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Buying Property

United Arab Emirates (UAE) - Buying Property

The United Arab Emirates are experiencing something of a property boom at the moment, most notably in Dubai. In fact, there are currently more building construction cranes per square foot in Dubai than anywhere else in the world!

It used to be the case that foreigners were not permitted to purchase property anywhere within the United Arab Emirates. However, in Dubai it has now become possible for foreigners to buy in a few new developments.

Lenders often do not consider individual properties but will only lend on specific developments. Furthermore it can be difficult for non-residents to obtain a mortgage as there are only a few banks who will consider lending to non-GCC non-residents (it is not unknown for non-residents to put down a deposit on a property only to find that they are unable to obtain finance for the rest of the purchase price.) Also keep in mind that many lenders will only lend up to 70% of the launch price of the property and buyers may be expected to put down a deposit of around 50-60% of the property's market value.

Building standards are acceptable (by UK standards) and villas are spacious and well equipped.

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