Dubai Fountain, the Dubai Mall, and the Burj Khalifa, are located there. In addition to being a significant centre for business and finance, Downtown Dubai is an amazing area to reside or invest in if you want to get high rental returns.

Palm Jumeirah:
Palm Jumeirah is an artificial archipelago in the shape of a palm tree. It’s one of the most opulent areas of Dubai and the address of some of the priciest real estate in the Emirate. If you’re looking for a terrific investment and a high-end lifestyle, Palm Jumeirah is a great place to reside or buy a property for investment purposes.

Jumeirah Village Circle:
Jumeirah Village Circle is another well-known residential area in Dubai. Numerous residential and business properties can be found there. If you’re seeking a family-friendly neighbourhood with top-notch amenities and schools, JVC is a terrific place to invest in.

Business Bay:
Dubai’s Business Bay is an area that is growing quickly. There are numerous skyscrapers, office buildings, and hotels located there. If you are searching for a contemporary and practical location, Business Bay is an excellent spot to invest.

Key Considerations for Buyers Looking to Invest in Dubai Properties:

Market Research:
Do extensive market study before investing in the Dubai real estate market. It is imperative to comprehend the dynamics of supply and demand, past patterns, and future expectations for developing neighbourhoods. Professionals and real estate brokers may help collect and evaluate this information, giving you a thorough picture to help you make decisions.

Finance Planning:
A sensible budget is essential when thinking about buying a property. In addition to helping you understand mortgage rates and financing alternatives, real estate professionals may also make sure that your budget and investment objectives are in line. This phase is essential for a seamless and stress-free purchasing experience.

Plans for the Future:
Plans for the neighbourhood’s future growth should also be taken into account. A property’s value can increase if it is located near the necessary facilities, and other upcoming construction projects. Through extensive market research, InZone Properties can assist you in buying a property and help you access the best investment opportunities.

Buying a property has become much simpler than before. Thanks to the ample information available on the web, property buyers these days are much more informed. However, some pitfalls persist and people unwittingly become victims of these. A property purchase is a significant milestone in one’s life and is often possible only after years of hard-earned income. As such, a mistake no matter how seemingly small and irrelevant it may appear initially, can make you regret the investment you make. This is the reason it’s so important to tread carefully before you invest in a property. Through this article, we aim to highlight the blunders that are usually made and how you can avoid these to make your investment a successful one.

Here are 3 common mistakes to avoid when buying a property in Dubai:

1. Skipping a Pre-Purchase Property Inspection

A thorough property inspection is critical and is one of those things you cannot afford to miss. The appealing photographs that you see on the property listing or even your in-person visit may not reveal the underlying issues the property might have. Structural defects, improper wiring, faulty plumbing, decay, etc. are just some of the many issues an inspection can cover.

If not-so-major issues are found after a property inspection, you can renegotiate the price or request repairs from the seller. Needless to say, any major findings should be enough reason for you to back out before signing the dotted line. A successful pre-purchase inspection must be thought of as your last and best measure to ensure a safe investment.

2. Inadequate Research

As mentioned earlier, the internet age has made it easier for property buyers to stay informed. However, it may not always give you a complete picture. It is quite common for people to rush through the research phase and make the wrong choice.

Imagine yourself buying an apartment that is located in proximity to a sewage treatment plant. The regular stench is likely to make living there an unpleasant experience. Besides, renting it out or even selling this property in Dubai can pose a significant challenge. As we can see, this unwanted scenario can only be an outcome of poor research. An informed buyer would have never made such a blunder.

This is why it is so important for you as a prospective buyer, to not compromise on due diligence from your end. Speaking to residents of the neighborhood, evaluating property history, comparing other deals, and familiarizing yourself with the pricing are some of the things that should be on your list.

In addition to this, you must think from a long-term perspective. Whether you are looking to reside, or considering renting the property in Dubai, or simply investing to benefit from the appreciation, it is necessary to evaluate whether the property will align with your future objectives.

