UAE Information
UAE
Why invest in the United Arab Emirates?
Population set to rise from 1.6M to 3M by 2010. By 2010, 15M tourists are expected to visit the UAE from the current 5M. All planning is government controlled. High rental yields between 8%-15% per annum. Rapid expansion plans. Direct flights from the UK. Year round sunshine.
What are the steps to purchasing?
We will offer all the necessary advice to complete your purchase and manage all documentation processing. Should you require it, we can also recommend a local lawyer to assist you with your purchase. The contract is drawn and upon signing, the first deposit will be due. All payments are made directly to the developer in UAE or via Icon Overseas. We recommend the services of our foreign exchange partner, rationalfx.com, who provide very competitive exchange rates.
Can I get finance in the UAE?
If you require finance to fund your purchase then the best way is either to release the equity from existing properties that you own or contact our finance partner, Lotus Benefit Consulting on 0845 331 2604.
What are the costs involved in buying a property?
Legal fees will be the main cost when contracts are drawn and to assist any legal queries throughout the buying process.
What are the management costs of my property?
For apartments within managed developments, charges will vary according to the level of services and facilities provided. Please ask one of our consultants for detailed information for any particular development.
How can I rent my property?
Currently most properties are being let on a 12 months basis. Agents normally charge 10% of the annual rental value for management fees to the owner of the property. Agents normally charge 5% of the annual rental value for letting fees to the tenant. Service charges are payable to the Maintenance Company for your development by the owner yearly in advance as stated above. Community charge may be payable on some properties when completed. A power of attorney is necessary to allow the letting agent to let the property on your behalf. Property management services can be provided by some developers in-house. They can provide you with cleaning, laundry, key holding services and much more. There are also local companies who can assist with renting your property and more specialised property management like holidaylettings.co.uk.
What taxes do foreign buyers have to pay?
The UAE offers a tax free income. There is no capital gains tax, no stamp duty, no VAT and no inheritance tax.