![\"buying](\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/06\/shutterstock_2195667515-1-800x534.jpeg\")
<\/figure>1. The Ownership Duration (Tenure)<\/strong><\/h2>Before taking real steps in such investment, you should ask yourself some questions to clear your vision; these questions are how long have you been in Dubai? And how long is the period you are planning to spend here? <\/p>
The answers to these questions are pretty important when you’re planning to own a property in Dubai; this is as if you’re not sure about your long-term plans or stay in the country, then maybe renting is more suitable for you. <\/p>
2. Affordability <\/strong><\/h2>There is a global norm that helps you define affordability which is your monthly housing expenses should not exceed 30%<\/strong> of your salary. It’s also crucial to budget for upfront fees, which can be estimated at approximately 7 <\/strong>to 8%<\/strong> of the purchase price. <\/p>As an owner, you will also have to plan for the ongoing maintenance fees as well as pay the annual service fees. <\/p>
You can find below some of the needed fees for buying a property in Dubai for a cost overview.<\/p>
\n- Dubai Land Department fees: 4%<\/strong> of the total property price<\/li>\n\n\n\n
- Administration fee: AED 580 <\/strong><\/li>\n\n\n\n
- Property <\/strong>registration fee:\n
\n- AED 2000 <\/strong>+ 5% <\/strong>VAT: <\/strong>For properties valued below AED 500,000<\/strong><\/li>\n\n\n\n
- AED 4,000 <\/strong>+ 5%<\/strong> VAT: For properties valued above AED 500,000<\/strong> <\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Real Estate Agent fee: 2%<\/strong> of the purchase price + 5%<\/strong> VAT<\/li>\n\n\n\n
- Bank Mortgage Arrangement fee: 1%<\/strong> of the loan amount + 5%<\/strong> VAT<\/li>\n\n\n\n
- Dubai Land Department Mortgage Registration fee: 0.25%<\/strong> of the loan amount + AED 290<\/strong><\/li>\n\n\n\n
- Property Valuation fee: Between AED 2,500<\/strong> – AED 3,500<\/strong> + 5%<\/strong> VAT<\/li>\n<\/ul>
Moreover, you will have to pay the annual maintenance charges to the Dubai Land Department based on the RERA Service Charge and Maintenance Index. <\/p>
This index determines a specific charge per sq. ft and varies by community. You can also find up-to-date fees directly from the DLD’s website<\/a>.<\/p>There’s no better time to begin exploring mortgage options than now, and Mortgage Finder<\/a> is your perfect starting place.<\/p>
There is a global norm that helps you define affordability which is your monthly housing expenses should not exceed 30%<\/strong> of your salary. It’s also crucial to budget for upfront fees, which can be estimated at approximately 7 <\/strong>to 8%<\/strong> of the purchase price. <\/p> As an owner, you will also have to plan for the ongoing maintenance fees as well as pay the annual service fees. <\/p> You can find below some of the needed fees for buying a property in Dubai for a cost overview.<\/p> Moreover, you will have to pay the annual maintenance charges to the Dubai Land Department based on the RERA Service Charge and Maintenance Index. <\/p> This index determines a specific charge per sq. ft and varies by community. You can also find up-to-date fees directly from the DLD’s website<\/a>.<\/p> There’s no better time to begin exploring mortgage options than now, and Mortgage Finder<\/a> is your perfect starting place.<\/p>\n
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