3. Not Checking the Developer’s History and Credentials

Picture this: You come across an enticing off-plan deal. You decide to purchase the property and make the necessary payments. You are eagerly awaiting the completion of your newly purchased property only to realize that the project has been abandoned mid-way, and there is no certainty of you receiving your paid amount.

The above scenarios can be the result of falling for the scams of a fraudulent developer. This is exactly why we emphasize so much on choosing the developer wisely. A property may offer everything you are looking for in terms of budget, space, locality, and so on. However looking into the reputation, portfolio, and financial standing of the developer is highly advisable before committing to the property in question. As part of this research, you can check out some of the completed projects from the developer. Evaluate the quality of the buildings and confirm if these structures have endured the test of time. You must ensure that the developer is not known for project delays and has not been embroiled in legal complications before.

A real estate investment in Dubai can be undoubtedly fruitful in the years to come. However, like any other investment, it harbors risk, and hence it is necessary on your part to take every possible measure to avoid costly errors that could trouble you later on. One such measure is acquiring the services of a reputed real estate brokerage. InZone Properties can help you seamlessly navigate the journey of buying a real estate property in Dubai. Our unparalleled expertise in Dubai’s real estate market will definitely help you make an informed choice. Buying a property is a big decision, make sure it’s not a wrong one.

An investment can be defined as an asset that is owned with the purpose of generating profits or obtaining benefits from its appreciation (increase in value) over a period of time. Among the numerous investment opportunities available today, real estate stands out as a stable and profitable choice that you can make especially in a city like Dubai. Simply put, a real estate investment can be something like buying a commercial property (shops, warehouses, showrooms, etc.) or a residential property (villas, apartments, townhouses, etc.), and retaining it till its value appreciates. Besides, you can also rent out your property and generate additional income, and with commercial properties, you can set up a full-fledged business.

Through this article, we will uncover the benefits of a real estate investment in Dubai, and how it compares against the other available investment options.

Benefits of Real Estate Investments in Dubai

High Return on Investment
Dubai offers one of the highest returns in the world for real estate property investors. With the increasing influx of expats, the population is seeing constant growth, and so is the demand for properties. Consequently, the property values are on a consistent rise, assuring investors of remarkable returns in the future.

High Rental Yields
A real estate investment provides another key advantage in the form of passive income. As mentioned earlier, Dubai’s consistent population growth has increased the demand for housing which in turn results in surging rents. Thus, owning a property in Dubai is bound to bring in a good stream of passive income for you.

Dubai’s Tax Benefits
Dubai is renowned for its favorable tax regime particularly when it comes to investing in real estate properties. Property owners in the Emirate and the rest of the UAE are not required to pay property taxes or personal income taxes. This implies that owning a property in Dubai can be a far more affordable endeavor when compared to many other cities in the world.

Residency Visa Options
Over the past few years, the requirements for obtaining residency in the UAE have been considerably relaxed. The introduction of the Golden Visa is a testament to this. This visa grants long-term residency to specific categories of individuals. Property investors can be eligible to obtain the Golden Visa through a minimum investment of AED 2 million.

How Real Estate Compares Against Other Investment Options

Let us understand the benefits that real estate holds over other common investment options like gold, mutual funds, and fixed deposits.

Real Estate vs Gold
Unlike a real estate property that can be rented, gold does not generate income. Its main perk is the appreciation it undergoes in value.

Real Estate vs Fixed Deposits
Though fixed deposits are a safe investment, they are not always seen as options that can make you rich. In fact, with interest rates not being like what they used to be years ago, the returns they give are sometimes below the inflation rate. In contrast, a real estate property in a bustling hub like Dubai will generate high returns on investment plus a constant rental income.

Real Estate vs Stocks
The stock market can be volatile, and therefore stocks as an investment hold a substantial risk. On the other hand, real estate offers far more consistent returns. Remember, a property that you own won’t disappear overnight.

