How to buy property in Dubai while in Russia?

Just like people from all over the world, Russians who want to purchase properties outside their own country are turning to Dubai. For decades now, Dubai’s thriving real estate industry has been the preferred market for investors from all over the world, and investing in luxury property in Dubai is also a sought-after and profitable opportunity. In this article, we will unfold for you the process of buying property in Dubai from Russia - the pros, the steps, the documentation requirements, and many more important details.

Use legal and authentic online channels to remotely buy property in Dubai. In case of any dispute, Russians may use their local embassy in the UAE.

Subtopics Covered

• Benefits for Russian investors in Dubai
• Step-by-step guide on how to buy property in Dubai
• Required documents
• FAQs
• Conclusion

Benefits for Russian Investors in Dubai

Tax Advantage: Dubai is a tax haven. It has no income or property tax for individual investors. This means that you will save a lot more money if you invest in Dubai compared to other investment destinations around the world.

Lucrative Returns: If you look at the Dubai real estate market’s financial history, you’ll see that this market is very robust, and has consistently grown over the years. This means that investing in Dubai ensures high rental yields and capital appreciation.  

Luxurious Lifestyle: When you own property in Dubai, it not only grants you access to a world-class lifestyle with stunning architecture and top-tier amenities, but it also gives you a chance to be a part of Dubai’s vibrant cultural scene.

Strategic Location: Investing in Dubai real estate provides access not only to the bustling business hub of Dubai, but also to emerging global markets in the Middle East, South Asia, and Africa. Therefore, having a foothold in Dubai can be a strategic decision for your business.

Visa Opportunity: Investing a certain amount of money in Dubai can qualify you for a residency visa in Dubai.

Step-by-step Guide on How to Buy Property in Dubai from Russia

• Locating an Ideal Property: Hire a reputable legal real estate agent to identify properties that best suit your budget and preferences.

• Negotiation: Once you find the ideal property, you can start negotiations for the price and other terms. Your agent will assist you in this phase as well.

• Memorandum of Understanding (MOU): Upon reaching an agreement with the seller you will sign an (MOU)that outlines the terms and conditions of the agreement.

• Pay a Security Deposit: You will pay a certain percentage of the total price of a property in advance to secure the property during the period of legal due diligence.

• No Objection Certificate: You will get an NOC from the developer as proof that all service charges are paid.

• Transfer of Ownership: In the final step you pay the remaining price of the property and the Dubai Land Department (DLD) will transfer the property title deed over to you.

Documents Required

• Copy of the buyer’s Passport
• Copy of the National ID
• Latest bank statements
• Latest photo

FAQs

Q: Are there any restrictions for Russians owning property in Dubai?

A: There are no specific restrictions for Russians owning property in Dubai, however, they can only own freehold properties in designated areas.

Q: Can Russian residents finance a property purchase in Dubai?

A: Yes, several banks in Dubai offer financing options for foreign investors, including Russians. The eligibility criterion as well as interest rates may vary from case to case.

Conclusion: Buying directly from reputable developers through a registered legal real estate agent is the safest way for Russians to buy properties in Dubai.