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FAQ


1. Why should I invest in the property market of the UAE and why should I invest in Dubai specifically?
2. What kind of title do I get?
3. Is there really no taxation on property in the UAE? What about Capital Gains Tax?
4. What are Service Charges? Can they be arbitrarily increased or imposed?
5. Can I get financing for the purchase of my property?
6. Is life insurance required in order to mortgage my home? (What about property insurance)?
7. What can a defaulted mortgage payment result in?
8. Can I re-sell my property?
9. Can I authorize someone to do the orientation in my behalf?
10. Can I change my home orientation date?
11. Can I go for a second home orientation to make sure that all snags are rectified?
12. Can I make changes to my Villa?
13. Can I rent my property once it’s handed over to me?
14. Will my villa be exactly the same as the one I saw at the Sales office?
15. What is the Property Handover Process?
16. What will owners receive, when they take handover of their properties?
17. When can I do my home orientation?
18. Why are the dimensions of my property not matching with the contract floor plan?
19. Who is eligible to apply for a residence visa?
20. How long does the Visa process take?
21. What is the procedure for obtaining visa in sales transfer cases?
22. How can I transfer my DEWA accounts?
23. Can I use my Property for commercial purposes?
24. Can non locals register the land in their name?
25. Can Emaar provide me with a second home owner manual?
26. I want to sell my property but haven't paid in full, can I get the keys to show the property to a prospective buyer?
27. Is it possible to get the keys to my home one day before the handover date?




Question Why should I invest in the property market of the UAE and why should I invest in Dubai specifically?
Answer
Dubai has one of the fastest growing populations in the world with an increase of 24% last year. Dubai will add 85,000 housing units to accommodate the increase in population from a round 1 million to 3 million over the next 3 years which is further expected to triple from 6 million to 15 million by 2010. The buying process is free from much red tape, therefore making it easier to purchase property without any solicitor’s fees, local sponsor, stamp duty etc. There is no Capital Gains Tax or Rental Income Tax and only 1.5% land registration tax is paid to the government on completion. There are no legal or notary fees either and transfer fees are reasonable.

Finance is available to non-UAE residents for certain projects, with competitive interest rates usually over a 15-year term.
Question What kind of title do I get?
Answer
There are three types of titles that one can get: Freehold, Leasehold and Common hold. Freehold: The purchase of property on freehold basis means that the property is put in the owner's name for life, and the owner has the right to sell, lease or rent his/her property at his/her own discretion.
 
Long-term Lease hold: Usually ranges between 25 to 99 years. A property may be leasehold, which means that the land on which the property is built is not part of the sale. You have to make a one time payment for ground rent to the owner of the land for the whole period. The owner is called the freeholder. In addition to ground rent on a leasehold property, you may have to pay an annual service charge. This usually happens with a flat. The service charge covers such items as maintenance and repairs to the buildings, cleaning of common areas and looking after the grounds.
 
Common hold: If the property is common hold, it means that you can buy the freehold of flat and own common parts of the building jointly with the owners of other flats in the building (known as a common hold association).
Question Is there really no taxation on property in the UAE? What about Capital Gains Tax?
Answer At present, the only charges that need to be paid are: transfer fees (which are between 1 to 7%), broker or agent commission and land registration tax (1.5%) which is paid to the Government on completion of the project. There is no Capital Gains Tax. Housing fee computed as 0.5% of the value of the property is payable annually.
Question What are Service Charges? Can they be arbitrarily increased or imposed?
Answer Service charges are a necessary, unavoidable part of owning a property in any community or condominium - style development - and a clause on service charges should appear in the sales and purchase agreement. It is meant to cover shared operating expenses like utilities, which can make up as much as 40% of typical service costs, and it is not meant to generate a profit. In Dubai, service charges usually range from AED 4 to 15 per square foot depending on the property, for the initial years.
Question Can I get financing for the purchase of my property?
Answer

Financing is available from various institutions. Most banks offer 70% loan to original developer sale price mortgages and the rates of interest tend to range from 6 to 8%. Approval of the loan amount is primarily dependant on an individual’s earnings and assets. Many projects already have finance partners. In these cases, getting a loan approved is easier. It is highly recommended that you acquire finance prior to committing yourself to any project as most deposits are non refundable. Many property investors with assets overseas take advantage of favorable international interest rates. For example, someone with property in the UK may be able to release equity to a maximum of 80% of the value of their property to finance all or part of their property purchase in Dubai.

