Dubai has one of the world’s biggest real estate markets. You must be thinking, why buy a property in Dubai? When compared to other markets in the world, Dubai’s real estate market is sufficient to meet the needs of the buyers by giving many benefits, great value, and a wide array of amenities.
Are you planning to buy property in Dubai 2022? Are you interested in learning more information before buying real estate in Dubai? Here is a guide to buying property in Dubai. Find out the ten things you need to know before buying real estate in Dubai.
According to the saying, three things can affect the property’s price. Location, location, and location. These 3 make up the three factors. There are also many factors that you should take into consideration before selecting your dream home. Your needs can be matched with the community that is ideal for you in every which way.
For example, families want a home that is nearby to their children’s school. Whereas singles or young professionals need a location that is close to the city center. Therefore, you must ask yourself an important question: What is the objective of buying a house? If you have a clear answer to this particular question, choosing a community will get very easy.
Off-plan real estate is a big business in Dubai. A few buildings have stunning architecture that adds to Dubai’s image as a real estate market that is hard to compete with. A hold is placed on an off-plan property, and the purchase process agreement is started with deposits of 10 and 25 percent. When this is done, both the buyer and the developer are committed to the transaction, which may be finished fast. Off-plan homes sell properly in online real estate transactions, which attracts buyers from all around the world.
3) Own a Used Property
There is a different sales procedure that applies to resale property. The MOU, or Memorandum of Understanding, is the first step. This highlights all the agreed terms of the sale, and the transaction is often completed by paying a small deposit, which is often 10%. Resale property closing depends on the paperwork and if the financing is available, but it normally takes two months.
4) Investing in rental properties in Dubai
Is buying a property in Dubai a good idea? Investors that want to invest in rental properties do well in Dubai, but you need to research the rental returns that are available. It also varies if investors focus on long-term contract markets or holiday markets. For example, Downtown Dubai is popular for its tourism. Here, the main occupants for rental Dubai properties are married couples or single working professionals. Therefore, apartments are preferred over houses. The main thing to consider is the amenities, retail options, and transportation in the Dubai Communities of your choice.
5) Purchasing Freehold or Leasehold in the Dubai Market
The freehold and leasehold neighborhoods that make Dubai show who is allowed to purchase in that area. Non-freehold areas are for GCC citizens who are registered, whereas freehold areas are for foreigners that are willing to buy real estate. Leaseholds with a 99-year term are present in Dubai. Buying Property in Dubai foreigners are very active nowadays.
6) Financing, Charges, and other expenses
When making your budget, make considerations for more than just the cost of the property. There are costs and fees that are linked with buying and getting a mortgage, such as mortgage fees and agency fees. 8% of the purchase price are closing charges. Take into consideration the cost of furnishings and utilities as well. Also include yearly service and property maintenance charges as well. These depend on the complex and facilities and also on if you buy a villa or an apartment. Buying Property in Dubai rules includes that the service fees must be paid every year to Dubai Land Department.
7) Understanding the process of sales
Understanding the sales process can help investors in feeling at ease. Before a client buys a home in Dubai from us, we provide a detailed description of the procedure. Therefore, there are no shocks for you. We manage the sales process and ensure that you are updated along the way.
8) Consider the Liquidity while Purchasing
Any wise real estate investment should involve liquidity. Dubai has a lot of it because of the domestic and international markets. But some locations do better than others because of the resale potential and value. Amenities, yearly fees, location, and condition of the property can have an impact on the liquidity of your real estate.
9) Features and Amenities of Real Estate
Examine the amenities of the location you want to purchase very carefully. For example, how is the gym of the complex, similarly is it kid-friendly? Can your kids enjoy their time there? All these questions should be taken into consideration.
10) Property Evaluation
There are two ways to make sure the property is worth it. First is the assessment by the agent and developer. To make sure the property is worth it, they will evaluate every component.