Connect with us

Money

How to buy property in Dubai as a UK national

Published

on

How to buy property in Dubai as a UK national

Properties yield on average a 6pc return and all investment income is tax free, plus there is no stamp duty or inheritance tax payable in Dubai, which are all factors to consider when making an offer.

If you find something you like, you can then make an offer and if accepted, a deposit of 10pc must then be paid by the buyer. This is more stringent than in the UK where an offer can be accepted but nothing is binding until contracts are exchanged.

In Dubai, there are usually some rounds of negotiations before terms are agreed but once the offer is accepted, the buyer could lose their deposit if they pull out of a purchase.

How to finance a Dubai property purchase 

Many property buyers in Dubai are “prime” or super-prime customers so may pay in cash. However, it is possible to use a mortgage in Dubai. Jerry Parks, head of real estate at the Dubai branch of law firm Taylor Wessing said this is becoming more common.

Advertisement

Overseas buyers need to apply to a bank in the UAE and some may have restrictions on lending to non-residents. It may be worth getting a visa if you can – if you are working in Dubai it can help secure lower rates.

Non-resident mortgage interest rates range from 6.5pc to 7pc in contrast to the 4.5pc to 5pc interest rates currently offered in the market to UAE residents, said Mr Parks.

You can apply remotely but typically will have to be in Dubai to complete the application and sign the documents to open the accounts.

Parks said: “The ‘know your customer’ process varies from bank to bank, and is largely based on the profile and source of wealth of the individual applying for the loan. 

Advertisement

“The process can be quite involved, requiring certified documentation proving identity, address, employment, and income. We recommend clients use a local mortgage broker, licensed by the Dubai Economy & Tourism authority, and regulated by UAE Central Bank.”

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

Published

on

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitcoin options markets reduce risk hedges — Are new range highs in sight?

Published

on

Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

Published

on

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



Source link

Advertisement
Continue Reading

CryptoCurrency

Blockdaemon mulls 2026 IPO: Report

Published

on

Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



Source link

Advertisement
Continue Reading

CryptoCurrency

SEC asks court for four months to produce documents for Coinbase

Published

on

SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



Source link

Advertisement
Continue Reading

CryptoCurrency

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

Published

on

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.