Buying procedure of apartments for sale in UAE

After 2002, the foreign nationals are allowed to purchase the apartments for sale in UAE. Due to this change in law many potential buyers are appreciated to own an apartment in UAE and invest in the real estate. So if you want to buy apartment in UAE and have enough budget then followings things should be kept in mind and followed.
• The real estate market of UAE is relatively new in which most of the apartments and other properties are for sale. For the buyers the UAE agents and companies issues residency visas to the buyers who are willing to move to UAE and have an apartment permanently. Visas are issued only when the contract of sale is completed.
• The locals buying the apartments in UAE has not much cost to bear but if the foreign nationals want to buy apartment in UAE will have to bear some costs like the land registry fee and transfer of off plan contract cost according to the value of the apartment. With this a non refundable deposit is given to secure the apartment and GBP is also payable.
• One benefit of having an apartment in UAE is that you don’t have to pay any income tax or capital gains tax on the sale of apartment or rental income.
• The document involved in the sale and purchase of an apartment in UAE is quite simple. You just need is the sales agreement. This sales agreement is drawn up first. In this you have to remember that both the parties are legally bound to the contract after the negotiation is complete, the verification of legalities and the contract is signed. After the sales agreement, purchase contract that stipulates the payment schedule is drawn up. The buyer can pay the agreed amount on lump sum amount or can pay in installment base. After the payment of the agreed amount, the sales agreement and other documents are filed with the Land Registry Department of UAE.
• The purchase procedure therefore is quite simple in UAE. All the apartment transfers and contract exchanges done during the procedure is channelized by the relevant property developer and also by the Land Department of UAE. All the requirements of the procedure have to be strictly followed. You just have to explain two things. Firstly the effects of the cause of the UAE mortgage files and to show any fees that are hidden that are not disclosed in the documents, you can also show the representative of the financial institution.
• As you need mortgage you can so get it through different banks and financial institutions as most of the banks and financial institutions in UAE provide mortgage. There are two types of mortgage available from which you can choose that is conventional mortgage and Islamic mortgage. Islamic mortgage does not charge for early repayment.
• There are many luxurious and well furnished apartments for sale in UAE at the prime locations such as Dubai Marina apartments, Palm Island apartments, Jumeirah Beach Residence, Saba Towers, Burj Dubai and International City. You can choose from these according to your need and requirement.