General Information on Dubai
Buyers Guide
Since 2002 Non Emirati citizens have been able to purchase residential freehold property. In some circumstances residential status can also be granted.
Following the acceptance of a verbal offer, an initial real estate sales contract is drafted and executed between the parties. A deposit is placed at this time by the buyer to the seller. Generally speaking, the deposit is not refundable.
In Dubai , a mortgage lender from nearly any country in the world can provide financing for the purchase of real estate in that country. Mortgages are available subject to status and up to 75% of the property price can be funded and interest rates vary from 7 - 9 % for up to 15 years term.
Once the various requirements of the initial contract are satisfied, the buyer obtaining financing, the seller making certain that the property is free of any charges, a final contract is executed, the remaining money due to the seller is paid and a deed for the property is given to the buyer who will become the new owner of the property.
Taxes
0% Capital Gains Tax
0% Personal Income Tax
Economy
In Dubai, Industry is centered in the north of the Country, with Agriculture mainly found in the Southern regions.
Dubai 's economy has been gradually diversifying, with engineering, steel, and chemical manufacture steadily overtaking the more traditional food and textiles industrys. Although many of Dubai 's important industries are state-owned, the trend in recent years has been toward privatization. |
New Developments
Information
