Since 2022, the real estate market of the UAE and Dubai in particular is attracting the interest of Russians. The housing cost in the Emirates is still rising, and such a deal of such nature can become a profitable investment. Pravo.ru, in partnership with legal experts experienced in such transactions, offers insights into the UAE real estate market.
Vadim Absalyamov, Head of Corporate Services at White Square, commented on some of the mistakes made by Russian investors. Buyers often do not take into account the UAE registration fees, which can amount up to ~8% of the purchase price of the property. “The state fee for transferring real estate is 4% of the sale price. Formally, this fee should be divided equally between the parties, but in practice it is always paid by the buyer,” Vadim notes. He also stresses that investors do not always take into account the real estate agent’s commission, mandatory fees, and utility bills that will need to be paid regularly after buying a property.
Read more in the Pravo.ru article.