Buying & Selling

With rising rents and low mortgage rates, increasing numbers of expats living in Dubai are now choosing to buy rather than rent property. Rents rose by around 11% in the first half of 2013, and are expected to rise further throughout 2014; interest rates on mortgages have dropped since 2010 from 9% to 4.5% per year. Banks are also offering incentives to would-be homeowners, such as discounts on processing and valuation fees, and reduced interest rates during the first year.

The days of getting 90% mortgages are over and, at the end of 2013, Central Bank announced a new ruling to cap mortgages; as restrictive as it sounds for those wanting to buy a home, banks have dropped interest rates to attract borrowers. 
 
Non UAE nationals can only buy in designated areas for expat freehold and leasehold sales. You have the choice of buying off-plan, but be prepared for delays in construction. It’s also worth noting that very few UAE banks provide mortgages for off-plan properties because of the potential delays of completion. Some of the major real estate developers include Nakheel, Emaar, Damac and Dubai Properties. 

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