Buying property in Dubai is a relatively straightforward business, and there are many estate agencies and consultancy services catering for international buyers such as expats, those in search of a second home and investors hoping to earn rental income and/or capital appreciation. Financing a property purchase in Dubai will vary depending on which developer one buys from, one’s own budget and other financing options available at the time. A typical financing structure from a Dubai-based developer at the time of writing would involve: 10% deposit payable on signing; a further 10% after 30 days; five payments on each stage of construction; and a 20% final payment upon completion. Alternatively, if a more flexible payment term is needed, then it is possible to obtain a longer term mortgage. Some developers and agents will also have struck deals with locally-based banks to offer more favourable terms.
 
Currency
The unit of currency is the UAE Dirham (denoted AED internationally, and Dh locally), which is divided into 100 fils. Bills are denominated in units of 5,10, 50, 100, 200, 500 and 1,000 Dirhams. The currency is fully convertible.
 
Mortgages
For a fixed-rate loan, repayment periods vary from five to fifteen years in length, and at present, one can expect to pay an interest rate starting at around 7.25%, rising to 8.5% as the term progresses. Floating rate mortgages are typically available on loans of between fifteen and twenty-five years with rates starting at around 5% and rising and falling in tandem with the Dubai Interbank Offered Rate (DIBOR) or, in some cases, the US Fed Funds rate. Overseas residents will pay a slightly higher interest rate than residents.

If employed, mortgage payments are made via a salary transfer while self-employed buyers meet payments by writing a post-dated cheque or by a standing order.