How to Buy a Property in Dubai Hills Estate: A Step-by-Step Guide?

Hold on, don’t jump to the wrong conclusion! We are not trying to persuade you by making you believe without RERA real estate agents you cannot own a property. 

We, at APIL Properties, successfully run a RERA real estate agency but the purpose of our blog here is to help you not confuse you or manipulate you. Over the years we have seen how foreigners got scammed while trying to transact properties in Dubai or unnecessarily stretched the process by mistakenly missing the documents or neglecting vital stages in the process.

We are duty-bound (out of our moral responsibility) to inform you that it is crucial to register yourself with a certified RERA-certified international real estate agent or specialist whenever you transact any sort of property in the UAE. They understand the Dubai real estate market thoroughly, have favorable contacts and are equipped enough to guide positively. Rest is totally your decision!

Ellington House Phase 2; Golf Hillside; Eden House Dubai Hills; Berkeley at Dubai Hills Estate and Club Place.  

Submit An E.O.I

An E.O.I. is an expression of interest that you need to submit once you finalize which particular property of a project you want from the plethora of Properties for sale in Dubai Hills Estate. It will show the developer (here, Emaar Properties) that you are sincere about buying the property. Once it is submitted, you are now on a “first come first serve basis” (for off-plan properties) depending on how quickly you submit your E.O.I. for the day of launch. 

You need to pay a small amount as a Deposit (fully refundable). Again, it puts you in the confidence of the real estate developer. PS. Your Passport photocopy and your valid Email Id are all the documents you need at this stage. 

You Decide ‘Yes’ or ‘No’

On the day of launch, you will be notified what units are available for you based on your number in the queue list and the specifications you submitted in the E.O.I.. Remember, Emaar and other renowned brands are the developers of these projects so property investors need to wait for their properties. 

You will have 15-20 minutes typically to affirm and proceed with your purchasing process. If you are not happy wipropeth the choices, you will get your refund money back. 

You Have 2-Day Time to Make the Down Payment

As you say yes to go on with buying the units you got allotted as per your specification, you have 24 hours to 48 hours of time for making a Down Payment. Most Dubai Hills Estate apartments for sale (including villas and mansions) come with 20% Down Payment requirements. 

You pay 20% or 1/5th of the property price as the Down Payment plus one-time only 4% Dubai Land Department fee. Via an Escrow Account it is transacted so your money at all points of time is secured. The developer or anyone cannot withdraw it unless the deal is finalized. 

PS. Remember, this is your Title Registration. 

Your Sales Purchase Agreement Now Comes Within 1 Month

Once your Title Registration is done with the Down Payment submitted, within 30 days (usually) you will receive your Sales Purchase Agreement. Please note: From this stage onwards you formally enter into the payment plan for the property you opted for. Not before it, not after it. This is the time! 

Most Dubai Hills Estate apartments, villas and mansions have a 60/40 payment plan. In our previous blogs on Dubai Hills Estate we had mentioned that 40% you pay on Handover and the remaining (minus the 20% down payment) you pay on a 10% installment basis. You pay that installment periodically as decided between the developer and you now on. It is done via an Escrow Account managed by the Dubai Government. 

When to Apply for Mortgage?

You apply for a mortgage to finance the payment just before the Handover, once the project is completed. If you are an investor and wish to make instant money, This Is The Time you can sell the property before paying the remaining payment (40% on Handover). 

Got the Basic Idea? 

Hopefully, our blog has helped you know what to expect and do while buying an off-plan project in the Dubai Hills Estate (this is the usual process for all communities and properties in the off-plan segment in Dubai)! 

Whether you opt for standard or Best communities to invest in Dubai, these documents you should always have as you proceed in the buying journey:

1. Valid Passport
2. NOC
3. Title Deed
4. Emirates ID or Passport & Visa (this is what you need to even start with)
5. Sale Contract 
6. Proof of Payment 
7. MoU

All these important property ownership fees add to your property purchasing cost in Dubai-:

1. 4% of the sales price as Dubai Land Department (DLD) fee 
2. Admin fee of around AED 580
3. Property registration fee: AED 4,200 (properties over AED 500,000) and AED 2,100 (for properties under AED 500,000). 
4. Mortgage discharge fee (if you are a Mortgage Seller) ranging from AED 500 to AED 1,500
5. NOC fee between AED 500 and AED 5,000
6. Sales progression fee isn't fixed. 
7. 2% of the sales value Agency fee. (varies as per the agency’s internal pricing structure).  

• Foreigners residing in Dubai with a steady source of income and valid visa are entitled to borrow 80% of the property purchase value from banks in Dubai.
• Foreigners residing outside Dubai are allowed to apply for 50-75% of the amount from the banks here. A good credit score plus a regular source of high income are mandatory.
• For mortgages, you need to submit 

1. Bank statement for the last 6 months. For non-residential foreigners, showing bank statements for the past 3 months is necessary. 
2. Proof of Income like Payment Slips or salary certificates. 
3. Photocopy of Passport (Visa is not mandated for foreigners)
4. Recent statement records of the credit card

• The minimum age limit for a mortgage application in Dubai is 21 years and the upper age limit is 65 years for employed expats and 70 years for UAE nationals and self-employed expats. The typical loan repayment period is 5 to 25 years.
• Interest rates typically are 2.75 to 5% pa.

Some popular banks to apply for mortgages are: 

1. Mashreq Bank
2. Emirates NBD
3. RAKBANK
4. Abu Dhabi Commercial Bank (ADCB)
5. Abu Dhabi Islamic Bank
6. HSBC Standard Chartered
7. First Abu Dhabi Bank 

• Dubai Hills Estate is a freehold area that also contributes to its rank amongst the Best communities to invest in Dubai. . Anyone can buy
• Make a 20% downpayment. Most Luxury homes in Dubai Hills Estate mandates paying it.
• MOU is then drafted and signed at the registration trustee’s office. It shows that the sales and purchasing terms are agreed upon mutually.
•  SPA or Sales Purchase Agreement is then registered with the Dubai Land Department. Sign the document. Get the OQOOD.
• The Developer issues a completion notice. Conduct a thorough Property Inspection. APIL Properties team also does it on behalf of the property end users/investors. Hire someone reliable and with expertise.
• If you are satisfied with the findings of the inspection, it is the time to obtain an NOC (No Objection Certificate) from the developer of your project.
• Make the final remaining payment.
• Transfer the ownership of the property you paid for by registering it with the DLD under your name (or whoever you wish to). You have to show these:

1. Sales and Purchase Agreement
2. NOC
3. Id proof

• Confirm the ownership by availing the Title Deed in your name.
• You get the key officially now.
• CONGRATULATIONS!

The initial flow of action ( typical for off-plan properties), documents, fees, buying stages and almost all regular formalities are detailed here. If you are fully convinced you will get it all managed single-handedly, kudos to you! If ever any doubt or confusion arises, we are here only.