The rights and procedures for acquiring and leasing real estate

Information about the UAE. Geography, history, population, map, coat of arms, visa
Since 2003, in Dubai, and since 2006, and in all of UAE, foreigners are allowed to buy local land, but only in new projects. If there is a desire to acquire territory in another place - we can take it on lease for 99 years.

By order of the Dubai government, foreign investors who have bought property in Dubai, have similar rights with citizens of the UAE to use the property as well as the possibility of obtaining a residence permit, renewed every three years.

Under existing law, the owner receives all of legal authority, such as the use of purchase for personal use, resale, lease, gift or will, etc. The acquired property is a permanent property of the buyer.

Currently, the registration fee when buying a home is 2% of the purchase price - of which 0.5% is charged to the seller and 1,5% from the buyer. It is possible that in the near future the interest rate may be revised.

The state is responsible for the legal purity of transactions and the duration of construction projects.

Amendments to the law on foreigners buying property

Currently, the Land Department of the UAE capital is preparing to amend the law on real estate.

Under the law number 19, residents of the UAE have the right to own property anywhere in Abu Dhabi, but representatives of the Council of the Arab Gulf States (GCC) and foreign nationals can become homeowners only in specially designated investment zones. In addition, foreign investors are not allowed to own land on which the property belongs to them. If they want to buy it in their property, then they will need to apply for it in the Executive Council of Abu Dhabi.

Currently, the Land Department of Abu Dhabi is planning to add to the list of investment zones, which include Al Reem Island and Al Raha Beach, two of the region: Saadiyat Island and Lulu Island.

Buying Procedure

By order of the Government of Dubai to sell land or built housing can be a company licensed to do this kind of activity. That is, the state provides the land and allow these companies to sell to foreign investors according to pre-approved construction projects. When buying real estate, you should check the company license, evidence supporting the legal authority to sell.

Buying real estate in the secondary market or through real estate company, you should check the primary source. The contract must be labeled with the primary price and given all the data vendor.

Required Documents

For registration of the transaction will require a number of documents from the buyer. If a private person, it is an identity document, if the company - the certificate of registration, the manifesto of the company, the decision of the Board of Directors on investment, passport trustee company. The seller gives the buyer the contract, which describes the size, cost, location of the purchased real estate and other details. The contract is the basic document that confirms the rights of the owner. According to the contract holder may conduct any transactions with the property and found it in the bank.

After full payment of the master suites receives a certificate of ownership as the land or part thereof, and at their apartments. Registration treaty is the local court. It is the responsibility of the seller, so after paying the initial fee for registration and registration of the contract may require 7-10 days.

Credit Conditions

Properties in UAE can be purchased in installments and credit. At that rate loan, compared with Russia, rather low - 5,5-6% per annum. The key to credit itself is flat or down payment. To obtain a loan sufficient passport. Buying property in installments or a loan, the investor can pay the first 20-40% of the value of the object. Then, can realize its object is a 5-6-month period, with profit 15-25% of the total project cost. Thus, every six months, an investor can double his investment.

The minimum income level for a mortgage is not defined, credit agencies consider each individual case.
The application can be seen for several months, sometimes a financial institution may request a review of the application process for more information about the applicant.

The interest rate on mortgage loans in the UAE vary depending on the organization, which provides such a service on a property.

Business Organization

United Arab Emirates is an ideal place for business development in the Middle East. Advantage is the favorable conditions for production and trade. UAE has one of the highest per capita incomes in the world. And that is Dubai in the country is the most advantageous position for business and trade.

One of the basic requirements of local law on commercial companies, is that regardless of the desires of foreign manufacturer exclusive rights for selling its products in the UAE has a local distributor. Therefore, companies that want to work for Middle East market, creating separate companies - sales agents, allowing (though not without the participation of residents of an emirate) to get profits, which the UAE is tax-exempt.

The process of registration and administration of UAE companies simply can not call. The company must be registered in the Commercial Register. In addition, the company required to register with the authorized bodies. The registration process has certain features in each emirate, but in all cases, the company is registered and eligible to do business only if she has three licenses: commercial or industrial, agricultural, vocational, certificate of registration in the commercial register (if the activity is a commercial company) ; certificate of registration in the Chamber of Commerce. This company has the right to carry out only those activities which are specified in its license, and only in the territory of the emirate, where it is registered. Opening of branches in other emirates is subject to the requirements of registration, operating on its territory.

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