Is residency visa required to buy a home in Abu Dhabi?
Yes. Residency visa is required to buy property in Abu Dhabi. Residency visas are subject to UAE immigration laws and can be obtained through work permits.
What do I need to consider before deciding to buy property in Abu Dhabi?
There are many elements you need to take into consideration before you decide to buy your property in the city. First and foremost, you need to identify your property requirement. You then need to consider your financials and whether you have the liquid cash or eligibility for mortgage. You would also need to consider related property costs such as service charges and utilities.
Where can I buy property in Abu Dhabi?
Non-nationals can only buy property in identified areas as designated by the Ruler of Abu Dhabi. Here to There team will be able to advise you with further details.
What is a leasehold property?
A leasehold property is an offering that carries third party interests. A leasehold contract is generally issued for a period of 99 years, renewable in some projects.
How much do I need to put as down payment?
When securing mortgage, initial deposits or down payments usually range between 2% and 25% of the property’s value. This depends on the location of the property and the project you decide to buy in.
How can I obtain mortgage for Abu Dhabi property?
Most locals and expatriates can get property mortgage in Abu Dhabi. Financial institutions such as Abu Dhabi Commercial Bank, Amlak, HSBC, Lloyds, Mashreq Bank, Tamweel, RAKbank, Standard Chartered Bank, United National Bank lend money for on and off-plan Abu Dhabi properties. Simply visit their websites and review their rates and terms.
How much money can I borrow?
Generally, resident expatriates borrow between 70% and 80%. This percentage varies according to the lender (Financial Institution) and the project you are interested in.
What about property transfer fees?
The Transfer fee, despite being a mandatory element of a purchase transaction, is usually a fairly light figure. It is an administrative charge levied by the primary developer/owner for property purchase.
Once everything is set and done, can I rent out my property?
Sure you can. In fact, Here To There Real Estate Service can help you find both long-term and short-term tenants for your property offering.