Dubai International Financial Centre (DIFC) is a major global financial hub in the Middle East. DIFC is one of Dubai's independent free zones i.e. it allows companies to have 100% ownership without having a local partner.
Living in DIFC is definitely more than just an easy walk to work, it is your gateway to a cosmopolitan lifestyle. DIFC offers an array of fine dining restaurants, vibrant clubs and bars.It has something for art lovers as well, it is home to several leading art galleries and often hosts events catering to art enthusiasts. Furthermore, as it is located in the heart of the city it offers all the conveniences at your doorstep. An apartment in DIFC enables you to experience modern city living at its best. To enable a great experience, Luxhabitat has jotted down 5 tips to buying property in DIFC.
1. Transfer Fees
Transfer fee is the amount charged to enable transfer of ownership" of property. It is an important component of the total cost one may incur while buying or tenting property. DIFC charges a fee of 5% as compared to the usual 3% charged throughout Dubai. The reason behind this disparity is that freehold property ownership in DIFC is governed by a legislation that is independent of Dubai Land Department and UAE real estate laws.
2. What to expect in terms of prices in DIFC
Gate Village exemplifies modern architecture at its best; it hosts magnificent art galleries, luxury dining options, many eminent companies, and lovely gardens. It is one of the most vibrant & well structured communities. It is extremely important for individuals to decide the proximity of their residence to the Gate Village, depending on whether they work in the area.
It is interesting to note that the price of a property in DIFC varies in the area depending on the proximity to this landmark. The prices could range from AED 35/ sq. feet for property that is closer and AED 15/ sq. feet the ones that are far away. People who have deep pockets could opt for property that is close to the landmark, however if one just wants to reside in the financial hub he/she can chose a property that may be farther away and save some money there.
3. High standards of living
As buying property is a big decision, it is vital to know the neighbourhood before investing. DIFC is a very lively community projecting a corporate vibe as it is surrounded with banks, financial institutions and asset management companies to list a few. Additionally, it is home to several 5 star hotels such as the Ritz Carlton & Four Seasons and bars/lounges where one may want to relax or just grab a few drinks after work. Thus, DIFC can be considered ideal for high income earning working professionals or singles as compared to families.
4. Stringent Laws you need to be aware of
The Title Deed in DIFC is issued by the DIFC Authority instead of the Dubai Land Department as is the case in rest of Dubai.
- Alexander von Sayn-Wittgenstein, Luxury Sales Director
DIFC has very stringent rules to rent/ lease out property. This can be assessed by identifying the in depth background check the DIFC authority undertakes.
The DIFC Authority is the apex institution that provides a clean chit to potential tenants/ residents after conducting a thorough background check. Thus, having money is not the only criteria to own or rent property in the area. Furthermore, The authority follows follows several other stringent laws for property owners and buyers, the complete list of laws can be found here.
5. DIFC's Best selling buildings
DIFC is home to one of the most iconic landmarks i.e. the Emirates Financial Tower. The building has 13 dining and nightlife options.
Other than this it is home to a creation by the renowned Norman Foster, the Index Tower is a beauty that signifies high tech architecture. The 80 storey masterpiece is designed in such a way that even during summers the temperature inside the house would not surpass 28 degrees Celsius.
Limestone is another world class architectural design, It offers view of the beautiful Ritz Carlton Hotel and Gate Village. The building has a tranquil, private terrace sunken garden for residents to relax and enjoy the nature. The structure ensures its residents and guests experience a hotel like lifestyle by providing concierge facilities and multiple health & wellness options that include an indoor lap pool and Jacuzzi.