The Market in brief
The last couple of years in Dubai have seen unprecedented innovations, not only in land reclamation and construction, but also in the opportunities to invest in property as a continuing asset. This kind of investment enables a wider group to benefit from and, consequently, to contribute to, the economic life of Dubai and the UAE. So it is no surprise that it has generated so much interest among investors.

Land Title
Typically, freehold titles relate to land and buildings, and not to parts of buildings (“units”). As far as units are concerned, the closest analogy to freehold title that is most commonly adopted is the “common hold” concept. This is because the nature of multiple-occupancy buildings requires the respective unit owners to co-operate together to manage and maintain communal property and facilities. The individualistic nature of the freehold title does not provide an appropriate mechanism for such collaboration between individual owners.

A typical payment schedule for a new property in Dubai

This varies depending on the time until completion date of the development but typically…
£1,000 reservation fee along with photocopy of passport and completed reservation form.
15% - Deposit on signature
15% - 30 days after signature
10% - End of piling
10% - Completion of Floor 10
10% - Completion of Floor 20
10% - Completion of Floor 30
15% - Completion of structure
15% - Occupation of apartment

There is a land registry fee of 1.5% payable on completion.
There is also a service charge to consider on all apartment residences which varies according to the particular development.

Styles
Property styles tend to be1-bed; 2-bed; 3-bed; apartments housed within very exclusive modern developments. Prices start from approximately £50,000 for a studio rising up to £1,000,000 for a penthouse. Prices vary depending on size of the apartment, which development it is and the location.

Mortgages
Mortgages and low rate finance are both becoming available on developments. The Mortgage/finance market has taken time to catch up with the speed at which Dubai has been developed and is in our opinion now worth consideration. The currency will usually be based in Emirian Dirham or US Dollars.

General Information for Dubai

Population
About 400,000.

Climate
Hot and Dry

Language
Arabic. French and English are often spoken within commercial and business environments

Clothing
Good grooming is respected in Dubai , so smart casual dress in hotels, restaurants etc is appreciated. All buildings are air conditioned, so much of the year it is quite comfortable to wear a jacket indoors. It can get quite cool at night in the winter when a sweater may be required in an informal setting.

Currency
The Emirian dirham (pronounced dir-ham) is the official currency of the UAE. Dirham notes are in 5, 10, 20, 50, 100, 200, 500, and 1000 denominations. The dirham is divided into 100 fils, coins include Dh1, 50, 25, 10 and 5 fils (10 and 5 fils are rarely used). The value is written in Arabic only but Arabic numerals are easy to memorize. There are no currency regulations and foreign currency of almost any denomination is readily exchanged in the UAE. The dirham is index linked to the dollar and the official exchange rate is Dh3.671 = US$ 1.00.

Customs
Customs clearance in the UAE is fast and efficient. No customs duties are applied to personal belongings however, since the UAE is an Islamic country, religious propaganda, potentially offensive printed matter, CDs videos or films should not be brought into the country. All personal imports of such materials are checked at customs. Since strict copyright laws are being enforced in the UAE, pirated video and audiotapes or illegal computer software will be confiscated.

Night life
Bars range from sophisticated cocktail lounges to informal traditional British and Irish pubs and Western style saloons. In addition, there are numerous piano and jazz bars. Clubs and discos host both local DJs and big international names. You can also visit local nightclubs with Arab singers, belly dancers and musicians. World famous groups and individual stars from the West, the Arab world, the Indian subcontinent and the Far East are frequent visitors. The hotels, in particular, vie with each other to stage the best live shows. Cabaret is standard fare in the hotel nightclubs, but it is during the winter season and on national holiday weekends that the hotels come alive with food festivals, stage shows and themed nights. Talented groups from countries such as the Philippines and Sri Lanka have wide-ranging repertoires featuring African beat, salsa, country and western, rock, R'B, reggae, jazz. Close your eyes and you could be listening to the original artists. If it is a more cultural experience that you require, plays, ballets, classical music and operas are also performed by visiting groups on a regular basis. Even the West End of London has been transported to the UAE in the form of dinner theatre.

Shopping
Throughout the Gulf the very best of the world's goods are available, the prices are exceptionally keen. The gold souk is deservedly famous for its range of styles and quality of workmanship. Bargaining is acceptable for intricately worked pieces. Goods available include exotic spices and perfumes, exquisitely worked robes and materials, traditional brass coffee pots and heavy Bedu silver jewellery. Prices of electronic goods, watches, cameras and suchlike are amazingly low. Most major centers have excellent air-conditioned shopping malls which also house restaurants and coffee shops. At Dubai International Airport , the duty free shop carries an enormous range of items. It consistently wins awards for both the quality of its service and its extraordinarily low prices.

When to visit Dubai
The best time to visit the UAE is from October up until May.
In October the weather may still be quite hot (up to 35C), blue skies are the norm and the evenings are warm. At this stage the tourist season is well under way. Daytime temperatures are ideal during November, December, January and February (around 24C) although the evenings may be a little cool (13C). North-westerly winds (shamal) sometimes blow during these winter months, bringing choppy seas. Most of the annual rainfall occurs between December and March, but this tends to be in the form of short heavy downpours that rapidly clear away. Indeed some winters are totally dry.
By March–April, temperatures are beginning to rise during the day (early 30s) but humidity is still low and the evenings are warm. May can be quite hot again (late-30s).

June–September are to be avoided, especially the July–August period which is very hot (high 40s) and humid (100 per cent). However hotels and golf clubs and other facilities offer very good deals during the summer months and it is worth remembering that hotels, shops, in fact all buildings, cars, buses etc are air-conditioned. You should also consider whether you would like to visit during the Muslim holy month of Ramadam. During Ramadan (the exact dates move forward by approximately 11 days each year), Muslims do not eat or drink between sunrise and sunset. Visitors are requested not to eat, drink or smoke in public places during this time. Most restaurants are closed during the day, although you will generally be served food in your hotel, either in your room or in a secluded area of the hotel. In general, the sale of alcohol is prohibited during Ramadan, however alcohol is served in some emirates after sunset. Despite these restrictions, there are certain advantages in visiting the UAE during at this time. You may be able to obtain discount rates on some hotels and once the daily fast is broken (by the iftar meal after sunset) the streets are a hive of activity which lends a carnival atmosphere to the towns.

Time Zone
Dubai is +4 hours ahead of GMT

Property Connect Ltd - Secure your dream in the sun! 

The advice on this page is given as a guide only. There may be various issues to consider when buying your overseas property. You should always take legal advice from a lawyer or other legal advisor who has experience in dealing with buying property in the country of your choice. Property Connect Ltd accepts no responsibility for any losses allegedly resulting from the free information provided on this website.