Hope this article has given you enough insights as to how a real estate property can be a rewarding investment in Dubai. With that being said, it is necessary to have industry experts by your side to ensure that you are putting your money in the right place and getting the most for your money. At InZone Properties, you can access the highest level of real estate expertise, networks, and market insights as well as all the assistance needed to find and secure the best investment opportunity in Dubai.

In recent years, the UAE government has opened up new opportunities for obtaining long-term residency visas. One such example is property investor visas that are granted in Dubai, and across other Emirates. It’s worth mentioning that over the years, the government has considerably relaxed the criteria for granting these visas. As an example, the authorities recently squashed an eligibility requirement of an AED 1 million minimum down payment for off-plan property investors applying for Golden Visa.

These visas have been a major draw for those seeking opportunities to acquire UAE residency through real estate investment in Dubai. Through this blog, we will discuss the different types of property investor visas in Dubai along with their durations, eligibility requirements, and the procedures required to secure them.

10-Year Golden Visa

The Golden Visa is one of the well-known visa programs for real estate investors in Dubai and is offered by the Dubai Land Department (DLD). The key eligibility requirement for securing this coveted visa is a minimum property investment of AED 2 million in Dubai. It is essential to know that those owning off-plan properties and mortgaged properties can also apply for this visa.

Eligibility Requirements
1. The property investment must be worth at least AED 2 million and must be located in the Emirate of Dubai.
2. The property must be retained for a period of at least 2 years.
3. In case of properties worth less than AED 4 million and jointly owned by a married couple, this visa can be granted to only one individual. Also, the spouse owning the higher amount of share will be considered the primary visa holder. If the property is equally owned then either one of the two individuals may apply. One must bear in mind that the spouse can be sponsored by the visa holder.
4. There should be at least 6 months of validity remaining on your passport.

Document Requirements
1. A title deed stating the property value (not less than AED 2 million). It is essential to note that title deeds issued by the DIFCA and by authorities outside the Emirate of Dubai will not be accepted. The name on the deed must match the name on the passport.
2. Copy of your passport
3. Digital photograph meeting the guidelines set by the Federal Authority for Identity Citizenship, Customs & Port Security
4. Health insurance policy
5. A national ID from your home country (may be applicable for citizens of certain countries like Iran, Afghanistan, etc.)
6. Copy of an old Emirates ID (if applicable)
7. NOC from the bank stating the paid and outstanding amount (applicable for bank-mortgaged properties)
8. Statement of account from the developer (applicable for developer-mortgaged properties)
9. Marriage certificate attested by MOFA and legally translated into Arabic (for jointly owned properties by couples)

2-Year Property Investor Visa

The 2-year investor visa is also issued by the Dubai Land Department (DLD) and is the ideal option for those not eligible for the 10-year Golden Visa. Unlike the Golden Visa which requires a minimum investment of AED 2 million, the 2-year visa can be obtained through a minimum investment of AED 750,000.

Eligibility Requirements

1. The property investment must be worth at least AED 750,000 and must be located in the Emirate of Dubai.
2. In the case of jointly owned properties by married couples, the spouse owning the higher share percentage of the property will be deemed as the primary visa holder if both don’t own equal shares. One must bear in mind that the spouse can be sponsored by the visa holder.
3. There should be at least 6 months of validity remaining on your passport.
4. The property must not be an off-plan or a commercial property in Dubai.
5. In the case of mortgaged properties, at least 50% of the total property value must be already paid.

