Have you bought real estate in Dubai?

[PinkCat]

Looking to go this route by the end of the year and any information might be helpful. Here are few random questions that I have on my mind.
1. On top of the real estate price what other fees you have to be ready to pay?
2. Do you need a broker, what is their added value and what is their usual fee?
3. Most developer seem to offer their own payment plans, like 30% upfront, then 1% per month for couple of years and then you pay the rest when the property is finished. In that case at which point you can claim residency and BANK account based on having invested over 2M AED in property?
4. Are there any developers known and VERIFIED to accept payments in stablecoin?
5. In theory Dubai is sharing info with your tax country residence, but do they do it in practice?
6. What kind of property/area is best for higher airBnB type of ROI? (Villa, 2 bedroom flat, etc?)

Anything else you might see as useful for a newbie

 

[EliasIT]

I'm considering it because it is still anonymous to buy property in Dubai for instant. I'm contacting @Fred once I'm ready to purchase.

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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[PinkCat]

How is it anonymous though?
@Fred I'm ready to buy, how you can be of help?

 

[Fred]

PinkCat said:
How is it anonymous though?
@Fred I'm ready to buy, how you can be of help?
Click to expand...

We don't touch real estate itself but can setup the Company who actually holds the Real Estate for Privacy, Protection or Multi-Ownership reasons.

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[PinkCat]

I can anonymously hold the property via Dubai company? where i can read more about that?
Also about protection, don't need multi-ownership at this point.

 

[Fred]

PinkCat said:
I can anonymously hold the property via Dubai company? where i can read more about that?
Also about protection, don't need multi-ownership at this point.
Click to expand...

Sorry can't share a source but it's well known - dig deeper and at some point things are clear to you - happy to help then.

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[PinkCat]

will be happy if you point me in direction where to dig @Fred 🙂

 

[wasted]

PinkCat said:
Looking to go this route by the end of the year and any information might be helpful. Here are few random questions that I have on my mind.
1. On top of the real estate price what other fees you have to be ready to pay?
2. Do you need a broker, what is their added value and what is their usual fee?
3. Most developer seem to offer their own payment plans, like 30% upfront, then 1% per month for couple of years and then you pay the rest when the property is finished. In that case at which point you can claim residency and BANK account based on having invested over 2M AED in property?
4. Are there any developers known and VERIFIED to accept payments in stablecoin?
5. In theory Dubai is sharing info with your tax country residence, but do they do it in practice?
6. What kind of property/area is best for higher airBnB type of ROI? (Villa, 2 bedroom flat, etc?)

Anything else you might see as useful for a newbie
Click to expand...

1. Extra costs are 4% for the Dubai Land Department, ~4k AED for the trustee office fees, ~500 AED for the title deed
2. If you're talking about real estate agency the fee is 2% and they will do all the paperwork for you, just have to be physically present for the final signing

Some extra costs are also involved if you're gonna get a mortgage from a UAE bank. Loaned amount is 60% for self-employed FZCO owner and there are ways to get a mortgage even if you don't cover bank's requirements (min years company existence, min turnover).

 

[PinkCat]

wasted said:
1. Extra costs are 4% for the Dubai Land Department, ~4k AED for the trustee office fees, ~500 AED for the title deed
2. If you're talking about real estate agency the fee is 2% and they will do all the paperwork for you, just have to be physically present for the final signing

Some extra costs are also involved if you're gonna get a mortgage from a UAE bank. Loaned amount is 60% for self-employed FZCO owner and there are ways to get a mortgage even if you don't cover bank's requirements (min years company existence, min turnover).
Click to expand...

At what point you can finance an off plan property?

 

[ukexpat]

PinkCat said:
At what point you can finance an off plan property?
Click to expand...

at the time of handover and when you have the keys

 

[Asmodeus]

PinkCat said:
Looking to go this route by the end of the year and any information might be helpful. Here are few random questions that I have on my mind.
1. On top of the real estate price what other fees you have to be ready to pay?
2. Do you need a broker, what is their added value and what is their usual fee?
3. Most developer seem to offer their own payment plans, like 30% upfront, then 1% per month for couple of years and then you pay the rest when the property is finished. In that case at which point you can claim residency and BANK account based on having invested over 2M AED in property?
4. Are there any developers known and VERIFIED to accept payments in stablecoin?
5. In theory Dubai is sharing info with your tax country residence, but do they do it in practice?
6. What kind of property/area is best for higher airBnB type of ROI? (Villa, 2 bedroom flat, etc?)

