Research is paramount and will hopefully help you avoid any pitfalls in the future. There are areas in the UAE were foreign investors cannot purchase freehold property. You should seek independent advice before entering into a contract.

The vast majority of foreign nationals buy property off-plan directly from the developer and negotiate independently. You should consider seeking legal advice before signing a contract so you are fully aware on the timescales and completion dates as well as all the costs involved.

If you are buying a property off-plan, expect to pay around 10% as an initial deposit and then staged payments on specified dates until the property is completed. This should be clearly stated in your contract. There is currently no legal requirement to acquire the services of a lawyer to purchase a property however we would strongly advise you to do so.

Buyers checklist

• your lender has approved your loan and you have taken into consideration all costs involved to include deposit, agents fees, transfer fees etc
• you have spoken to a registered real estate agent
• you have confirmed that as a foreign investor you can purchase property in the area of your choice
• you have conducted a price check to confirm the property you are purchasing is being offered a fair market value
• you have sought legal advice and are aware of your contractual obligations and have highlighted any concerns you have with the relevant bodies

Mortgages

Before you do anything you need to consider what funds you have available, you should consider the cost of the property, the deposit, transfer fees and estate agent fees. You should also consider the fluctuation of the local currency against the GBP and consider the consequences if the market changes.

Mortgage laws often change. Keep up to date with local news through UAE newspapers so you know what the changes mean for you. For more information about mortgages in the UAE, check with the UAE Central Bank.

Borrowers checklist:

• you have found a lender and confirmed how much you can borrow and what you will be expected to pay per month
• you have been advised how much the fees are on top of the purchase price of the property and calculated your costs accordingly
• you have opened a local bank account and provided all the paperwork required
• copy of your passport
• ID card ( if applicable)
• proof of address
• proof of residence
• bank statements
• letter from employer confirming salary