TOP 5 TIPS BEFORE YOU BUY PROPERTY FOR SALE IN DUBAI

Dubai is a central choice for many customers looking to buy and sell properties. Its affluent activities, the array of attractive tourist spots, multicultural cuisine, and retail shops enable people worldwide to visit and invest in Dubai.

Dubai remains a vacation destination for various families and bachelors to this day: due to the perfect balance of the nightlife, family entertainment, and leisure activities in the region. Even after the declining economy and low sales during the coronavirus pandemic, property for sale in Dubai is at a new demand again in 2022 and gradually increasing in price.

However, amidst the race to find the perfect property for sale in Dubai, it's vital to keep in mind some tips and guidelines in order to make your process smoother and avoid any risks. In the end, buying property is a hectic task that requires a lot of analysis and attention to detail towards many factors.

To make your purchasing journey easier: this article will list the top 5 tips you should keep in mind before buying property in Dubai.

1. List down your reason behind buying property in Dubai.

Are you looking for property in Dubai to permanently shift there and live with your family, or is the purchase solely for investment opportunities? Having a clear intention is essential as it lays down all the future prospects in the open with more focus on their output.

For example, if you seek an investment opportunity, your goals will be aligned with localities with more profits and interested renters. This can be divided further into renting commercial properties or residential units for investment. This part is where many tricky decisions come into play as many investors buy properties in Dubai in residential areas, especially if they plan to move to the place in the future with their families.

So, there may be many reasons why you're looking for properties, and being sure of your goals and vision for the future is highly valuable while making a concrete decision for yourself.

2. Know the process for buying property in Dubai

You cannot make a property purchase without knowing the complete details about the processes in Dubai. Every country has its own set of laws and regulations regarding Real Estate, and the Emirates indeed introduced many reforms in 2021 to boost the sales of properties.

Firstly, are you a foreigner or a local? If you're a foreigner, you must be acquainted with the terminology of freehold property ownership. Freehold properties allow foreign investors and expatriate residents ownership rights over property without constraint or leasehold up till 99 years. Freehold properties are considered ideal for foreign investors in Dubai due to their legal ownership.

Leasehold ownership is another option for customers who prefer to buy property in Dubai without the extra hassle of ownership and are usually using the place for temporary purposes. In 2019, the Golden Visa was introduced to bring more real estate investors to the Emirates. It worked and is essential for investors as it allows more people to live in Dubai without needing a national sponsor.

All of these details are just surface-level information on the real estate reforms. To find out more about the market trends in 2022 and the changes in the system: read some insights on the market trend of the Real Estate in Dubai.

2. Budgets

One of the most significant factors of investing in properties is to look at your budget while searching for options. For example, are you looking for property in Dubai's more luxurious high-end localities or seeking property in Dubai for sale at discounted prices.

Your budget is the primary factor that decides where you have to look ahead further. The affluent areas in Dubai are Downtown Dubai, Dubai Marina, Palm Jumeirah, Emirates Hills, and International City. In comparison, the significant locations where you can buy cheap property in Dubai are apartments in Deira, International City, Al Qusais, Dubai Silicon Oasis, Satwa, and Bur Dubai.

Other factors include schools, eateries, hospitals, transportation, community, infrastructure, neighbourhood, quality of build, and the locality environment.

4. Property Prices & Resale Value

The market trends of Real Estate in Dubai keep changing as the years go by, and the last few years have shown some significant hurdles and recovery due to the pandemic. A crucial part of the market trend is the property prices of the residential real estate unit dropped by 8.8% in 2019. This significant reduction was due to the lockdown and increase in unemployment.

However, things gradually changed over time as 2021 began, and the government's relentless efforts to curb the virus produced fruitful results. As a result, in 2021, the economy started becoming stable alongside prices which rapidly rose by 17%! In 2022, the average property price in Dubai will increase slowly but at a normal pace.

Therefore, you must understand the right time to buy a property and the prices which match your budget. Furthermore, that property's resale value is quite interlinked to the market trends in the future and your research on the properties value in the following years: and how profitable it will be for you.

5. Read the contract thoroughly.

Ironically, the greatest blunders in life are due to the avoidance of thorough reading. Therefore, it is necessary to read the contract drawn up between you and the seller repeatedly. Discuss the legal contents with a real estate agent and make sure you agree to all the terms and conditions. All your responsibilities as a buyer and agreements will legally bind you to the contract; thus, don't forget to read everything and understand its contents carefully.

All of this will sound hard to digest, but don't get too worried as Inspire Dubai Estate is present with the best experts who can guide you towards the ideal property for sale in Dubai according to your budgets, desires, and vision.