Everything You Need To Know
When it comes to real estate in the UAE, it’s safe to say that Abu Dhabi is certainly toward the top of the list. As one of the most beautiful cities in all of the UAE, Abu Dhabi is the proud capital city of an emerging region in the middle east. There’s a reason for why Abu Dhabi is one of the most popular cities in the UAE – even next to Dubai – because it offers stunning island living, a bustling metropolis, and a vibrant economy that expands and makes connections all around the world.
If you’re interested in buying in Abu Dhabi, here’s everything that you need to know.
Knowing Where To Look, Finding A property
Abu Dhabi is a beautiful city, but it can certainly be expensive depending on where you choose to settle down in the city. With that in mind, it’s important that you pay attention to the various districts and neighborhoods that the city has to offer. Remember, you’ll want to be close to your work, or to schools, or to other amenities to ensure that your home actually feels like home, right? So, for that very reason, we always recommend working hand in hand with a real estate agency to help expose you to some of the best places to live in Abu Dhabi. Not only will they help you find a place that you can afford, but they’ll help you find a place located right where you want it. Once a suitable property is found, an offer is sent to the seller.
Signing Your MOU
Your memorandum of understanding will make it clear that you understand the terms of the sale, including all relevant fees, payments, deposits, and move-in/transfer days. Your real estate agent will walk you through the details at this stage of the process. An MOU protects both parties rights up until the transfer is done.
Applying For A Mortgage
In order to purchase property in Abu Dhabi and take out a mortgage, you will need to be a permanent resident in the country. And not only that, but you’ll also need a valid and current visa. Once you meet the above criteria, then you need to take a look at the finances. In Abu Dhabi, you’ll need to place around 25% down on your property in order to be qualified by a mortgage lender.
Making Your Down Payment
When it’s time to make your deposit or down payment, you’ll be required to submit a bank check for at least 25% of the purchase price of the property. This will be required in order to initiate the title transfer process after the mortgage process is done. In case of an off plan property, you will need to follow the developers payment plan during the construction period; after which a mortgage can be applied for at handover or the remaining amount paid to the developer and that’s when the property deed is created/transferred.
Transferring The Title
The title transfer process is essentially the day where you’ll receive the keys to your new home, and the title to the property will transfer into your name – essentially giving you (or your mortgage lender) ownership over the property