FAQs
Abu Dhabi
1. WHAT DOES "OFF PLAN" MEAN?Buying off plan is when a property is purchased before it has been built.
You will usually be able to see models, artists' impressions and plans, but not the actual property itself. In this way the property can be purchased at the lowest possible price, with a build time of anywhere up to three years. During this period the property is growing in value.
2. HOW EASY IS IT TO BUY A PROPERTY IN ABU DHABI?
Very easy. A change to the real estate laws in August 2005 permits chosen developers to build and sell properties for foreigners in defined investment areas. Ownership will be limited to just one property per person. There is very little red tape involved. In Abu Dhabi you can buy a property off plan, usually with no extra fees such as stamp duty incurred. It is possible to resell the property either before completion or once the property is built.
3. WHAT PURCHASE COSTS ARE INVOLVED?
Usually developers require an initial deposit of 10-20% and then regular instalments during the construction period, with the final instalment due upon completion. This process will be the same whether the purchaser obtains a mortgage, or finances the purchase themselves.
4. ARE THERE ANY LEGAL COSTS?
We recommend all property transactions be conducted through a solicitor or lawyer. If you choose to use the services of a solicitor, these costs will be bourne by the purchaser.
5. RENTAL YIELD
Currently in Abu Dhabi there is a very buoyant rental market providing yields of 8-15%. At present, demand outstrips supply and with the population expected to continue increasing, demand should remain high for the foreseeable future.
6. CAN FINANCE BE ARRANGED?
Yes. A number of financial institutions now offer mortgages to foreign buyers, with many more expected to join the home loan market shortly.
7. CAN I RENT MY PROPERTY OUT?
Usually there is no problem renting out the property. At the moment there is a large demand for rental properties in Abu Dhabi and a growing number of reputable rental agents.
8. CAN I VISIT THE PROPERTY DURING CONSTRUCTION?
It is possible to visit the area to see how work is progressing, although for safety reasons you may not be allowed onto the actual site itself. Developers will usually notify you before completion so an appointment can be made for you to see the completed property and compile a snagging report before handover.
9. SO HOW DO I BUY A PROPERTY IN ABU DHABI?
Basically, you tell us your budget, preferred location, and requirements e.g. number of bedrooms, views, amenities etc and we can let you know what is available and assist you through the purchasing process. Due to the huge demand at the moment, developments can sell out very quickly after launch. We can assist you in finding the very latest releases, availabilities and pre-launch discounts, due to our relationships with the developers. We are also able to negotiate substantial discounts for bulk purchases.
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