Welcome to our FAQs

Here Is The Most Frequently Asked Questions.

Can my bonus be taken into account for my mortgage?2024-02-29T11:30:04+00:00

Bonus income can be considered when applying for a mortgage. If it is a guaranteed bonus which is written into your contract or salary certificate then it is more likely to be accepted, but a discretionary bonus can also be considered too, bank may take an average of the last 3 bonuses

Can my housing allowance be taken into account for my mortgage?2024-02-29T11:29:42+00:00

Where your employer pays you a housing allowance as part of your employment contract terms, then this can be taken into account when you are applying for a mortgage.

For example, if you currently live in company provided accommodation and it is stipulated in your contract or salary certificate that you will be paid a housing allowance should you leave the provided accommodation, then the allowance you will be paid can be taken into account for your mortgage.

You will still need the necessary down payment, but the allowance can contribute to your affordability and can increase the amount you can borrow.

What are the age limits for getting a mortgage?2024-02-29T11:29:18+00:00

The minimum age limit is generally 21 and the maximum term is up to age 65 for employed expats or 70 for UAE nationals and self-employed expats.

Why do banks in the UAE require a security cheque when getting a mortgage?2024-02-29T11:20:57+00:00

Security cheques are required by banks in the UAE as they are used in instances where the borrower fails to meet the repayments for the mortgage. Should this happen, the bank will present the cheque and when it bounces, they will then be able to initiate a legal case to take possession of the property to repay the outstanding debt.

What is the difference between a mortgage rate and a floating / variable rate of interest?2024-02-29T11:16:03+00:00

A fixed rate is where the rate and amount of interest you pay to the bank is fixed for a selected period, most commonly between 1 and 5 years. The fixed rate helps your budget with certainty as your monthly costs are guaranteed for the fixed rate period and protects you from interest rates going up. However, it will also remain fixed if interest rates go down.

A floating or variable rate of interest is where the amount and interest rate you pay may change based on the banks or market interest rates. Given the flexibility, these rates are often lower than fixed rates at the outset but can go up or down at any time.

Can expats or non-residents get a mortgage in the UAE?2024-02-29T11:15:05+00:00

Yes, absolutely! The amount of deposit you will require will differ if you are a resident versus a non-resident, but our mortgage specialists will be happy to guide you further based on your circumstances.

What fees do I need to pay when getting a mortgage?2024-02-29T11:14:41+00:00

The fees in specific relation to a mortgage would be a bank valuation fee and a bank arrangement fee. The bank valuation fee can range from AED 2000 – 5000 and the bank arrangement fee can between 0% to 1.5%, both fees vary depending on the bank.

In Dubai, you will also be required to pay a mortgage registration fee of 0.25% plus an AED 290, which is payable to the Dubai Land Department.

Note: you will not be charged any fees by Nunza for arranging your mortgage through our partners.

How much can I borrow?2024-02-29T11:14:15+00:00

The amount that you can borrow depends mainly on your income and liabilities and may vary slightly from bank to bank. The mortgage specialist that will be assigned to you will understand your personal circumstances and do their best to place you with the bank that will best serve your needs.

How much down payment do I need for a mortgage?2024-02-29T11:13:55+00:00

The minimum down payment for a property may vary but as a guiding rule, you should have at least 20% for an expat or 15% for a UAE national.

What documents do I need to get a mortgage?2024-02-29T11:13:04+00:00

Documents required can differ depending on your circumstances, but your assigned mortgage specialist will be able to discuss this with you.

In general, the following documents are required for your mortgage:

  • Copy of your passport, visa and Emirates ID
  • Salary certificate addressed to ‘Mortgage Finder’
  • Last six months’ pay slips and bank statements
  • Latest credit card statements
  • Proof of your current address – copy of DEWA bill or tenancy agreement
What is the process to get a mortgage in the UAE?2024-02-29T11:12:40+00:00

We would advise that the first step to getting a mortgage in the UAE would be to contact Nunza and we will assign a mortgage specialist to you.

They will have an initial consultation with you to assess your situation and your borrowing capacity. Based on this consultation, they will then be able to provide you with recommendations on the best mortgage products for you and take you through the mortgage pre-approval process.

Once you have found a property you would like to purchase and you have finalized this, they will then work with the bank on your behalf to get the mortgage set up in a timely manner and manage the complete process until you take ownership of the property.

Can a foreigner buy real estate in Dubai?2024-02-29T11:10:04+00:00

Yes, foreigners of all nationalities can purchase property in any of Dubai’s designated freehold areas.

What is the Dubai Land Department and what does it do?2024-02-29T11:09:44+00:00

The Dubai Land Department or DLD as it’s often referred to is a government-run entity in Dubai that oversees all real estate-related trading operations. Its primary function is to legalize the sale and purchase of land, boosts investment, and provide customers with a highly integrated, transparent, and secure real estate experience.

Are houses in Dubai expensive?2024-02-29T11:08:31+00:00

Houses in Dubai are in some cases expensive. The city is a global hub and full of luxurious properties, so this is hardly surprising. With that said Dubai does have its fair share of low-cost and medium-income housing options.

Can I buy Dubai real estate with a mortgage?2024-02-29T11:08:04+00:00

Just like most countries around the world buying real estate with a mortgage is not only possible but quite common.  There are multiple local and international banks for buyers to choose from. Upon request, Nunza will assign you a mortgage specialist to help you find the best mortgage for you.

Is buying in Dubai safe?2024-02-29T11:07:49+00:00

Buying property in Dubai is extremely safe. The Dubai government along with the relevant regulatory bodies have gone above and beyond to ensure buying in the city is not only safe but attractive for all those interested.

