The real estate property in Dubai is vibrant, vigorous, and evolving gradually. Over the last 20 to 30 years, the real estate business in Dubai has expanded impressively. It is a dream city that unlocks opportunities for luxurious, furnished, opulent homes to buy for the residents and for expatriates to look for a dream home on rent or lease. Its economic stability and extraordinary standards of living that compete with the Western lifestyle, attract most of the enthusiastic homebuyers to turn their imagination of dream homes into reality.
Dubai offers a wide range of residential units: elegant apartments, lavish studios, opulent flats, grand villas, townhouses, and penthouses. You can choose any of these units according to your needs, affordability, demanding area, price range, preferences, amenities, and expectations of living style or standards.
Buying or renting a home is a crucial and tough decision to make. It is an emotional and financial devotion. There are many factors to consider before selecting a home either for buying or looking for rental residential property.
If you want to know anything related to renting or buying property in Dubai: What are the important factors to take into account before deciding on your home, a legal process to avoid any ambiguity or spamming, and trustworthy developers that help you to make the whole process of buying or renting residential property easy for you, this blog article will be a major source of knowledge and help you to clear all the confusions of home buying and renting in Dubai.
Renting A Home In Dubai
To rent a home in Dubai, there is a tenancy contract and legal process to follow. The rent in Dubai is regulated by the “RERA” Real Estate Regulatory Agency organized by the “DLD” Dubai Land Department.
The tenancy contract outlines the rules and regulations, it is an agreement registered by the EJARI – a rental contract platform that defines the rules to resolve rental disputes among two parties. In the defined contract by EJARI, the rights of tenants and landlords are mentioned in the agreement to secure the future for both parties.
If you are a starter or renting a residential property for the first time in Dubai, it is necessary for you to hire a broker or an experienced property advisor to have a better understanding of the legal process and through a broker you will be able to have a quick market analysis and get to know more beneficial rental opportunities in Dubai. Before hiring an agent, go through deep research about an agent, if he/she is a registered property advisor from “RERA” to avoid any illegal or fraudulent activity during the whole process.
An Overview Of Tenancy Contract Law
Let’s have a look at tenancy contract law
- According to the Law registered by EJARI, the rental property should not be leased twice at the same time
- If the tenant wants to live in the rental property under the same terms and conditions and the landlord also agrees to the agreement then the tenancy contract will be continued automatically even if the contract expires.
- If any of the parties require amendments then the party has to inform 90 days before the contract expires
- The maintenance, renovation, or decoration of the property is not allowed to the tenants without the landlord’s permission.
- 5% of the annual rental amount as a security deposit to the landlords
- 5% of the annual rental amount as a fee for the agency
Documents Required For Renting A Home
The essential documents required for renting a house are:
- Original Emirates ID
- Passport copies of both parties (tenants and landlords)
- Valid residence visa copy
- Security deposit cheque
- Agency fee cheque
Factors To Consider Before Renting
The major factors to consider before renting a residential property in Dubai
- Your financial resources or defined budget
- Type and size of property that suits you
- Location of the property
- Flexibility, services, and amenities around the property
- Maintenance and condition of the home
Buying A Home In Dubai
Although renting a home in Dubai is a flexible, easy, and inexpensive opportunity to enjoy the living standards of Dubai. Majority of the people in Dubai, whether they are ex-pats or residents prefer buying a residential property over renting. This is because buying property in Dubai secures your future and brings stability to your lifestyle.
To make buying residential property a smooth and straightforward process, the ruler of the Emirates declared the land registration law, “Real Estate Law # 07, 2006”
Land Registration Law, “Real Estate Law # 07, 2006”
According to this law, the inhabitants or residents of UAE or GCC citizens can buy a property anywhere in Dubai according to their needs, demands, and budgets, and foreigners or ex-pats are not allowed to buy a property anywhere they are bound to some specific areas in Dubai and these areas are:
- Downtown Dubai
- Business Bay
- Emirates Hills
- Dubai Marina
- Palm Jumeirah
- Dubai Sports City
Foreigners or ex-pats must also be aware of the freehold and non-freehold properties in Dubai and should make the decision according to their preferences.
Legal Steps To Follow To Buy A Residential Property
To avoid any ambiguity or for a smooth and plain process, homebuyers should follow the below-mentioned steps and make their dream of a home a true reality of life.
After conducting deep research in the market, when you find a property according to your needs and expectations, the foremost legal step to follow is negotiation between buyer and seller. Construct a positive negotiation and define terms and conditions from both sides.
When buyers and sellers come to the same point or agree upon the terms, the next step is to sign a contract “MOU” Memorandum of Understanding.
The next step is to submit an application for “NOC” No Objection Certification in the real estate developer’s office and some charges are also payable for this application
The final step in Buying residential property in Dubai is to visit the “DLD” Dubai Land Department with some essential documents that are required to finalize the process, these documents are:
- Memorandum of understanding
- Original IDs or passport
- No Objection Certificate
- Amount in cash or cheque
Property keys are handed over to the buyers after some verifications are completed.
Whether you are renting or buying a residential property in Dubai, you need trustworthy, highly qualified, and experienced property developers in Dubai’s real estate market who make your decision wisely, solvent, beneficial, and illuminating for you. totallyhomerealestate.com is Dubai’s renowned brokerage farm that will help you find your imaginative luxurious home in Dubai’s marvelous property hub.