Buying property in Dubai: you can do it confidentially

If you want to buy property in Dubai, you may want to keep a few important things in mind. Since 2002, Dubai has seen a boom in the construction industry as foreigners can now own property in Dubai.

If you want to keep the ownership of your property confidential, you can purchase a property through Jebel Ali offshore company. Let’s find out how it can be done.

Buying a property in Dubai and registering it

First of all, you should deal only with accredited developers and agents registered with RERA, which is a real estate regulatory agency. In Dubai, you can register via DLP or any of the registry manager’s offices.

Land department rules

One of the functions of the Dubai Land Department is to provide registration and ownership of property. Usually the registration fee for a property purchase in Dubai is 4%. In addition, once the sale is finalized, you will have to pay 4% of the amount to the real estate agent as a commission.

Jebel Ali on the high seas

Before 2011, you could turn to any offshore company in Dubai in order to buy a property. Now, you can only go with a licensed company or Jebel Ali offshore company. In fact, Jebel Ali offshore companies are allowed to own properties in projects owned by Emaar Properties, Dubai Holdings and Dubai World.

How to set up and register a property

Now, let’s go ahead and walk through the entire process of creating a property and registering it in Dubai.

To create an offshore company

You must provide important documents and information with the registrar. This is what you should provide:

• Name and address of the offshore company

• Business Type

• Names and addresses of the founders

• Amount of share capital

• Statutes

• Other documents required by the registrar

Once the registration is complete, the company will receive an identification number and the registration certificate.

The registration process

The next step is to present the contract at any of the registry manager’s offices in Dubai.

Other things you will need

• The business license of the company (copy or original)

• Copies of shareholders passport

• Power of attorney (Arabic and English)

• Board resolution (English and Arabic)

• Company memorandum (English and Urdu)

• Shareholders certificate (English and Urdu)

Final steps

Finally, the interested parties will sign the contract by sending the request to any of the employees of the fiduciary office in the presence of the RERA real estate agent. The new owner will then register with the Dubai Land Department. The registration will take about 4 days to complete. The registry administrator fee is AED 2,000. However, if the property’s value is equal to or greater than AED 500,000, the fee will be AED 4,000.

So, this is how you can buy property in Dubai with ease. Do you find this article useful? If so, invest in Dubai real estate without worry.