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With the ongoing economic boom in the region, new property in Dubai is much sought after by overseas investors. British, Indians and Russians and many others are showing keen interest in new property in Dubai. As with all offshore investments, one needs to be well aware of the ground realities before committing to new property in Dubai.

In recent years legislation was passed that allowed foreigners freehold status of new property in Dubai. However, foreigners cannot acquire freehold ownership on all new properties in Dubai and one should consult with a professional prior to purchase. Moreover, when buying new property in Dubai, advice should be taken on resident visa requirements.

Agreements on new property in Dubai often include obligations on the buyer such as insurance and service charges that need to be considered. Further, in the case of new property in Dubai, one should be clear about the responsibility for brokerage fee and any other assignment fee levied by the developer.

Expatriates looking for new property in Dubai will be happy to discover the many mortgage options available. However, mortgage agreements differ from those in the West. Stipulations that the bank be the owner of the property until the loan has been repaid may come as a surprise to foreigners wanting to own a new property in Dubai. When obtaining a mortgage to finance new property in Dubai, liabilities on defaults also need to be assessed carefully.

Transfer of ownership upon the death of the owner, in the case of a foreigner, is of great importance when buying new or secondary property in Dubai. A practical tip for those investing in new property in Dubai is to establish an offshore company as an owning vehicle. Shares can be distributed in accordance with the rules in the place of the deceased shareholder’s domicile or will.

Rules and regulations notwithstanding, new property in Dubai continues to excite investors with amazing developments that promise excellent long-term returns.

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