How to Buy Property on the Secondary Market in Dubai Without a Local Bank Account

Explained by Evgenia Timofeenko, Owner & CEO of Mayak Real Estate Agency

Buying property in Dubai is one of the most secure and transparent processes in the region — but it also comes with nuances that every foreign investor should understand, especially when it comes to secondary market transactions. Unlike off-plan purchases, where escrow accounts are mandatory and strictly regulated by the Dubai Land Department (DLD), buying ready property involves direct transfers between buyer and seller, typically handled through Trustee Offices or licensed escrow agents.

So what if you’re an international buyer and don’t have a UAE bank account? Let’s walk through your options and the safest ways to complete the deal.

Opening a Bank Account in the UAE — The Recommended Path

The simplest and most compliant solution is to open a personal or corporate account in a UAE bank.

This allows you to transfer funds via SWIFT directly to a local account and simplifies registration at the DLD Trustee Office.

Expect the bank to request:

• Full KYC (Know Your Customer) documents
• Proof of income and source of funds
• Passport and visa copies

While opening an account may take time, it gives you full financial control and minimizes regulatory friction during the transaction.

Using a Licensed Escrow or Trustee Agent

If opening a bank account isn’t an option, the next best route is to use a licensed escrow or trustee service provider.

These are legal, government-regulated entities in the UAE that act as intermediaries:

you transfer funds from your home country to their escrow account, and they hold the money until the title deed is officially transferred to your name.

This option is widely used by non-resident investors. The agent releases funds to the seller only after DLD registration is complete.

Make sure you:

• Work with a licensed provider (you can verify on DLD’s or RERA’s website)
• Sign an official escrow agreement
• Receive proof of funds receipt

At Mayak Real Estate, we always connect clients with trusted legal and escrow partners, ensuring every payment is documented and compliant with DLD regulations.

Acting Through a Power of Attorney (POA)

If you’re not in the UAE, you can authorize a trusted representative to manage the purchase on your behalf.

This person (or company) can open a local bank account, handle payments, and sign documents at the Trustee Office.

The POA must be notarized and apostilled in your country and then attested by the UAE embassy.

While convenient, it carries legal risk — so it’s crucial to limit the scope of the POA and work only with reputable professionals.

Step-by-Step Guide for a Safe Secondary Market Transaction

1. Hire a professional real estate agency experienced in secondary deals — like Mayak Real Estate.
2. Prepare all legal documents (passport, proof of funds, address verification).
3. Choose your payment structure — local bank, escrow agent, or trustee account.
4. Transfer funds through the agreed and verified channel.
5. Register ownership at DLD Trustee Office.
6. Receive your Title Deed — only then are the funds released to the seller.

Important Safety Tips

• Never transfer large sums to personal accounts without legal guarantees.
• Always confirm the escrow provider’s license number and bank partner.
• Keep all transaction receipts (SWIFT confirmation, MT103, etc.).
• Understand potential currency exchange and SWIFT fees.
• Verify that your agent is registered with the Dubai Land Department.

“For foreign buyers, the secondary market in Dubaioffers incredible opportunities — but safety comes first. Even if you don’t have a UAE bank account, there are transparent, regulated ways to complete your purchase. Our role at Mayak Real Estate is to guide clients through every step — from legal verification to secure payment handling — so that your investment is protected from start to finish.”

Mayak Real Estate Agency is a boutique brokerage firm based in Dubai, specializing in luxury properties, secondary market transactions, and investment consulting.

Led by Evgenia Timofeenko, the agency focuses on delivering transparent, client-centered real estate solutions for international buyers looking to enter the UAE market safely and confidently.