How to Buy Property in UAE from Pakistan: A Step-by-Step Guide
Are you an overseas Pakistani or Pakistani resident and want to invest your hard-earned money in the United Arab Emirates (UAE) for whatever reason? Then, read this blog to understand how to buy property in UAE from Pakistan.
Here is the complete guide to buying property in UAE while residing in Pakistan:
Step 1: Research the Market
Before making any investment, It is essential to understand the property market in the UAE.
The UAE real estate market is diverse, with options ranging from luxury apartments in Dubai to more affordable housing in Sharjah and Ajman territory.
Keep in mind the following considerations in the search for property in UAE:
Location:
Determine which Emirate suits your needs. Dubai and Abu Dhabi are famous but may be more expensive than Sharjah or Ajman. Prefer to invest in Sharjah or Ajman if you are a beginner investor.
Purpose of investment :
Decide whether the property is for personal use, rental income, or future resale.
Budget:
Set a realistic budget, considering all associated costs, including taxes, maintenance, and transaction fees.
Step 2: Understand the Legal Requirements
Non-residents, including Pakistanis, can buy property in the UAE, but there are specific regulations to follow. Here is the list of legal requirements to follow:
Freehold Areas:
Ensure the property is in a designated freehold area where foreigners can buy.
Documentation:
You must have a valid passport, visa (if applicable), and proof of income or financing.
Developer’s Reputation:
Only deal with reputed developers and check for any legal disputes.
Step 3: Financing Your Purchase
Figure out the available financing options :
Cash Purchase:
It is the simplest method but requires significant upfront capital.
Mortgage:
Many UAE banks offer mortgages to non-residents. You’ll need to fulfill these requirements to avail of the facility of mortgage:
- Good credit history.
- Proof of income.
- Down payment (It depends on the project and developer use chosen).
Payment Plans:
Go for the payment plan that offers you affordability and easiness of payment.
Example:
For instance, Emirates NBD offers mortgage solutions for non-residents with competitive interest rates and a straightforward application process.
Step 4: Choose a Reputable Real Estate Company
An established real estate company can offer you the following real estate solutions:
- Insight into the best properties and areas.
- Help with paperwork and legal formalities.
- Assist in getting the best deal.
Example:
Consider investing with Property Naama LLC in their series of HiRISE towers. They have sold out their first launched project, UMAR TOWER-1 AJMAN, within 10 -Days of its launch. Now, you can invest in UMAR TOWER-2 AJMAN UAE.
Step 5: Property Viewing and Selection
Once you have shortlisted properties, plan a trip to the UAE to view them in person. Follow these guidelines while inspecting property for purchase in UAE:
- Go to visit the selected property on alternative days and times to avoid any fraud.
- Ensure the area meets your lifestyle and investment goals.
- Check for any defects or issues.
Step 6: Make an Offer
After selecting a property, make a formal offer to the seller or developer. Follow these tips while making an offer to the developer:
- Be prepared to negotiate the price.
- Once agreed, sign a Memorandum of Understanding (MoU) and pay a deposit (typically 10%).
Step 7: Hire a Lawyer for due diligence
A lawyer can help navigate the legal aspects and ensure a smooth transaction. Moreover, he can assist you in the following matters: Ensure all terms are fair and understandable.
Verify property title and any outstanding issues.
Step 8: Finalize the Purchase
Complete the transaction by fulfilling all financial obligations and signing the necessary documents.
Final Steps:
- Pay the property transfer fees (usually 2-4% of the property value).
- Go for registration of your property with local government authorities.
- Once registered, you will receive the keys and ownership documents.
Step 9: Post-Purchase Considerations
After the purchase, you have to fulfill these responsibilities:
- Regular upkeep and maintenance of the property to secure its value.
- Take the services of a property management organization to take care of your property.
Note:
You can hire The Property Naama LLC to take care of your property and provide all kinds of after-sale services.
Conclusion
Buying property in the UAE from Pakistan involves careful planning and understanding. Study the market and legal landscape. Follow these guidelines to make your real estate investment secure and valuable.