How to buy Property in Dubai Palm Island

Important facts to know when purchasing a property in Dubai Palm Island

By in Palm News with 0 Comments

Who Can Buy?

All listed properties on Dubai Palm Island are freehold properties.  100% ownership for expats, whether a UAE resident, or not, of any nationality. As stipulated in the laws of Dubai.

Bank Accounts

We have established relationships with many of the leading banks in the UAE and can assist you with advice on opening a bank account in Dubai, should you require it, although it is not necessary to have a local bank account to make a property purchase.

Government Tax

Dubai is a tax-free destination and there are no taxes relating to the purchase of property.  There is no Capital Gains Tax either.  You will however be required to pay 4% tax equivalent to the purchase price of your property, once the Lands Department registers your title deed. The title deed registration fee of 4% is paid directly to the Dubai Land Department on transfer date.


Residents can apply for a 25/75 mortgage, whereas no-residents are able to apply for a 50/50 mortgage. Both applications are simple and most leading banks will lend.

Should you have a mortgage with your next property purchase, you will be required to pay 0.25% of the value of the loan to the Dubai Land Department on transfer date, which is when your new home’s title is transferred to your name.

Development Service Charges

Service charges cover community services which include garbage collection, security, maintaining facilities like pools, gardens and the like. Services charges in average amount to AED 15 per square foot on the size of your property as stated in the title deed.

Dubai Residency

Every investor/end user, and their immediate families, will be issued with residence visas, according to the laws of the UAE, if minimum AED 1 million for a property has been paid already.  Visas will need to be renewed every 2 years, as per immigration regulations.

If you have any further questions, we are glad to help you out.

We can assist you in the following categories:

  • Bank Account advise

  • Mortgage advise

  • More Information on how to buy

  • Property regulations


Error: Contact form not found.

Share This
About The Author
Stephan Hirzel

Stephan Hirzel is a Swiss national and moved to Dubai from Zurich in 1996, completed high school at the International School of Choueifat, and then attended the University of Wollongong for 3 years in Australia, majoring in Business Commerce. In 2001 Stephan moved back to Dubai and started his real estate career in 2002 as a broker at a boutique brokerage. In 2003 Stephan joined a multinational realty brand real estate as a property consultant and during his next 8 years, Stephan was promoted to Key Account Manager for his outstanding achievements in the sale of luxury properties and property investments. During his career, Stephan has won several awards from property developers such as ETA Star and Damac, to name a few. Stephan has now 20 years of experience in consulting clients of where to buy their home and/or save property investment strategies. Knowing the real estate market inside out, it is a pure passion of his to assist clients in their property needs. Here at Luxhabitat Sotheby’s International Realty, Stephan’s main specialization is the selling of luxury properties at the Palm Jumeirah.

Leave a Reply

Your email address will not be published. Required fields are marked *