Selling property in Dubai is far from a complicated process with the help of a qualified real estate agent. After finding a specialist, you will need to sign a ‘FORM A’, to formally mandate brokering and marketing with that agent. After the form has been submitted to the DLD’s Trakheesi system for a final approval your property will start being advertised on a number of platforms, both online and offline. As soon as you find a buyer, you will have to sign a Memorandum of Understanding, or ‘FORM F’, which is a legally binding contract between the seller and the purchaser. Another necessary document that is needed during the selling process is an NOC letter from the developer, which can take 5-7 days to be issued. The final step of concluding the sale is the ownership transfer, where the following must be provided: MOU, NOC, copy of the title deed, a cheque to the seller, 4% DLD fee and an original passport copy with a valid visa/Emirates ID.
To begin with, the investment property market in Dubai offers higher rental yields than many other mature real estate markets. In fact, the average ROI here ranges between 5% and 9% as property prices per square foot are significantly lower than in other cities across the globe, such as London, Hong Kong and Paris. Thus, it is an affordable location to own luxury real estate, besides, there is also no stamp duty and property taxes as well. In order to attract more investors, in September 2021, the DLD had reduced the minimum required amount, which allows purchasers to apply for a 3-year residence visa through investment, from AED 1M (USD 272K) to AED 750K (USD 205K). Visa holders can avail family sponsorship, which enables bringing a spouse and children to the country as well.
In 2021, the Emirate ranks #42 in Mercer’s Cost of Living Survey, so the city is more affordable than San Francisco, London and Paris. The area where you choose to reside is one of the major aspects determining how expensive the cost of living in Dubai will be for you. For instance, a 1-bedroom apartment in the center of Dubai can be rented for AED 5.5K (USD 1.5M) per month, while a property set a bit further away will cost you about AED 3.6K (USD 1K). Additionally, monthly living expenses, which include utilities, travel and transportation, groceries and leisure/hobbies, amount to approximately AED 3.2K (USD 870K) for 1 person, and about AED 11.8K (USD 3.2K) for a family of 4. As a rule, health insurance in Dubai is provided by a sponsor/employer, so you do not have to worry about any additional medical expenses.