Dubai has limited reserves of oil that will only last a few more years. The rulers of Dubai have decided that the way forward for the country is to lead the world in tourism. Dubai currently has a population of just over 1 million people and the government are looking to increase this to 3 million in just over 2 years. To increase the population Dubai must be an attractive place to live and also an easy place to initally buy property.

Why is there so little 'red tape' when buying property in Dubai?

For the same reasons as above. Dubai is all about trading and the country wants your business! When you buy a property in Dubai you sign a contract with the developer and this is your binding documentation. There are no solicitor's fees. No stamp duty and certainly no tax. You can then apply for a residency visa which means you can open a bank account and ultimately live or run your business there tax free!

I have heard I need a local sponsor to buy property in Dubai, is this true?

No, not any more, most properties are now freehold to make the market more attractive. It will say in your contract whether or not the property is freehold.

Do I get the title deeds?

Eventually you will. At the moment there are 87,000 new properties being built in Dubai. As this is very new in Dubai and their property system is not as developed as ours, you will not get the deeds until after the property has been completed in about 2 years time. If, however, you wish to resell the property before it is built or any time up to completion, then all you need is your original contract with the developer.

How can I trust the developer?

There are very few developers in Dubai and each of these have to have a Sheik as a sponsor. Ultimately, each developer is overseen by the government and therefore does not have any risk attached to them. You must remember that this is a country that wants to increase tourism and reputation. The government will not accept workmanship that is not to the highest standard.

Can I apply for a mortgage?

Once you have 30% equity in your property there are various mortgage options for the remaining payments available from one of the local finance companies, including HSBC and Tamweel. Mortgages are normally non-status and at a fixed rate of between 5% and 6%. List of Financiers.

How do I buy a property in Dubai?

When you decide which property you wish to purchase, we let you fill in a reservation form and we will raise a contract. Once you have signed this we send it to our developers in Dubai for sealing and this is then returned to you. Once your 10% deposit is paid you are the owner of your new home in Dubai.