Many of our clients are aware of how the buying process works in the UK but buying in the UAE is a little different. We've given a simple guideline of what's involved below:

1. Find the right property

With so many developments in the UAE, finding good property is quite often a challenge. There may be many reasons why you wish to purchase. Maybe you want to buy as an investment or to live in, or perhaps you're buying for commercial purposes. Whatever your reasons, we're here to offer you all the help and advice to ensure that you get the property that's right for you.

2. Make a reservation

Once we've agreed a property, things get rolling by signing a reservation form. There's a reservation fee of £1000 or more. This fee comes off the final price and is not an extra payment. We'll then make sure the property is reserved for you and that the price is fixed. Our experience has shown that Dubai property can go up by about 3% every 3 months. Therefore you should try to reserve a property ASAP as a 3 month delay could be significant.

3. Construction period and developers

Most developments are due for completion 24 months after launch. In the past, most developers used investor's installment payments to fund the construction. However, in Dubai the ESROW system has come into place which make your investment very safe. To ensure investor protection, the Dubai government now require developers to lodge a bond for 50% of the sale price of the building before any units are marketed for sale.

4. Payment Plans

If you're purchasing off plan, payments are made in installments as part of a payment plan. For example, you could be paying 15% of the sale price every 4 months.

Under the ESROW law, the payments are linked to the construction of the building. Therefore, as the building is being built the developer will ask for the next payment. The ESROW law does not apply to developers such as Emaar, Nakheel and a few others as they are government owned.

After making 30% of the payments, you can re-sell your property even though it's not fully constructed. There is normally a 2% fee payable to the developer if a property is re-sold before completion.

5. Taking possession and registering

Once the building is complete, it's handed over to the purchaser (or their agent). The property can then be registered at the Land Registry after payment of a land registry fee (around 2%). Depending on the facilities offered in the building, a service fee is payable to the 'Manager' of the building. This can typically be around £2 per square ft. First year fees would normally need to be paid before taking possession.

6. What about after completion?

After completion you can:

• Re sell your property and take advantage of capital gain.
• Let it out and continue to enjoy both capital gain and rental income.
• Live there yourself and still take advantage of capital gains.

That's it. The property will now officially be yours!

Is there any mortgage or finance available for me?

Blackstone can help you secure Shariah Finance for UAE properties. For more information please visit the Blackstone Shariah Finance website.

Please note: The above steps are there to give you an idea of what's involved in buying property in the UAE, they should be used as a guide