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Dubai is a prime place to buy real estate. It has a booming economy, a stable government, and a strong infrastructure. Since the Dubai government changed the laws and allowed foreigners to buy a property in Dubai, it has grown to become a popular destination for real estate investments. With the massive potential for return of investment, buying a property in Dubai for expats comes with a lot of benefits.
The purchase process in Dubai is fairly simple compared to several countries around the world. It is so important to work with a brokerage you can trust and who will support you and guide 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 essential aspects that an individual must consider before purchasing a property in Dubai is to evaluate whether 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 and there are many benefits of buying a home in Dubai. These include high rental yield, high market capitalization, and a transparent process for businesses. Most foreigners or expatriates hope to buy an affordable house in Dubai that can get them a massive return on their investment.
– Purchasing property in Dubai for personal use
Over the years, Dubai has become a huge real estate and business hub. The city is now home to several expatriates that have come from various parts of the world. If your personal motive for purchasing a 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
So many of us are guilty of starting the buying process by browsing through properties advertised online only to end up disheartened when the “dream home” is way out of budget. Keep in mind that the deposit is not the only fee that you need to think about; there are transfer fees, agency fees,sales progression fees, etc.
Choose a list of essential property features
Now that you have a budget and a goal in mind, you can make a list of must-have property features such as the property type, the number of bedrooms required, the distance to a school or a workplace, etc. Be prepared to compromise! A property will rarely tick every box so make a list in order of importance.
Choose the area that serves your goals
One of the most essential elements that you should consider before investing in Dubai’s real estate properties is location. Some of the prime locations in the city have a particular set of facilities that provides opportunities for a high-quality lifestyle.
During the viewing process, keep an open mind and don’t rule out a property because of one factor – your broker may be able to come up with a solution. You mustn’t focus too much on things that can easily be changed.
Buying a property is a huge step so be sure to ask as your broker as many questions as you need to. Our brokers will be there with you every step of the way to make sure you make the right choice!
Find out about hidden extras
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 it comes to buying a property in Dubai, you can either purchase an off-plan or ready unit or buy it from a private seller. When purchasing 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 (MOU). As the buyer, you will need to put down a deposit. Your broker will run through this with you to ensure you are happy to go ahead before moving onto the transfer stage of the sale. The formal transfer of deeds will take place on obtaining financing.
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.
Tribeca Real Estate is a boutique real estate brokerage in Dubai specializing in Off-Plan sales and leasing of Residential and Commercial properties. We provide a bespoke Dubai property buying service, ensuring we find you the right property based on your real estate requirements, whilst supporting you throughout the buying process.