Document Requirements

1. Copy of the title deed stating the property value (not less than AED 750,000). It is essential to note that title deeds issued by the DIFCA and by authorities outside the Emirate of Dubai will not be accepted.
2. Copy of your passport
3. Digital photograph meeting the guidelines set by the Federal Authority for Identity Citizenship, Customs & Port Security
4. Health insurance policy
5. A national ID from your home country (may be applicable for citizens of certain countries like Iran, Afghanistan, etc.)
6. Copy of an old Emirates ID (if applicable)
7. NOC from the bank/developer and property mortgage statement, stating the paid and outstanding amount (applicable for mortgaged properties)
8. Copy of the initial sale certificate (applicable for properties mortgaged by the developer)
9. Good Conduct Certificate issued by Dubai Police
10. Marriage certificate attested by MOFA and legally translated into Arabic (for jointly owned properties by couples)

InZone Properties is a real estate brokerage based in Dubai, and brings a distinguished portfolio of residential and commercial properties. Reach out to us today and realize your dream of owning a property in Dubai.

On the surface, the buying vs.renting question appears to be an irrelevant one. Those who can afford buying a home in Dubai, will obviously go ahead and own one. And the ones living in rented spaces usually find home buying as an option way above their league. Why ask the question in the first place? But what if we tell you that your rent can be replaced with mortgage installments, making you the owner of the property within a few years. Home buying now sounds like a considerable option right? However, this is not a one-size-fits-all approach. Both owning and renting have their own set of pros and cons. There are several factors along with some basic math that determine what’s ideal out of the two for you.

Factors to be Considered Before You Decide to Rent or Own

Your Financial Situation
Without a doubt, the decision to buy or rent a space majorly relies on your financial status. If you are an entrepreneur fortunate enough to manage a steady stream of profits, or even if you are a salaried professional with a stable job and an income sufficient enough, you can think about purchasing a home. However, you would also need savings decent enough to pour into as the property price or at least as the mortgage down payment. Additionally, a residential property when owned, brings along its own set of expenses, both upfront and in the long run. These could include anything like the agent fee, government fees associated with buying as well as repair and maintenance costs. In a nutshell, to own your own space, you must first assess your financial situation, and only then you may proceed to sign the dotted line.

On the other hand, if you do not have a secure job, or you are running a business that is struggling to bring in regular income, you are better off renting a home in Dubai. And even if you do have regular income, you must be debt-free plus have enough savings to manage at least a downpayment.

Your Future Plans
Even if you can afford it, purchasing a property may not always be the best option for you. If you are likely to relocate elsewhere after the next few years, or do not have any intentions of having investments here, owning a home makes no sense. In this case, renting seems to be the better option. Remember, it is always easier to simply move out of a property when compared to the hassle of selling the property.

However, if you plan on residing in Dubai for a long time, and you are keen on buying an apartment or villa you can call home, and you can indeed afford to buy one, then you must go for it. Besides, purchasing a property might grant you a Golden Visa if you satisfy the applicable criteria. This way you can secure long-term residency along with a property.

Owning a home gives you the stability and control that you may have always desired, and that’s not possible with a rented home. After all, it’s your home and you won’t have to stay with the worry of being asked to vacate some day. You can renovate it the way you wish without the need for someone’s approval. That’s not all. You won’t have to worry about the uncertainty of ever-changing rents. Another great advantage of buying a property is that you are building equity. The mortgage installments that you pay, contribute towards securing an investment for you. Moreover, in a booming market like Dubai, your property value will definitely appreciate over time.

Even if you don’t intend to reside in the property, you can rent it out and cover your mortgage installments through it. Once you have paid off the mortgage, you can have a constant passive income as well.

Conclusion

As we can see, the answer to the buy vs. rent question mainly lies in your future plans and finances. Both renting and buying have their own advantages, and this varies on a person-to-person basis. However, there are other factors as well that can influence your decision to rent or buy. The rental trends, locality, property-type, and the developer offering the property can be included as some of the relevant factors. For more informed insights on such factors, you can consider obtaining the opinion of real estate professionals in Dubai.

InZone Properties is a Dubai-based real estate brokerage, and can assist you in finding properties to buy or rent in Dubai. Get in touch with us right away and find what’s the best solution for your housing needs in Dubai.