Anything else you might see as useful for a newbie
Click to expand...

1. DLD 4%
2. You don't need a broker but almost every time a broker is involved. The commission is usually between 2-5%.
3. I think you refer to the golden visa. In that case you are eligible after you already paid at least 2M AED for the property.
4. The developers don't accept crypto payments directly. But almost every real estate agent has a contact to get you a managers cheque. This is usual business with crypto guys in Dubai.
You just give them 5% in USDT as deposit for the managers cheque, they bring it over to you and after you received the cheque you pay the remaining amount. The same goes for hard cash. USD/EURO/AED -> AED manager cheque.
90% of the people offering this service don't require any kyc. Just send the crypto and receive your cheque and hand it over to the developer and never mention the money is from crypto in any documents.
5. Why the hell would put your home country in any documents as tax residence? Just put in Thailand or UAE after you got your emirates id and you are fine.
6. It depends on the area. Mostly 1 BR but if you really want to achieve great ROI then you need to focus on the Luxury properties.

 

[Meta]

A question for those who bought and rents out. What ROI do you get?

 

[Henn and Rich]

y

Meta said:
A question for those who bought and rents out. What ROI do you get?
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you are looking at around 7-12% with the higher end being more for short term rentals. Also do not forget about capital appreciation which last year was about 17% overall for Dubai property market

 

[Meta]

Henn and Rich said:
y

you are looking at around 7-12% with the higher end being more for short term rentals. Also do not forget about capital appreciation which last year was about 17% overall for Dubai property market
Click to expand...

I would prefer info from those who bought real estate, not from those who make money on fees facilitating the deals.

 

[Henn and Rich]

Meta said:
I would prefer info from those who bought real estate, not from those who make money on fees facilitating the deals.
Click to expand...

I have a 7 figure real estate portfolio my self in Dubai since since pre-covid 🙂

but suit yourself, and do not hear from me... ns2

Last edited: Aug 22, 2024

 

[hiju]

Can those real estate be paid with crypto in Dubai?

Would the be possible to do a group buy or something where you can put smaller amounts into an property investment and get your percentage cut on this ?

 

[Henn and Rich]

hiju said:
Can those real estate be paid with crypto in Dubai?
Click to expand...

if you are buying offplan, some developers will accept crypto as payment, however most of the good ones will not...

Buying secondary real estate you cannot buy it outright with crypto but any halfwit agent will have a contact to exchange crypto into a managers cheque. Just be careful with who you deal with, I have seen/heard so many horror stories of buyers get scammed in Dubai via crypto to manager cheque transactions. And most of the agents in Dubai are trash, I hate all of themstupi#21

hiju said:
Would the be possible to do a group buy or something where you can put smaller amounts into an property investment and get your percentage cut on this ?
Click to expand...

You can have up to 4 people on the title deed, so yes you can pool with 3 others. The latter what you are discussing sounds more like a REIT?

 

[Meta]

Henn and Rich said:
I have a 7 figure real estate portfolio my self in Dubai since since pre-covid 🙂

but suit yourself, and do not hear from me... ns2
Click to expand...

Well, that's another story, then thank you for the valuable info 🙂

 

[hiju]

Henn and Rich said:
if you are buying offplan, some developers will accept crypto as payment, however most of the good ones will not...

Buying secondary real estate you cannot buy it outright with crypto but any halfwit agent will have a contact to exchange crypto into a managers cheque. Just be careful with who you deal with, I have seen/heard so many horror stories of buyers get scammed in Dubai via crypto to manager cheque transactions. And most of the agents in Dubai are trash, I hate all of themstupi#21

You can have up to 4 people on the title deed, so yes you can pool with 3 others. The latter what you are discussing sounds more like a REIT?
Click to expand...

But you can manage a deal like this coo-:!y ?

 

[Henn and Rich]

hiju said:
But you can manage a deal like this coo-:!y ?
Click to expand...

In theory, yes