DAMAC Lagoons, Dubai

DAMAC Lagoons, Dubai: buyer questions

How much does property in DAMAC Lagoons cost?

Realty Hunting lists 17 projects in DAMAC Lagoons. Entry prices start at AED 725K, about Rs 1.87 Cr at Rs 25.75 to the dirham, and the most expensive project on the list starts at AED 5.95M. The developers are DAMAC Properties, Emaar Properties and Emaar Properties (a joint venture with Dubai Holding). Each project page prints the developer's payment plan, the handover date on record and whether the project is registered with the Dubai Land Department.

What does a buyer pay on top of the price in DAMAC Lagoons?

The fees are Dubai's, the same in DAMAC Lagoons as in any other community: a 4% Dubai Land Department transfer fee, a registration fee (the trustee office on a ready unit, Oqood on an off-plan one) and, on a resale, an agency fee that is usually 2%. On the entry price here of AED 725K, the DLD fee alone is AED 29K, about Rs 7 lakh. There is no annual property tax, no stamp duty and no capital-gains tax. Off-plan instalments go into a DLD-regulated escrow account (Law 8 of 2007), released to the developer against construction milestones. A buyer paying from India remits under the RBI's Liberalised Remittance Scheme, USD 250,000 per person per financial year.

Does buying in DAMAC Lagoons qualify for the Golden Visa?

The 10-year Golden Visa needs property worth AED 2 million or more, ready or off-plan, with or without a mortgage. 6 of the 17 priced DAMAC Lagoons projects here start at or above AED 2 million; in the others it takes a larger unit or two properties whose combined value crosses the line. The visa covers the buyer, spouse and children, and does not need a sponsor.

The DAMAC Lagoons area guide covers rents, yields and who is buying. The Dubai buying guide walks through the purchase step by step, and every Dubai community is one page up.