What are the best tips to buying a property in DIFC?

What are the best tips to buying a property in DIFC?

Tuesday 15 August 2023Wed 16 Feb
What are the best tips to buying a property in DIFC?

As we’ve all come to love Dubai, for its fantastic architecture and excellent amenities, there’s one thing we all can agree upon is - life in Dubai is unmatched!

Whether it's the swift property purchase process or savouring culinary delights at the globe's most esteemed Michelin-starred restaurants, Dubai remains an expat paradise. The recent surge of 50,000 newcomers in H1 2023 only serves as a testament to the city's magnetic allure and undeniable appeal.

But one community in particular that for years has been adorned by residents and foreign investors has been Dubai International Financial Centre, the tech and investment hub of the city.

Residing in DIFC goes beyond a convenient commute; it's your ticket to cosmopolitan living. Discover top-notch dining, lively clubs, and art galleries for enthusiasts. Nestled at the city's core, DIFC grants doorstep access to all essentials, embodying the epitome of modern urban lifestyle.

And while most of us have been eyeing up that community for their next investment, here are the top five tips to keep in mind if you’re buying a property in Dubai!

Transfer fees unveiled

Transfer fees are a crucial element of property transactions, facilitating the ownership transition. They influence the total expense incurred during property acquisition or leasing.

Notably, DIFC applies a 5% fee, differing from Dubai's customary 3%. This disparity stems from DIFC's autonomous property ownership legislation, distinct from Dubai Land Department and UAE real estate norms.

Anticipating DIFC's price spectrum

The gateway to contemporary architecture, Gate Village in DIFC is a hub of artistic grandeur, upscale dining, prestigious corporations, and scenic gardens. If you choose to reside close to Gate Village, the pricing landscape unfolds intriguingly.

DIFC property costs fluctuate based on landmark proximity. Rates span AED 35/sq. ft. for proximity and AED 15/sq. ft. for distant spots. Opting for prime proximity caters to deep pockets, while those favouring financial hub immersion can curate savings with a farther locale.

Elevated living standards in DIFC

Purchasing property is a pivotal choice, necessitating insight into the neighbourhood. DIFC resonates with a spirited corporate ambiance, enveloped by banking institutions, financial entities, and asset management firms. Noteworthy 5-star establishments like Ritz Carlton & Four Seasons and inviting bars/lounges enrich the environment, aligning DIFC as an enclave for affluent working professionals or individuals.

Navigating the rigorous regulations

DIFC has rigorous leasing regulations that are adapted by comprehensive background scrutiny under DIFC Authority's jurisdiction. This in-depth assessment has a clean slate upon prospective residents, emphasising that ownership or leasing hinges on more than just financial capability.

DIFC's stellar property enclaves

DIFC proudly houses iconic landmarks like Emirates Financial Tower, boasting an array of 13 dining and nightlife options.

Norman Foster's masterpiece, Index Tower, showcases cutting-edge architecture, maintaining indoor temperatures under 28 degrees Celsius even during the peak of summer.

Limestone, another architectural gem, offers vistas of Ritz Carlton Hotel and Gate Village, coupled with a serene private terrace garden, presenting a lifestyle reminiscent of hotels, replete with concierge amenities and wellness facilities including an indoor lap pool and Jacuzzi.

Want to call this community home?

If you’re keen to call DIFC your next home, check out some of our live listings or get in touch with our team to know more!

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