What’s The Dubai Real Estate Outlook2024-02-29T11:07:10+00:00

Looking into the near future for Dubai real estate the trend of growth is set to continue with the latest Knight Frank report pointing to a 15% growth in Dubai’s real estate market in 2024.

The longer-term outlook seems to follow this trend driven by the population of Dubai which is projected to experience substantial growth.  This growth is set to see the city’s population increase from 3.5 million in 2023 to 5.5 million by 2030. The Dubai government has set an ambitious target of reaching 7.8 million residents by 2040, which indicates a big jump by any standards. This anticipated population growth is poised to generate increased demand across various real estate sectors, further putting upward pressure on prices.

Is There Any Dubai Real Estate Trends?2024-02-29T11:06:07+00:00

Dubai’s property market has demonstrated a robust rebound following the pandemic-induced slowdown. The sector has just marked its 10th consecutive quarter of expansion, fueled by strong demand, economic growth, and clever government initiatives for retirees and workers. Prices have increased significantly over the last 3 years with some properties experiencing prices increases of well over 50%.

What currency can I buy in?2024-02-29T11:05:40+00:00

The official currency of Dubai and the UAE is the UAE Dirham. The dirham is pegged against the US dollar with a fixed exchange rate of 1 USD = 3.67 AED. This means that the value of the dirham is always stable against the dollar making it one of the safest currencies to do business with.

Is there a Dubai Property Tax2024-02-29T11:05:21+00:00

It’s a well-known fact that Dubai is tax-free location with no income tax whatsoever. In fact, it’s a big reason why so many expats choose to move to Dubai in the first place.

What is less known however is that buying and/or selling Dubai real estate is also free from any tax. This means that if you were to purchase a property for say AED 1m and sold the same property for AED 2m 10 years later there would be no tax payable on the 2m sales price or the 1 million in capital growth. This applies to both owner-occupied and investment properties.

In addition to no capital gains tax, any income generated from a property in Dubai is 100% tax-free. This is greatly attractive for buy to let investors and a scenario investors  in most other countries could only dream about.

What Are Dubai Real Estate Prices Like?2024-02-29T11:04:52+00:00

Possibly the most important consideration for the majority of would-be buyers – How much is a property in Dubai? The answer to this question depends on a number of factors most notably what and where you are buying.

The Nunza platform will provide you with a FREE indicative valuation of your property based on recent property sold and properties currently for sale that match your property’s location and description.

What is the cost of selling a property in Dubai?2024-02-29T11:04:13+00:00

Most Real Estate Agents in Dubai charge 2% to sell your property, which is sometimes negotiable. However, through the Nunza platform the seller pays 0% commission.

There will be some additional administrative costs such as requesting an NOC from your developer, but these tend to be around AED500.

If you are selling and redeeming a mortgage, then you should speak to your lender to better understand the charges involved.

What’s the cost of owning a property in Dubai2024-02-29T11:01:09+00:00

The cost of owning a property in Dubai will depend on the type of property. As most properties are built within apartment buildings or villa communities there are ongoing costs that do apply. These are often referred to as “Service or Maintenance” fees and are paid towards the upkeep and maintenance of the building or community the property is located in.

Generally speaking, apartment buildings are more costly to maintain, and therefore apartments tend to have higher “Maintenance” fees as opposed to villas or townhouses.

Whats the cost of buying a property in Dubai?2024-02-29T10:59:58+00:00

Whilst this may be a surprise to a lot of potential buyers the cost of buying property in Dubai is on the lower side when compared to most western cities.

Dubai Land Department (DLD)  –  4% of the property purchase price + AED 580 admin fee
Property Registration Fee  –  AED 4,000 + 5% VAT
Mortgage Registration Fees  –  0.25% of the loan amount + AED 290 (only applicable for mortgage buyers). Some brokers charge an arrangement fee but not if you apply through Nunza
Real Estate Agent Fees  –  Typically, 2% of the property purchase price but if you buy direct through Nunza you will only pay 1%.

Please note, all costs are paid at the time of purchase and only once.

To keep things simple, anyone looking at purchasing Dubai real estate should budget 6.5% of the total property price towards fees. Put simply a property with a price of AED 1,000,000 will have an all-inclusive cost of AED 1,065,000.

Who can buy property in Dubai?2024-02-29T10:57:49+00:00

The short and simple answer to this question is – Everyone.

Dubai is a truly global city that’s open for business in every way and that includes real estate. This means that whether you are a citizen, expat, or even a tourist you have the ability to purchase property in Dubai. There are no restrictions of any kind and the best part is that the fees for doing so are the same for all buyers regardless of status.

What Types Of Residential Real Estate Are Available in Dubai?2024-03-15T09:56:34+00:00

There are 3 main residential property types found in Dubai. These include apartments, townhouses, and villas.

Apartments – Generally ranging from Studios to 4 Bedroom options found in a range of low, mid, and often high-rise apartment buildings. Apartment buildings tend to be located all over Dubai and especially in densely populated communities popular with expats.

Townhouses – Townhouses are terrace-type homes. They are multi-story (usually two and share at least one and sometimes two exterior walls with an adjacent property. Bedroom options usually range between 2 and 5 beds and all options come with private gardens.

Villas – Whilst they do come in different shapes and sizes villas are the largest property type found in Dubai. They are standalone properties meaning they are completely separate from any other buildings. Just like they tend to be larger in size the land they sit on also tends to be bigger when compared to townhouses. Bedroom options for this property type range from 3 and can go as high as 10 or more.

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