Can You Buy Property in Dubai With Your Salary?
A number of the world’s wonders can be found in Dubai, one of the top destinations for ex-pats. Furthermore, it has established itself as one of the world’s top real estate destinations. With no property tax, a high return on investment, low acquisition costs, and lots of passive income earning opportunities, why wouldn’t you be attracted to it?
In spite of this, Dubai’s properties are notoriously expensive. As a result, many people wonder what minimum salary is required to buy property in Dubai.
In case you are asking the same question, you have come to the right place. Below, you’ll find an overview of the salary requirements for becoming a Dubai property owner. Our team will estimate how you can go from tenant to homeowner based on your earnings.
Is it Important to Estimate Your Salary Before Buying a Dubai Property?
Securest Place For Property Investing:
As far as investing is concerned, Dubai remains one of the safest cities in the world. No matter what you do, investing in real estate or starting a business is beneficial. As a matter of fact, according to research, it is the third most safe state in the world for female travellers. The amenities and attractions are endless, as well as the security. Families will find it a pleasant place to live. For buying property in Dubai, you should certainly take your salary into consideration.
Opportunity For Work And Employment Is Endless
Young professionals and graduates are attracted to the wide range of job opportunities available. Also contributing to this factor are the sapphire-blue Arabian Gulf and warm climate. Moreover, Dubai gained considerable popularity as a result of its successful response to the pandemic. The city achieved this through the execution of mass testing strategies and successful vaccination campaigns.
Reformed Visa Policies
According to Dubai officials’ latest visa rule, implemented on September 5th, 2022, long-term visa permits will be easier to obtain. Investing in an off-plan property or getting a loan from the bank is no longer a barrier to getting a 10-year Golden Visa for your entire family.
How Much Salary Is Ideal For A Mortgage Application?
Property buying in Dubai is no catwalk, there is no denying that. To prevent unexpected mishaps, organize your finances ahead of time. Depending on the type of property and the location, a salary is required for buying a property in Dubai.
AED 15,000 per month is the minimum salary most banks prefer for applicants. Some banks, however, approve those with salaries of up to AED10,000.
To reduce your monthly instalments, Houzon recommends taking a comprehensive approach. Additional payments are always allowed, but they must not exceed 10% of the principal.
Buy a Property in Dubai: How to Determine Your Eligibility?
Prior to purchasing a property, you should be aware of the following upfront expenses:
- Property values in Dubai are subject to a 4% Dubai Land Department Fee.
- The DLD administration fee is AED 4k plus 5% VAT.
- There is an AED 520 fee for title deed insurance.
- There is a mortgage registration fee of approximately 0.25% of the mortgage’s value.
- Mortgage Registration Admin Fees are around AED 290.
- It is estimated that the Estate Agency Fee will be about 2% of the sales value, which includes 5% VAT.
- If you are taking out a mortgage, you are required to take out life insurance.
- There are additional charges imposed by the bank for mortgage processing, among other things.
You can now easily align your salary to the costs involved in buying a Dubai property since you now know all the necessary costs.
Final Thoughts
A well-organized financial plan is essential when investing in property. The amount you can borrow and invest greatly depends on your income. The next step you need to take after accumulating your salary is to consider the neighbourhoods in which you would like to buy your property in Dubai.