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Yes, purchasing property in Dubai can make you eligible for a residency visa. By investing AED 2 million ($545,000), you can qualify for a 10-year Golden Visa. Alternatively, a 2-year residency visa is available for real estate purchases worth at least AED 750,000 ($204,000).

Yes, both residents and non-resident investors can secure a mortgage to finance property purchases in Dubai. Eligibility criteria and interest rates may vary, so it’s advisable to consult with banks or mortgage providers. EIGHT MILE REAL ESTATE's mortgage facilitators can assist in streamlining the application process.

To buy property in the UAE, you need:

• For non-residents: A copy of your valid passport
• For residents: A copy of your valid Emirates ID

Here’s a breakdown of the fees to consider:

• Dubai Land Department (DLD) fees: 4% of the property price + admin fees (AED 580 for apartments and offices, AED 40 for off-plan properties)
• Registration fees:
  • Properties below AED 500,000: AED 2,000 + 5% VAT
  • Properties above AED 500,000: AED 4,000 + 5% VAT
• Mortgage registration fees (DLD): Up to 0.25% of the loan amount + AED 290
• Agency fee: 2% of the property value
• Property service charges: Based on square footage, typically ranging from AED 3 to AED 30 or more per square foot

No, residential properties in the UAE are currently not subject to VAT, making Dubai an attractive option for tax-free property investments.

Yes, individuals must be at least 21 years old to purchase property in Dubai.

First-time buyers should consider:

• Location: Evaluate neighborhoods based on lifestyle and long-term goals.
• Property Type: Decide on the type of property that suits your needs.
• Market Trends and Prices: Understand current market conditions.
• Budget and Financing: Have a clear financial plan, including all costs.
• Developer Reputation: Research the track record of the property developer.
• Legal Considerations and Fees: Be aware of ownership laws and registration fees.

Partnering with a real estate agent saves time and ensures you have access to market expertise, prime investment areas, and the ability to navigate complex regulations, making for a smoother buying experience.