The property market in Dubai has always been famous for producing handsome returns. This is one of the major reasons, it attracts a lot of foreign investors every year. However, if you want to buy properties in Dubai, there are certain things that you must pay heed to. These include:
Consider the Location
You don’t have to be a real estate expert to know that the location of a property plays a crucial role in determining its worth. But in Dubai, a property’s location is more than just this. It determines your eligibility to buy a property. The reason? Foreign nationals cannot buy property in all areas in the emirate. They can only do it in freehold areas.
Therefore, before you start searching for your desired property, hire a reputable real estate company in Dubai that can show you areas where you can buy properties. Similarly, you should also take into account the approach of the property, is it easy to reach or not? Are there schools, hospitals, markets, etc. nearby? These are some of the things that you should check while considering the location of the property.
Check the Amenities Included
Dubai is known for its lavish lifestyle. So, properties here come laced with several facilities. Therefore, before you finalise a property, you must inquire about the amenities it comes with. Some of the basic facilities that almost every property comes with include
- Parking space
- 24/7 security & surveillance
- Green spaces
- Swimming pool
- Community Gym
Type of Property
It goes without saying that before you start searching for a property to buy, you need to decide what you want. There are several property types that you can choose from in Dubai. Be it apartments, villas or townhouses, you’ll find everything with abundant configuration options.
Therefore, before you begin your search, decide which type of property you want to buy. These days, particularly after the Covid-19 restrictions, the demand for villas have drastically increased in the Dubai real estate market.
So, if you’re looking to buy a property for investment, then a villa will be a safe choice. But the ultimate decision depends on your preference, budget and other requirements.
Set a Budget
It’s a no brainer that before starting your search for the perfect property, you need to sort out your budget. However, most people miss this crucial step and start looking for a property directly. Setting up a budget beforehand saves your time as you are already aware of how much you can actually spend.
However, as you’re well aware that the property prices in the emirate are on the higher side, you must set your budget accordingly.
Purpose of Buying Property
Another thing you should be clear about before you begin your property hunt is the purpose of buying. Ask yourself why you want to buy property in Dubai. Do you want to live there or is it for future investment? Make your purpose clear. It will help you find the right property in the right places.
Understand the Legal Procedures
Buying property in Dubai isn’t as simple as you might think it to be. There are many underlying legal formalities that you need to fulfil before buying any property in Dubai.
Therefore, it’s always good to engage some realtor who has ample know-how of the Dubai real estate market. Property purchasing in the emirate may include buying off-plan properties or ready properties from resellers. Buyers need to submit their passports along with other documents so, it’s always wise to inquire about these things priorly.
Normally, the purchasing of off-plan developments is quite easy and straightforward when compared with other property types. Even buyers can complete the proceedings remotely without being physically available in the emirate.
Upfront Costs & Charges
Another important factor that most buyers overlook is the upfront cost and other miscellaneous charges they have to pay along with the property price. These may include but aren’t limited to:
- DLD Fee
- Property Registration Fee
- Real Estate Agent Commission
- Bank Mortgage Arrangement Fee (if you’re taking loan)
- DLD Mortgage Registration Fees
- Property Valuation Fee
In all, these are just a few of the things that you should consider before buying any property in Dubai. Doing this will ensure that the investment you’re making remains safe.