How to Buy Real Estate in the UAE Now?
Due to the unstable economic situation in the world, potential buyers of housing in the UAE are looking for different ways to do business. To find out what options are available for foreigners, we turned to the senior consultant of the luxury real estate agency, AX CAPITAL, Aram Grigoryan. He explained to us the conditions under which it is now possible to buy real estate in the UAE and what the prospects for these deals are.
The main question that now worries all the citizens of foreign countries, who intend to buy a home in the UAE is, “are there available options to make such a deal?” Aram Grigoryan stresses that in the UAE itself, there are currently no restrictions on foreigners buying housing. You can purchase real estate, and there are several options for the purchase.
As Mr. Grigoryan noted, to make a purchase or sell to a client, it is not necessary to travel to the UAE. The only difficulty that a foreign buyer may face is opening an account at a local bank. Primarily, this applies to non-residents of the UAE, as according to the expert, it has previously been more difficult to open a bank account in the UAE for those who don’t have a residence permit.
In this case, the purchase process has not changed as foreign citizens have invested in local real estate, but not through bank transfers. Besides, the country has started the implementation of various payment systems to deliver high-quality real estate to anyone. According to Mr. Grigoryan, developers will soon adapt to the current situation and allow payments through multiple systems.
The changes will also affect the purchasing of housing on the secondary market. When the seller is not a developer, but an individual, he cannot provide a special platform for payment, so the implementation of such transactions will be difficult. Buying property on the secondary market requires more research into the details so that the most appropriate payment option can be chosen.
As noted by an expert in the agency, the purchase process itself can be implemented fairly quickly. In the market today, there are various payment options, one of which is payable in cash, as many foreigners have accounts abroad. On the part of the UAE itself, there are no delays in the procedure. The client, who has decided to buy, needs to discuss all the details with an agent and navigate the current economic and legal situations, as circumstances change regularly. It is important to base your decisions on specific conditions and act immediately before the situation has time to change.
As the expert noted, representatives of different countries can purchase housing in the UAE with a mortgage from a local bank. But much will depend on whether the applicant has a residence permit in the UAE, as the conditions in these cases will be different. It is slightly more difficult for non-residents of the country to obtain a mortgage, and the amount the bank will loan to them will be less than for residents, as conditionally, they will be able to receive only half the price of housing. Those, who have a residence permit in the country, can achieve payments of up to 80% of the value of the property.
Also, according to Mr. Grigoryan, one can consider ready-made options from developers who can provide interest-free installments. This allows for avoiding the complicated bureaucratic process of obtaining a mortgage.
The specialists of the agency, AX CAPITAL, are responsive to all changes in the market and will tell you about all possible options for purchasing real estate in the UAE. Contact us and don’t worry about anything else!