Rustar Real Estate is one of Dubai's leading real estate companies. The company was founded in 2003 and is part of the Al Bayan Tourism & Cargo group of companies, successfully operating in the Emirates market since 1994. Having studied in practice and in theory the long-term history of the growing market of the Emirates, the creators of the company set themselves the goal of creating an innovative business environment focused on the interests of the client.
Rustar Real Estate specialists answered the most common questions about Dubai real estate, popular among interested buyers.
1. What is the status of the Land Law in the UAE?
The Federal Law on the Land of the UAE does not yet exist, therefore, land issues and property issues are resolved in accordance with the laws of each emirate. At present, the emirate of Dubai has a declaration (Government Decree of May 5, 2002) guaranteeing unconditional ownership (Freehold) of land and real estate to foreign investors.
At the end of November, leading emirates published news about the imminent adoption of a law on property in Dubai. Its preliminary draft version is already circulating among lawyers and realtors of the city. Thus, the Dubai Department of Economics provides an opportunity for professionals in the private sector to evaluate a future document to avoid potential omissions. The adoption and ratification of the Law is scheduled for early 2006.
2. Is it possible to obtain a mortgage loan?
Yes, most banks and financial companies offer real estate financing services. Detailed information on how to apply for a loan can be obtained directly from a bank or from Rustar.
3. What consequences await the buyer in case of termination of payment of a mortgage loan?
If such a termination was registered before the moment of settlement, then the bank may sell this property to pay off the debt. And in the case when the family already lived in the house, other alternative measures will be taken to pay off the debt.
4. Is there a possibility that the developer will disappear with the money or go bankrupt during the construction period?
Until today, such precedents did not arise in Dubai. Nevertheless, in order to obtain permission for the construction of the facility, the developer company is required to put a bank deposit in the amount of 50% of the total cost of the project, which is a bank guarantee of the company's reliability; funds can be used by the bank to pay forfeiters to customers. At the same time, it is worth noting that at the moment, large developer companies represented on the Dubai market have financial support and state guarantees.
5. What are the real estate prices at the moment? Explain pricing trends.
The average cost per square meter in Dubai is $ 3,000. An important detail is that in Dubai all projects, whether apartments or detached houses, are already finished, that is, the price includes not just bare brick walls, but rooms that you can immediately move into. Do not forget about the parking space. Buyers who are interested in a finished villa or town house in the Meadows mass development project will pay $ 1,500 per sq.m for a spacious house. For a townhouse in a similar Springs project, you have to pay $ 2,400 per square meter, since the living space here is quite small, and the principle of "price is inversely proportional to size" applies everywhere in Dubai.
6. Who can make a purchase of real estate - an individual or a legal entity?Both individuals and legal entities have the right to acquire property in Dubai.
7. Is it possible to resell real estate?
Yes you can. If the owner wants to sell the property, he must first obtain the consent of the developer.
8. What is known about property inheritance?
Article 11 of the UAE Civil Code states that "the right of inheritance is determined by the laws of the country of which the deceased is a citizen."
9. Do you need the services of lawyers when registering a transaction?
For an additional guarantee, the buyer can always resort to the services of lawyers. Full execution of the transaction through lawyers will cost an average of $ 3,000-4,000. For using the bank account of a law office, in case you do not want to transfer money to realtor accounts, you will have to pay up to 1000 US dollars. The good news for foreign investors will be that the purchase of real estate in the UAE is not subject to any taxes.
10. What visa does an investor get?
Typically, an investor receives a residence permit for a period of up to three years with subsequent extension on a common basis. The visa covers spouses and minor children. The right to work, if necessary, should be obtained additionally directly from the employer.
11. Are there mandatory insurance requirements?
Compulsory insurance is only required to obtain a mortgage.
12. During what period is an agreement on the purchase of real estate executed?
If a mortgage loan is not required, the contract is executed within a few days.
13. What documents are required to draw up a sales contract?
Provided that the first installments are paid, only the investor's passport is required.
14. Are there taxes for foreigners acquiring land in Dubai?
At the moment, there is a tax that is paid to the Land Department when registering property: the department receives 0.5% of the sale value of the property from the seller and 1.5% from the buyer.
15. If the buyer wants to change the design within the residential section / villa, how should this process go?
You will have to obtain permission from the developer, association or community of homeowners.
16. How is gardening of the acquired land carried out?
Within the limits of his plot, the owner can carry out any types and forms of gardening at his discretion.
17. How are utility bills paid?
Payment of water and electricity is made in the Dubai Municipal Organization DEWA. Payment for the service - the service of public places in the areas of residence - is made to the account of the management company and depends on the type of housing purchased.
18. Can the client choose the decoration of the premises at their own discretion?
As a rule, a construction company offers interior decoration options (tiles, sanitary ware, built-in kitchen furniture and the like), which is included in the price of the living space.
If you have further questions, please contact Rustar. Russian-speaking consultants at Rustar Real Estate will take on the responsibility of finding a suitable housing option, provide documentary support for the transaction, and further monitor the correct and timely execution of all documents at the required authorities.
You can familiarize yourself with the projects, their location and property prices in Dubai on the company's website www.rustardubai.ru.
You can contact Rustar Real Estate by calling tel. +971 (4) 332 3336 or by sending a request in Russian to the Internet address [email protected]