Question Is life insurance required in order to mortgage my home? (What about property insurance)?
Answer Yes, some banks do ask for life insurance as part of the mortgage documentation. The rationale being that you want your property paid off in the event of your death or the diagnosis of a serious/terminal illness. Banks do not prefer repossessing property and prefer that the loan be repaid from an insurance policy should a serious event occur. Seeking the right insurance is important since it comes in many forms. Whole of Life, Term and Endowment policies are all widely available in the UAE. It pays to use a broker since they can normally secure terms well below that which is offered directly by most banks.
Question What can a defaulted mortgage payment result in?
Answer
The bank may or may not repossess the property in the occasion of a default by the mortgagee. The mortgagee will always be responsible for the balance of the unpaid principal amount, plus any penalties that may be incurred by default.

Even if the bank repossesses and sells the property, there is no guarantee that the sale proceeds will be sufficient to repay the unpaid principal amount plus interest of the mortgagee. Some banks, as a condition of lending, make it mandatory that the bank shall be the owner of the property until the loan has been repaid. The bank grants a lease to the buyer for the duration of the loan and charges rent equivalent to the interest. It agrees to transfer ownership to the buyer on full repayment of the loan. Such an agreement is common in this part of the world especially with Islamic Shariah compliant funding and should be checked out carefully.
Question Can I re-sell my property?
Answer

If the buyer is not the registered owner of a property i.e. during the construction period, he can transfer his rights in the agreement of purchase under certain conditions to another purchaser-subject to approval by the seller. Purchasers, once they have registered, are able to sell their property freely after all service charges and penalties (if any) have been paid.

Question Can I authorize someone to do the orientation in my behalf?
Answer

Yes, provide us with an authorization letter duly notarized or attested by a legal or consular authority stating the person who will represent you. Please include a copy of your passport so we can verify the signature.

Question Can I change my home orientation date?
Answer

Yes, you can change your home orientation date once, as long as it within the period scheduled for the project.

Question Can I go for a second home orientation to make sure that all snags are rectified?
Answer

There will be only one home orientation per customer, however if you find any pending snags you can report them to the Quality Assurance Help Desk at the Customer Care department.

Question Can I make changes to my Villa?
Answer

Yes, as long as these changes will not effect the construction of the villa. However, before making any alterations, you first have to obtain a No Objection Certificate. Please note that all external changes are not allowed.

Question Can I rent my property once it’s handed over to me?
Answer

Yes, you can rent out your properties.

Question Will my villa be exactly the same as the one I saw at the Sales office?
Answer

Please keep in mind that the show villas at the Sales offices have a luxury finishing which is different from the standard finishing. If you want a luxury finishing in your home please inform the Sales office at the time of purchasing your property. Keep in mind that this will result in the price being adjusted accordingly.

Question What is the Property Handover Process?
Answer
In order for a customer to take handover of their property, he/she/they must produce all the necessary documentation after which he/she/they can take possession of the property. The documents required are as follows:

Single Owner:

         > Original ‘Certificate of completion of payments’.
         > Original Passport or a recognized Government ID for identification.

Multiple Ownership:

         > Original ‘Certificate of completion of payments’.
         > Notarized authorization from all owners.
         > Original Passport or a recognized Government ID for identification.

Company Ownership:

         > Original ‘Certificate of completion of payments’.
         > Letter of authorization on company letterhead signed by authorized signatory as per sales contract.
         > Copy of Passport of authorized signatory (for signature verification )
         > Copy of Trade License or in the case of international company a Notarized Certificate of Incorporation.
         > Original Passport or a recognized Government ID for identification.

Authorization on behalf of owner:

         > Original ‘Certificate of completion of payments’.
         > Notarized letter of authorization.
         > Copy of Passport of owner (for signature verification) to be counterchecked against sales contract passport copy.
         > The authorized representative must carry his/ her Passport or a recognized Government ID for identification.
Question What will owners receive, when they take handover of their properties?
Answer
Apartments

Upon taking handover of Apartments, owners will receive:

    > Keys to their unit
    > Homeowner’s manual
    > List of important phone numbers
    > DEWA application form
    > Car Parking Number
    > Access cards / Transponder (where applicable)
    > P O Box Keys (only in case of Dubai Marina)

Villas

Upon taking handover of Villas, owners will receive:

    > Keys to their Villa
    > Homeowner’s manual
    > List of important phone numbers
    > DEWA application form
    > Car Security Sticker
Question When can I do my home orientation?
Answer

You will receive a call from our Property Handover Department to schedule an appointment for your Home Orientation. Usually the orientation takes place approximately 15 days before the property handover date. In exceptional cases when the property is not ready on the time, we will inform you of the new orientation date.

