Dubai is one of the leading destinations for expats seeking some of the world’s wondrous attractions. It has also cemented its position as one of the top real estate destinations in the world. After all, with no property tax, higher ROI, lower acquisition cost, and many opportunities to earn a passive income, who wouldn’t get attracted to it?

Having said that, the fact that properties in Dubai tend to be very expensive cannot be denied. This makes many people wonder what’s the required salary for buying property in Dubai. 

If you, too, have the same question in mind, you have landed at the right place. Here’s a rundown of the salary needed to become a property owner in Dubai. Depending on your earnings, we’ll estimate how you can transition from tenant to homeowner. 

Why Should You Estimate Your Salary for Buying Property in Dubai?

  • A Secured Place For Property Investment

Dubai has always been and still is one of the safest cities to invest in. Whether a property investment or entrepreneurship, it’s beneficial both ways. To your surprise, it’s the third safest state for female travellers, as per research. Besides security, you’ll get endless choices of attractions and amenities. It’s a family-friendly place to live. That makes a strong reason for considering your salary for buying property in Dubai.

  • Endless Job and Work Opportunities 

A wide range of job and work opportunities attracts graduates and young professionals. The warm climate and sapphire-blue Arabian Gulf also contribute to this factor. Moreover, Dubai has gained quite a popularity due to its success against the pandemic. By executing successful vaccination campaigns and mass testing strategies, the city managed to pull this off.

  • Reformed Visa Policies

As per the latest visa rule, launched on September 5th, 2022, Dubai officials have made it easier to stay in the country with a long-term visa permit. For example, now you can become eligible for a 10-year Golden Visa for your entire family even if you invest in an off-plan property or get a loan from the bank.  

What’s an Ideal Salary Limit to Request a Mortgage loan? 

There’s no denying that purchasing a property in Dubai is no catwalk. That said, organising your finances to avoid unexpected mishaps is imperative. The required salary for buying a property in Dubai depends on the property type and the chosen location. 

You must know that most banks prefer applicants with a minimum salary of AED 15k per month. But, some banks approve the ones with AED 10k per month.

At Zoom Property, we suggest you take the most comprehensive approach to reduce your monthly instalments. Don’t worry; you can always make additional payments, which mustn’t exceed 10% of the principal amount.

How to Determine Your Eligibility for Buying a Property in Dubai?

A standard interest rate of 4% requires almost 20% of your salary, which you can repay within 20 years. However, first-time expat buyers in the UAE can get a mortgage in return for only a 20% down payment. It means they can borrow almost 80% of the purchase price. 

Regardless if you fit into the first category of buyers or the latter, you must acknowledge the following upfront costs when buying a property. 

  1. Dubai Land Department Fee makes up 4% of the entire property value. 
  2. DLD Admin fee is AED 4k with 5% VAT. 
  3. Title Deed Insurance Fee is AED 520. 
  4. The mortgage Registration Fee will cost you around 0.25% of its value. 
  5. The mortgage Registration Admin Fee will cost you around AED 290. 
  6. The actual Estate Agency Fee will be around 2% of the sales value, including 5% VAT. 
  7. Include the life insurance fee, which is mandatory when taking a mortgage. 
  8. The bank imposes additional Charges for mortgage processing and more. 

Now that you’ve perceived all the necessary costs required for property purchasing, it’s easy to align your salary for buying a property in Dubai.

Ending Thoughts 

Since property investment isn’t a child’s game, organising your finances is imperative. After all, your lending and investing limit highly depends on what you earn. Once you’ve accumulated your salary for buying a property in Dubai, your next move is to consider a suitable neighbourhood.

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