What Happens When You Buy a House, Take a Mortgage, and Then Leave Dubai?

What Happens When You Buy a House, Take a Mortgage, and Then Leave Dubai?

So, you've bought a house in Dubai, taken out a mortgage, and now you're thinking about leaving the country. What happens next?

Well, it depends on a few factors, including your visa status, your mortgage terms, and the current state of the real estate market.

If you have a UAE residence visa

If you have a UAE residence visa, you'll be able to keep your property even if you leave the country. However, you'll still be responsible for making your mortgage payments. If you don't make your payments, your bank may foreclose on your property.

If you don't have a UAE residence visa

If you don't have a UAE residence visa, you'll have to sell your property before you leave the country. You can either sell it yourself or hire a real estate agent to help you.

If you sell your property, you'll need to pay off your mortgage before you can leave the country. If you don't have enough money to pay off your mortgage, you may be able to get a loan from a bank or another lender.

What if the real estate market is down?

If the real estate market is down when you leave Dubai, you may have to sell your property for less than you paid for it. This could mean that you'll have to come up with some cash to cover the difference.

What if I want to rent out my property?

If you want to rent out your property, you'll need to get a rental license from the Dubai Land Department. You'll also need to find a tenant and collect rent payments.

Is there anything else I should know?

Yes, there are a few other things you should know if you're planning to buy a house in Dubai and then leave the country.

  • You'll need to have a valid visa when you buy the property.
  • You'll need to have a good credit score.
  • You'll need to make a down payment of at least 20% of the purchase price.
  • You'll need to pay property taxes.

Conclusion

Buying a house in Dubai can be a great investment, but it's important to understand the implications of leaving the country before you do it. If you're planning to leave Dubai, make sure you have a plan for your property. This could mean selling it, renting it out, or keeping it as an investment.

No matter what you decide to do, make sure you do your research and understand the risks involved. Contact us for more information.