Question Why are the dimensions of my property not matching with the contract floor plan?
Answer

The total area is not simply a sum of all the measurements found in the drawings. True dimensions are measured from centers of walls and include plaster thickness. The areas are calculated by computers and will always contain some discrepancy when totaling up room dimensions. This is an accepted practice around the world.

Question Who is eligible to apply for a residence visa?
Answer
If the homeowner has no alternative means of sponsorship for a residence visa, the first owner may be sponsored by Emaar for residency in Dubai, UAE subject to the applicable immigration laws of the country.  Please note that the first named owner will not be entitled to sponsorship through Emaar, if he/she is eligible for an employment visa through their employer and/or have any business in Dubai or UAE. The sponsorship by Emaar does not entitle for employment or any other business activity in the UAE. The owner has to apply through Emaar to have his/her case assessed for eligibility.

To assess eligibility the owner needs to establish to Emaar that he/she is not eligible for any employment sponsorship and has no alternative means for sponsorship in UAE.  Upon receiving this letter and the administration fee Emaar will review the application on an individual basis. This Residence Visa has to be renewed every 3 years. Administration & Immigration charges will apply.

Please note that we do not provide visas for:

    1. Parents of the applicants
    2. Sons over age of 18
    3. Married daughters
    4. House Maids of some nationalities
    5. Drivers/Houseboys
    6. Sisters and brothers of applicants
    7. Applicants on restricted list (Iraq, Somalia, Yemen)
    8. Applicants who do not pass the Medical examination
    9. Husbands of women who have applied for residence visas as sole buyers
Question How long does the Visa process take?
Answer
Visa Application: Approximately 10 – 12 working days for the visa to be issued.

Visa Stamping: Approximately 5 – 7 working days for the passport to be stamped after the required documents are submitted once the Medical process is complete.  Kindly note that applications will be accepted only after all required documents are submitted.  Visas cannot be processed earlier than indicated, so the applicant must ensure that he/she has enough time in Dubai to complete the process.
Question What is the procedure for obtaining visa in sales transfer cases?
Answer
Customers who purchase a property from previous owners against which an Emaar residence visa has been issued will not be eligible until the visa of the previous owner is canceled. To illustrate:

    1. Customer A purchases a unit.
    2. Customer A applies for a Visa and Emaar sponsors his/her visa.
    3. Customer A sells the unit to Customer B.
    4. Customer B now wants to apply for a Visa.
    5. Customer A must cancel his/her (and family's) visa first.
    6. To cancel the visa, Customer A must submit his/her passport and sign on related forms.
    7. NO REFUND is made to Customer A. Security Deposit (if applicable) can be refunded through Dubai Immigration.
    8. Customer B may apply after Customer A has his/her visa duly cancelled. All normal fees apply.
Question How can I transfer my DEWA accounts?
Answer
For Apartments:

   1. 1,000/-AED Deposit 
   2. Copy of Passport 
   3. Copy of Completion Certificate

For Villas: 

   1. 2,000/-AED Deposit 
   2. Copy of Passport 
   3. Copy of Completion Certificate
Question Can I use my Property for commercial purposes?
Answer

No, you can not use your property for commercial purposes.

Question Can non locals register the land in their name?
Answer

Currently, they can not. Only locals of UAE and GCC countries citizens can register land with the Land Department.

Question Can Emaar provide me with a second home owner manual?
Answer

Unfortunately, we can only give one home owner manual per owner. However, please stop by our offices for a photocopy of the manual.

Question I want to sell my property but haven't paid in full, can I get the keys to show the property to a prospective buyer?
Answer

Unfortunately, we can only give the keys to customers after the entire payment has been made. However, if permission is obtained from the Customer Care Manager - keys can be collected by one of the Customer Care Staff who will accompany the customer to his/her property.

Question Is it possible to get the keys to my home one day before the handover date?
Answer

Under normal circumstances, we will issue keys only on or after the handover date. If there is special circumstance under which you need to receive the keys prior to the handover date (subject to complete payment) kindly approach the Property Handover department with your request for consideration.


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