Where can I buy property in Dubai?
Dubai is the only place in the Persian Gulf where property can be bought freehold by foreigners, and all property available is within special zones master-planned by the government.
There are now over 20 of these new residential communities in Dubai, which are completed, partly completed, or announced and on sale, located within a radius of approximately 20 kms of the central business district, where the Sheikh Zayed Highway runs alongside the emerging Burj Dubai district and Dubai International Financial City.
Are there any differences between buying property in Dubai from in the UK?
There is fundamentally no difference in buying a home in Dubai compared with most other long-established property markets.
What extra charges can I expect?
Purchase tax of 3% is paid by the buyer once the transfer deed has been signed. In addition, there will be stamp duty and legal fees.
Do I need a solicitor when buying property in Dubai?
Buying is usually handled without a solicitor as contracts are non-negotiable – so there are no legal fees. The final contract/title deed is signed in front of a Dubai notary and the deeds are then recorded with the Land Registry.What other charges or taxes can I expect?
Income tax (on rental income) ranges from 19% to 40%.
Capital Gains Tax is usually added to the regular income of an individual and then based on their income tax rate. If a property is sold at least 5 years after purchase, the gain is exempt from tax.
Inheritance tax ranges from 7% – 20% and depends on the relationship between donor and recipient.
