Buying/Selling a property in UAE has been made really easy by Nationwide Middle East Properties. However, there are some commonly asked questions from our clients depending on different situations. Here is an outline of those questions and their respective answers. If you have further queries or questions, feel free to contact us through email or phone.
Who can buy/rent a property in UAE?
Anyone regardless of their nationality can buy/rent a property in UAE provided you have a valid residence visa. Residence visa are subject to immigration laws, however if you have a work permit, your residency can stem from that.
What do I need to know before buying/renting a property in UAE?
You will have to consider several aspects of the real estate market before buying property in the UAE. All these aspects need to be identified by identifying your requirement. Whether you wish to buy/rent a residential/commercial property? What is the purpose of your investment? What locations and amenities are you looking for? Do you know if you will incur additional costs like maintenance or any other costs post investment? Do you know your finance options? Do you have a legal advisor who can check the contracts for you? Nationwide offers a wide array of services which covers all of the above aspects.
Can I buy property anywhere in UAE?
No, non-nationals can buy properties only in specific areas, as designated by the Ruler of the respective Emirates. For details contact us.
What is the percentage of initial deposit for buying/renting a property?
The Initial deposits would vary between 2% – 25% of the property’s value depending on various factors. However, in the case of securing a mortgage, it’ll all depend on the locality and the project you are interested in.
Who can secure a mortgage for UAE property?
Most locals and expatriates can get a mortgage in Abu Dhabi. Financial institutions such as Abu Dhabi Commercial Bank, Amlak, HSBC, Lloyds, Mashreq Bank, Tamweel, RAKbank, Standard Chartered Bank, United National Bank all lend money for on and off-plan UAE properties. You can choose to visit their website and get the details or we can help you find the right banking instrument to secure your mortgage with ease.
How much can I borrow?
For a non-resident, banks usually offer between 60% – 70% of the property’s value however, it may vary depending on your income, bank policies and the project you are interested in.
Is insurance a mandate on my Mortgage?
Most financial institutions will require some form of protection for the loan. This makes sense since you want your property paid off in the event of your death or diagnose of a serious/terminal illness. Banks on the whole do not like repossessing property and would prefer the loan to be repaid from an insurance policy should a serious event occur. Seeking the right insurance is important since it comes in many forms.
Do I need a legal advisor while doing a property transaction?
Although in most cases a legal advisor is not required, however it advised that you have one who can review your contract details and confirm everything is OK. Nationwide can help you get the right legal advice anytime you want.
Will I be able to rent out my property after I have made the purchase?
Yes, you definitely can rent your property once you have made the purchase. Nationwide offers a wide variety of long term and short term deals through which you get quality tenants.