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FAQs

We've got the answers to the most frequently asked questions and answers about properties in Dubai. If you don't find the answers you're looking for here, please contact us via email: sales@akord.properties

  • Can I get a residency visa when buying a property in Dubai?
    If you buy a home in Dubai that is one of the following, you can obtain a two-year visa:

    Completed and delivered to you.
    Worth at least one million dirhams.

    The closing costs and other expenses associated with buying a home in Dubai.are not included in this million.

    After a few months of purchasing a house, if you decide to apply for a visa, the purchase price will not be taken into account. In order to qualify for the visa, you must conduct an appraisal of a property and the outcome must be AED 1,000,000 or higher. The valuation takes into account a number of variables, including the value of the most recent 10 sales over the previous three years, the price at which properties are currently listed on the market, the state of the property, and others.

    For investors who invest in real estate valued at AED 5 million or more, the new long-term visa offers a 5-year visa. Investors putting up start-ups, firms, or branches of their organisations with an investment of AED 10 million or more are eligible for a 10-year visa that is renewable as long as non-real estate investments account for at least 60% of the total investment. Couples and kids are also included, but there are some restrictions. The United Arab Emirates has unveiled a new rule that grants retired foreign nationals a 5-year residency visa with the option of renewal for those who choose to stay longer.

    Expatriates over 55 are qualified if they own real estate worth at least AED 2 million, have at least AED 1 million in savings, and earn an active income of at least AED 20,000 per month.
  • Do I have to pay tax on a Dubai property if I am not a resident of the UAE?
    No, you are not required to pay taxes if you reside abroad. You only pay if the Dubai property is intended for habitation, such as your personal home and accommodations for students and employees. After that, it is regarded as residential and is not subject to VAT. However, commercial premises are subject to a 5% VAT.
  • What is the Dubai property transfer fee?
    If you give someone else ownership of your property, a transfer fee is due. It is a fee for administrative services assessed by the main developer.
  • What is fuelling the demand for real estate in Dubai?
    The liberalisation of the real estate market, which now allows foreign nationals to own property.
    The high tax-free yields on freehold rentals.
    The effects of globalisation on property values in major cities around the world.
    An environment with favourable interest rates.
    Mortgages and homeowner financing are readily available.
    Permanent residency is granted upon the purchase of freehold properties.
    Great Value - Real estate land and flat valuations are inexpensive in comparison to international prices.
    Conducive lifestyle: safe, tax haven, secondary and tertiary homes for international buyers.
    Dubai's robust economic growth per year (GDP).
    Dubai's steady population growth per year.
    A sizable middle-class population with high discretionary income.
    Dubai's status as the region's entrepôt and tourism hub.
    UAE's reputation as an open, hospitable, and tolerant state with business regulations that favour investors.
  • Can the entire family - the father, mother, father, children under 18, and daughters who are not married - obtain a residency visa for the UAE?
    For apartments, the principal home property buyer (for example, the father) will be given a 3-year multiple entry UAE residency card. He can then sponsor his wife, any children under the age of 18, and any unmarried daughters beyond the age of 18.

    For shops, the primary buyer of the property (for example, the father) will be given a 3-year multiple entry UAE residency visa. He can then sponsor his wife, any children under the age of 18, and any unmarried daughters beyond the age of 18.

    The shop owner would need a commercial trading licence, which is available from the Government of Dubai Economic Dept., in order to run the shop as a business. The investor would need to either form a limited liability company or obtain a service agent licence, depending on the type of economic activity that would be taking place in the business.

    With some restrictions, the UAE Cabinet approved a long-term visa system for some foreigners, including successful business people, researchers with specialised skills in the humanities and sciences, and exceptional students.

    A minimum investment of AED 5 million qualifies for a 5-year residence visa, whereas AED 10 million qualifies for a 10-year residence visa, provided that non-real estate assets account for at least 60% of the overall investment.
  • Who issues the residence visa and is it guaranteed?
    The Government of Dubai issues it and it is guaranteed as long as the property purchaser owns the property, clears all security and medical tests, and is not rejected by the Ministry of Labor and Social Affairs.
  • What is the process for obtaining a resident visa if the buyer of the property does not already reside in Dubai but intends to do so in the future?
    The buyer of a property instantly qualifies for a residence visa after making the purchase.
  • After completion, what is the average estimation for annual rental yield in Dubai?
    Property owners should anticipate rental yields on their property values of 6% to 10% every year. For managing the property on behalf of the owner, the rental agencies charge between 10% and 12% of the annual rental sum.
  • What are ongoing installments and payment schedules? What is the payment currency?
    There are four different ways to pay in installments—Payment Schedules (A, B, C, and D) - and a discount is available for paying more upfront. For example:
    Payment Plan A: Reservation Fee: 10% plus any further payments
    Payment Plan B: Reservation Fee + Additional Installments = 30%
    Payment Plan C: Reservation Fee + Additional Installments = 50%
    Payment Plan D: The full amount is due at the time of reservation.

    All payments must be made in AED (UAE Dirhams) to the building owner. Fixed rate: 1 USD = 3.68 AED. When compared to the GBP, the AED changes. AED 5.56 is equal to 1 GBP as of the date of this report.
  • What is offplan?
    A property not yet built. Offplan can be highly profitable, however it is not without risk. Akord Properties provide guidance and insight into the offplan concept, and which developers in the market are the most viable and secure option for this method of purchase.