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How to buy Property in Dubai Palm Island

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

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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.

Mortgages

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

 

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