If you're looking for buying a property in UAE for the first time, you're probably wondering where to start and what is the HYPERLINK "https://www.souqalmal.com/financial-education/ae-en/the-real-cost-of-buying-property-in-the-uae/" real cost of buying a property in UAE or even selling such property specially in Dubai. In the next info graphic we organized the cost of all this to make it easier for you.
Newby Emirate expats could find no better place to buy their 1st home than upcoming International Property Show in Dubai next week; just come prepared.
The good news is that the property show is not only open to first time buyers - it's actually focusing on affordable housing options, with major developers offering a wide range of options and there are great bargains to be had, along with modern trends such as HYPERLINK "go-green.ae/green-column.php?aid=201" sustainable 'green houses' which become one of the trending financing channels in the middle east.
You could also ask the show's experts what pitfalls might be in front of that front door you've set your heart on.
They'll tell you that, when doing your sums, it's good to allow an extra 10% for fees that will go to your developer, lender, estate agent and conveyor - not to mention the Dubai Land Department - who recently HYPERLINK "http://www.souqalmal.com/blog/loans/mortgages/new-cap-on-uae-mortgages-what-it-means-to-you/" /o "New cap on UAE mortgages - what it means to you" doubled their transfer fee from 2 to 4 percent of the property's value.
You may also need cash up front, to put down an initial deposit of 25%.
Here's an example of how typical HYPERLINK "https://www.souqalmal.com/ae-en/home-loans" home loans work; if you were to borrow AED 2 million over 20 years at 5% interest, you would repay a total of AED 3,167,788. That's around AED 1.17 million in interest.
You'll also need to add in on-going costs such as your developer's annual service fee, maintenance charges and utilities, such as water.
Don't be discouraged, buying is still a huge saving over renting- and the HYPERLINK "http://www.internationalpropertyshow.ae/" International Property Show gives you the chance to see the top properties in the area, all under one roof. Just come prepared and have plenty of cash in your sky rocket.
© The Saudi Gazette 2016
