Dubai is one of the fastest-growing economies and tourist centers in the world. That’s why people all around the world prefer to invest in real estate in Dubai. Moreover, the high-level safety of this city also attracts many investors. Many people buy villas in Sobha Hartland, Palm Tower, Sokoon, etc., in Dubai to spend their old age peacefully and some for a great return on investment. Whatever be the reason, buying property in this city of UAEis among the sound decisions.
Dubai is not just the safest but also one of the happiest cities in the world. The government pays special attention to people’s happiness and measures the happiness of residents and visitors from time to time. If you or your close ones are also looking for “properties for sale in Dubai,” it is crucial to know a few things before signing a contract paper. Don’t worry. This article will highlight the five essential things that you must know before purchasing a villa, apartment, or any other property in Dubai.
- Purpose Of Buying Property
Before anything else, you must know the reason behind investing in real estate in Dubai. As mentioned earlier, different investors have different purposes. Digging out the main motivating factor behind your decision can help find the most suitable apartment, land, etc. Ask yourself whether you want to buy property for use or just for investment purposes.
If you are single and working in Dubai and want to own your own space instead of paying rent, finding a property near downtown would be better. But, if you are staying with family, you must choose an apartment or villa near school, hospital, and supermarket. This will make it easier for you to raise children.
But in case you are buying property for investment, it will be best to find villas or apartments with high rental yields. Hence, it is vital to identifying the purpose of purchasing property in Dubai.
After deciding the main objective of owning property in Dubai, the next thing is to research the different areas to find the best-suited location. Like every other investor, you might also have an image of the community where you would like to purchase the property. All you must do is draw that image on paper, write key points, and then search for the locality that matches them. Undoubtedly, it’s a tiring and daunting procedure, especially when you are new to real estate. Therefore, you can seek the help of renowned agents to discover the right location that meets all your needs.
- Price Evaluation
Now that you have discovered the locality of choice, the next thing you need to understand is the price evaluation. Although apartments and villas in Dubai are very inexpensive from the other cities of the globe, still it’s vital to know the actual price of the property. If you are a foreign investor, you should take the help of experienced third-party real estate professionals. Another way to do this is by inspecting the recent sale records of the apartments of the similar tower.
- Legal Process For Buying Property
In the UAE, every city has non-identical property purchasing procedures. So, you should have a thorough knowledge of legal formalities and the buying process. There are two methods: off-plan and resale. To own off-plan (unconstructed) properties, you need to contact the developer or first owner and need to submit your passport. On the flip side, you have to deal with a private seller to buy a resale property.
- Financing Options
It’s rarely possible to pay full-fledged payments to buy a property; most investors need to take out a loan or finance their property. There are three property financing options in the UAE.
- Property Loan For UAE Citizens
The UAE citizens can get loans upto 85%; they just have to pay a 15% down payment.
- Property Loan For UAE Resident
The UAE residents can avail upto 75% loan and need to pay a 25% down payment.
- Property Loan For Non-Residents Of UAE
The foreign investors can get upto 50% home loan and need to pay 50% only.
The Bottom Line -:
Dubai has a very bright future in terms of exports, tourism and real estate projects. So you can invest in this city without any hesitation.