nvesting in Dubai's dynamic and fast moving market is quite simple. The only paper required is a
relatively straightforward sales agreement. If necessary, foreigners can apply for financing. The two
main lenders in Dubai, specializing in real estate mortgages, are Tamweel and Amlak. When buying
property, it is advisable to use a lawyer and make sure a formal contract is signed, especially if
purchasing on the secondary market. It is possible and quite common to purchase directly from the
developer (such as Emaar or Nakheel) who may charge a transfer fee of between 1-3%. It is typical to have to provide a down payment, plus installments, with the final installment due upon completion or handover of the property. Upon completion, the property should be registered with the Dubai Lands
Department. There is a land registry fee equal to 1.5% of the purchase price of the property. Owners should also expect to pay a yearly property maintenance fee which covers such things as any necessary plumbing or electrical repairs, cleanliness of the site, and security.
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