What's the average timeline in acquiring a property in Dubai?
The typical property transaction in Dubai takes approximately one month to complete, following the signing of the Sales Agreement between the buyer and seller. However, the timeframe can vary depending on several factors, including:
Type of Property:
- Off-plan: May take longer as these properties are still under construction, so the closing will depend on the project's schedule and any potential delays.
- Ready Properties: If the property is already built, the process can move much faster as there's no construction schedule to wait on.
Payment Method:
Cash purchases are generally quicker than those involving mortgages with additional bank approval steps. Financing your purchase with a mortgage adds additional steps. Banks need to assess the property and approve your loan, which can extend the closing timeline.
Required Legal Approvals:
Legal approvals also play a crucial role in the entire process of a property transaction. This involves legal reviews, financial assessments, and obtaining approvals from authorities. Which can also add time to the process.
While the buying process in Dubai typically falls between two and ten weeks, the exact timeframe can be a moving target. This is because individual circumstances and property specifics play a significant role.
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