Factors to Consider When Buying a Home in Dubai
The UAE has one of the fastest-growing economies in the world. In fact, according to a report by International Monetary Fund (IMF), the UAE economy is expected to grow by six per cent in the upcoming year, in addition to a 3.8% increase in 2021.
Taking this into account, property investors can leverage the city’s flourishing market by purchasing some of the city’s most lavish developments. You can find leading luxury real estate by working with a luxury real estate agency in Dubai.
However, before partaking in this process, you need to become well-versed with the city’s requirements. This guide will inform you of some integral information you need to consider before buying a house in Dubai.
What are the 7 most important things when buying a house In Dubai?
1. The Buying Objective
Before investing in a property, the first thing you need to think about is the objective behind your purchase. Dubai’s market is quite diverse, so you have plenty of options to buy a home to live in, sell, or rent out.
If the goal is to reside in the home, you need to take the time to think about your needs before partnering up with the leading real estate agency. For instance, ask yourself the following questions:
- How many bedrooms are adequate for your family?
- Do your plan to have more children in the future? If yes, it’s best to buy a home with additional square footage to accommodate new family members.
- Do you want to live in a good school district?
- What is your ideal neighborhood?
- What is the ideal location you want to live in?
- Do you want to purchase a family home or a vacation home?
- Are you willing to invest in an off-plan property or a ready-to-buy home?
By asking these questions, you can get a clear idea of your requirements. Once you’re sure about what you want, you can get in touch with an agency to find the best real estate in Dubai.
On the other hand, if you’re buying a property as an investment, you will have to examine the property’s earning potential. For instance, the value of the real estate in Business Bay Dubai will accelerate over time, due to the area’s exemplary location. So, buying a property in this region will deliver a high ROI (Return on Investment) in the long run.
If you intend to live on the property, then you must examine the area and neighbourhood thoroughly. However, if it’s for investment purposes, review the different property types and go with the one that offers the highest returns.
2. Off-Plan vs. Resale Properties
The city of Dubai allows investors to purchase either off-plan or resale properties. Off-plan real estate involves those projects that are not completely developed at the moment. Some of Dubai’s leading real estate includes such projects. If you’re willing to invest in an off-plan project, you will have to submit your passport and sign an agreement with the developer. Conversely, resale properties are bought from private sellers. You can buy both resale and off-plan properties by working with a dependable firm that specializes in the leading real estate in Dubai.
3. Freehold and Leasehold Regions
Prior to 2000, international buyers were prohibited from investing in Dubai’s real estate. Now, the ban has been lifted to a certain extent. If you’re not a Dubai citizen, you can only invest in homes in specific areas- known as freehold regions.
If you’re investing in a leasehold region, you will not be able to have complete ownership of the property. Instead, you can lease the home for a specific period of time. The duration can vary between ten to ninety-nine years.
4. Properties with a View
Dubai is known for its spectacular views. So, when you’re investing in real estate, be sure to find a home with an iconic view. For example, if you look at Business Bay Dubai Real estate, you will find some of the most breathtaking views, including that of the city’s skyline. Moreover, the location should also be an important consideration, as you will want to think about the commute, community, amenities, and other factors.
5. Property Evaluation
Property evaluation is another critical factor in real estate. When you search for the “best real estate agent near me”, be sure to find one that provides a comprehensive evaluation of the property and the developer. This assessment will provide you with a detailed insight into its growth prospect. As a result, you can make an informed purchase decision.
6. Additional Charges
When dabbling in real estate, you have to add the realtor’s fee and other charges to your final budget. Some of the costs associated with purchasing a property in Dubai include:
- Land department’s fee
- The real estate agent’s commission
- Mortgage registration fee
- Contract fee (in case of off-plan property)
- Valuation fee
- Registration fee
7. Real Estate Agency
Your final examination should be of the real estate agency you’re working with. You can simply search “real estate agents near me” on your search engine and find a list of realtors in the area. However, it’s best to work with reputable firms that have years of experience under their belt. These agencies can inform you about the process and provide you with complete transparency in charges. Moreover, established firms have access to a greater number of listings, you will have several options to choose from.
Which Is The Biggest Real Estate Company in Dubai, UAE?
If you’re looking for the most established real estate company in Dubai, check out London Eye Realtors. The firm has earned a great reputation by dealing with real estate in London, Dubai, USA, UK, Qatar, KSA, and Pakistan. With them, you can definitely find the perfect home!
Wrapping Up
Before buying a house in Dubai, you need to stay aware of certain factors. First, list down your requirements for the property by setting your objectives. Next, choose between off-plan and resale developments and find the ideal home in either a freehold or leasehold area. Once the locality is decided, you can discover homes with the perfect views. You must also consider all the additional costs when setting your budget, so the final cost doesn’t come as a surprise. Lastly, be sure to work with the top real estate agency in Dubai to get access to the best homes!
