New England International Real Estate

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Buying in Dubai

New England International Real Estate is one of the most knowledgeable and professional of the Dubai property agents, priding ourselves on our integrity. If you are buying, selling, renting or letting, our experienced staff can provide you with both a professional and personal service regardless of whether you are in Dubai or you are enquiring from overseas.

Operating from offices in both Dubai and London with every necessary and required licenses in place, our commitment to your requirements and wishes in unparalleled; our varied selection of properties available, be it villas, apartments, townhouses, holiday homes and real estate investment opportunities in and around the United Arab Emirates is extensive.

Legal and Financial

With the Dubai property market still in its infancy in comparison with markets such as London, the legal and financial framework is evolving on an ongoing basis. The management of New England Real Estate have extensive experience of the legal infrastructure since its inception and access to the very best legal and financial information to ensure both our staff and clients are aware of the very latest information and how this might affect their judgment and subsequent choices.

Legal

In many parts of the world it is usual practice to enlist the services of a lawyer when purchasing a property but this is not normally the case in Dubai. Contracts are drawn up by the developers themselves and money is usually directed straight to the developer or through the agents' own clients' account. If a client wishes to seek advice on their purchase, we at New England Real Estate can recommend a number of local law practices that have demonstrated a good working knowledge of the property law and have worked closely with our clients in the past.

Financial

Properties are normally paid for by a series of payments spread over the construction period. Payment schedules tend to be quite evenly spread requiring the majority of the purchase price to be paid before completion. All developments vary but typically the purchaser would be required to put down ten to fifteen per cent booking deposit followed by a similar sum every three months, but this can vary from developer to developer. However, if the development you are choosing has financing in place the mortgage company will normally deal with the lump sum payments allowing you to make monthly.

If you are buying a property of Dubai's expanding 'secondary sale' market then you could be required to pay a 'premium'. The premium represents the profit on the original sale price. Properties in developments such as Signature Villas on Palm Jumeirah have changed owners more than once so the premium being asked for may only represent a small profit for the previous owner. It is important not to get too hung up on ‘premiums’; rather you should look at the price per square meter or foot, the location and facilities.

Lending

The mortgage market in the UAE is still very young and most banks will still look at the Original Price when calculating the level of lending available to an individual. For residents of the UAE, eighty to ninety per cent is achievable whilst seventy per cent is the norm for non-residents. The market has evolved over the last twelve months and lending has improved to take account of premiums. For example, on a completed villa where the Original Price was one million Dirhams and the re-sale value is now one million three hundred thousand, the bank will not only lend seventy per cent of the ‘Original Price’ but will lend on a proportion of the Premium as well, subject to valuation. When applying for lending on a property during construction, the bank will tend only to lend on the Original Price and not the Market Price.

The private developers are generally tied to one lender and offer a set percentage loan. Some private developers offer no lending at all which must be considered for re-sale.

Thankfully for the consumer this market has becoming increasingly competitive since the advent of the freehold law and is becoming increasingly so almost daily. All of the major international banking names you will recognise are now well established here including Standard chartered, HSBC, Lloyds TSB and Barclays Bank. Irrespective, New England has established close relations with most of the major lending banks along with independent mortgage brokers who we can help you with.