Set a budget for your new home and consider all the associated charges, such as a 2% agency commission fee and a 4% transfer fee payable to the Dubai Land Department.
A minimum deposit of 25% is also required for properties financed with a mortgage. The interest rate is usually at around 3-8%, depending on the type of mortgage you choose.
For properties purchased directly from the developer, you will need to pay the Dubai Land Department for issuing the Title Deed (AED 520), an administration fee (AED 4,200), and 4% of the property value.
For properties financed through a mortgage or home loan, you will need to pay a Mortgage Registration Fee to the DLD (0.25% of the total mortgage value plus AED 290 administration fees). Your property brokers can charge an agency fee of 2%, but this is negotiable.
For apartments and villas, the service fees (for ongoing maintenance and repairs) are charged on a square foot basis and hence will vary depending on your property. The cost to set up utilities like DEWA and EmPower ranges between AED 2,300 for an apartment or AED 4,000 for a villa, depending on the number of metres installed, location and property type.