When you own a property in Dubai, there are several costs to consider in addition to the cost of purchasing the property. Here are some of the common costs associated with property ownership in Dubai:
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Registration Fees: When purchasing real estate, there are registration fees to pay to the Dubai Land Department (DLD). These fees are usually calculated as a percentage of the property's purchase price.
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Transfer Fees: When transferring ownership, there are transfer fees to pay, also to the DLD. These fees are also based on a percentage of the purchase price.
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Real estate agent commission: If you used the services of a real estate agency to buy or sell your property, you may have to pay a commission to the real estate agent. Commissions vary and are usually negotiated between the agent and the owner.
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Maintenance Fees: As the owner, you will be responsible for the maintenance costs of your property. This may include repairs, equipment maintenance, gardening fees, cleaning fees, etc. Maintenance costs vary depending on the size and condition of the property.
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Community Charges: If your property is located in a community development, you may have to pay community charge fees for the maintenance of common facilities and areas, such as gardens, swimming pools, leisure areas, security, etc.
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Home Insurance: It is recommended that you purchase home insurance to protect your property against damage, fire, theft, etc. Insurance premiums vary depending on the size and value of the property.
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Municipal Taxes: In Dubai, there is no property tax or capital gains tax. However, there may be annual municipal taxes that vary depending on the location and type of property.
It is important to note that the fees mentioned above are indicative and may vary depending on various factors. It is recommended to consult real estate and legal professionals for accurate and up-to-date information on the specific fees related to your situation as a homeowner in Dubai.