TOP TIPS BEFORE YOU BUY PROPERTY IN DUBAI

As an advancing economy, Dubai marks itself as one of the safest, luxurious, and desirable places to reside in. Its glorious infrastructure, attractive malls, exquisite eateries, multicultural lifestyle, the best healthcare, and educational system are simply a gateway to a better quality of life. It's no surprise that Dubai is considered an ideal location to spend your time and raise children.

Dubai is also the central hotspot for property investment, as it caters to both UAE and non-UAE nationals. People buy property in Dubai due to zero income tax which favors investments even more. However, purchasing property in Dubai is a risky business and involves multiple factors to overlook. Thus, this article will guide you through things to know before buying property in Dubai and give the top tips to help you make the best decision for yourself.

Local and Expat buyers

A prominent aspect is knowing the differences in buying property in Dubai for locals and expats. If you identify as a local UAE citizen, you are legally allowed to buy property anywhere in Dubai, however, the situation for Expats is different.

Expats can only buy in specific allocated areas and communities termed as freehold areas. Another factor expats must consider is purchasing on leasehold, as properties can be leased for long periods but the ownership always follows back to the landlords by the end of it.

If you're a local, then the leasehold areas are also open to ownership to you. However, if you are a non- UAE citizen, it is vital to check options and be aware of the differences between the process of buying property, and the transaction.

Budget

The first step to any investment is knowing one's budget. The money is what decides the next factor regarding the process of buying Dubai properties. For example, if your budget is high, then you can look towards the expensive sides of the deals too, however, if you are prioritizing affordability, then all expenses including maintenance, yearly service charges can be focused on. The ideal monthly expense of a household should not rise beyond 25% of the house income.

Property Characteristics

Anyone giving out home buying tips will definitely list down the sheer importance of navigating the characteristics of a property. The location, facilities, size, quality, costs, and market conditions all play into giving you an insight into the purchase. No one likes surprises that take them into loss, thus it is important to fully scan the characteristics of every property to find the most suited for yourself.

The locality of the properties you are looking for builds its image, its prices and also allows buyers to see its worth. A good location, also incorporates the transportation surrounding it, educational institutes, commercial attractions, and the market value.All this process is hectic, and the best way to understand the markets in Dubai is to contact a good real estate agent. Help to find yourself the best property with the leading real estate agency in Dubai.

Process of property

There are two efficient methods to buy property, one through a developer as an off-plan, and by a private seller as a resale.

If one opts for a developer, it will require a passport submission and a documented record that recaps the terms and conditions of the agreement. In addition to this, 10-25% of the money is also required to be paid to establish a SPA. SPA stands for the Sales and Purchase Agreement (SPA) that engages both partakers to the exchange and legally binds them in a contract, avoiding any error. This method is also considered smoother, fast, and uncomplicated, as it concerns reserving a property and purchasing without even being present in Dubai at the time.

A private seller will demand a far more dense process to buy properties in Dubai as a Memorandum of Understanding (MoU) is to be set up to establish a documented agreement of the private seller and the seller which drafts the terms and conditions of the agreement. In every deal, assurity is guaranteed, thus a 10% deposit is also included in the contract to confirm his purchase of the property.

The official transfer of the ownership of property can take place from two days to even two months as there is no fixed time as the monetary system and sophistication of the deal differs from the deal to deal. Still, never forget to check up on the deal and see through the finished time of the deal, as it's evident you follow through all the process of buying property in Dubai.

Registration of the deal

Now that the transaction is on documented paper, don't forget to register the deal with only authorized and enlisted brokers. The best way to check the authenticity of the real estate agent you are working with is the Dubai Land Department and municipality. All you need to do is go to the real estate agent and evidence of registration by requesting the seller to show their registration certificate.

Remember, before buying property in Dubai, make sure your seller is genuine, as one wrong move can cost you a fortune down the road.

Project Certification

If you want to invest in ongoing projects that are still under construction, it's best to ask for certificates to stay on the safe side. The Dubai Land Department (DLD) issues certificates and also has an app named Dubai Rest that displays a checklist of all projects that are recorded with it.

This is the best technique to ensure that the money you have invested is safe and not going into the hands of someone that might take advantage of your trust!

To conclude:

Hope all these tips are going to be helpful before you buy property in Dubai and decide which one is the most acceptable for you and makes your home feel like home. Finding properties is a struggle on its own, uncovering a place that feels like it's meant to be is the true goal of buying property.