Dubai has a booming economy, stable government, and strong infrastructure. Since the Dubai government allowed foreigners to buy property in Dubai, it has become a popular destination for real estate investments. With the potential for high returns on investments, Dubai is an attractive option for expats looking to buy property.
The purchase process in Dubai allows foreigners to have a straightforward experience, especially when you work with a trustworthy broker who will guide you and help you through the entire process.
Here is a simple step-by-step guide to buying an apartment or a villa in Dubai.
Set your goal.
One of the most important things to consider when buying property in Dubai is if they want it for investment purposes or personal use.
- Purchasing property in Dubai for investment purposes
The real estate market in UAE is very popular because of the many benefits, including high rental yield, high market capitalization, and transparent process for businesses. Many off-plan properties have come on the market in the past few months that are great investment opportunities with promising ROI.
- Purchasing property in Dubai for personal use
Dubai has become a huge real estate and business hub over the years. It is now home to several expatriates that have come from all parts of the world. If your personal motive for purchasing property in Dubai is to reside, then you should consider whether the site is close to hospitals, supermarkets, restaurants, and schools.
Get your finances in place
Too many times we start the buying process by browsing properties that are advertised online, only to end up discouraged when the "dream home" is way out of budget. As you continue searching, keep in mind that there are many fees you need to account for; transfer fees, agency fees, sales progression fees, etc.
Choose a list of essential property features
Now that you have a budget and a goal, you can make a list of property features that are must-haves such as the type of property, how many bedrooms, the distance to certain locations, etc. Be prepared to compromise! A property rarely has all wants and needs met so make your list in order of importance.
Choose the area that serves your goals
One of the most important things to consider before investing in Dubai's real estate is location. Some prime locations in the city come with a set of amenities that provide ample opportunities for an enjoyable lifestyle.
Find out about hidden charges
Service charges covering maintenance of communal areas such as gyms, parks, pools, and other shared facilities can either be a fixed rate or vary depending on the size of the property and area. If you decide to purchase a large property, this could become a significant cost.
Understand the purchasing process
You are about to make a very important decision, so you must get your broker to talk you through the entire sale process in Dubai from start to finish.
When buying a property in Dubai, you can either buy an off-plan unit or a ready unit from a private seller. When purchasing an off-plan property, expats will need to provide a completed reservation form, their passport, and a reservation deposit amongst other documents. If you are going in for a "resale" purchase, you and the seller will need to agree on a Memorandum of Understanding.
The Dubai property market is very different from other countries in the world. Making sure you have a Dubai real estate agent you trust to guide you through the process is vital.
The Larimar Properties international team specialize in Dubai property buying service, ensuring you find the right property based on your real estate requirements. We provide bespoke service through the buying process and assist investors in sales and leasing of Residential and Commercial properties.