12 Things to Know Before Buying Property in Dubai
Moving to Dubai has become an appealing idea for a lot of people in 2023. Dubai is one of the most popular locations that lots of individuals choose when they decide to buy a second property. Dubai managed to become an important hub for the latest technologies during the past few years, and that’s the main reason why this location is one of the top choices this year. The luxurious lifestyle and the freedom of living here are also attracting tourists and expats at the same time. Living in Dubai comes with a lot of benefits, and this includes the opportunity to get away from the hectic life that people have been involved with during the past few years with the pandemic and the geo-political situations all over the world.
The Real Estate Market in Dubai Explodes
Dubai is probably UAE’s most prestigious hub regarding tourism and commerce, and it’s also popular for its highly demanded and popular real estate industry. It’s important to note the fact that last year, the real estate industry in Dubai managed to break the 10-year-old record in terms of volumes and values of real estate transactions. According to official data, compared to 2020, this volume managed to increase by 66%, and the value was boosted by more than 72%. These are very important numbers that have to be taken into consideration when choosing the best destination to buy a second home or a vacay spot.
The aforementioned numbers are expected to explode even more in the years to come. Dubai is currently one of the most popular destinations for property investments, and the trend is projected to grow even stronger in the next few years. Dubai also provides a high degree of luxury and massive levels of safety. These issues are very important for people who are looking for the perfect place to invest their life savings and buy another home.
Lots of real estate developers offer some pretty hot deals in real estate, and firms such as Starling Properties are working hard for their clients to find the perfect location and residence for their dreams and desires.
People who decide to move to Dubai after buying a second home there can also quickly get a UAE residence VISA if they choose to become property owners in Dubai. Individuals who decided to invest their life savings here, in the real estate industry, can become eligible for a 2, 5, or even 10-year VISA if they meet certain requirements. Did you buy properties in Dubai and experience the ultimate lifestyle? Look no further than Starling Properties. Our portfolio features the finest selection of luxury properties for sale in Dubai, including luxurious villas, elegant apartments, and stunning penthouses in the city's most desirable locations. Our expert team is dedicated to providing unparalleled service and guidance to help you find the perfect property that meets your needs and budget. Dubai is known for its world-class amenities and attractions, and owning a property in this vibrant city is the ultimate lifestyle experience.
Top 12 Things To Know Before Buying Property in Dubai
Buying a property in Dubai comes with tremendous benefits, amazing value, and a massive variety of great amenities. Here are the most important things to know before deciding to buy a property in Dubai.
If you’re one of the people who decide to buy properties in Dubai, there are some important things that you have to take into consideration. Check them out below before deciding to buy real estate in Dubai.
- The Best Location
- Buying a Used Property
- The Size of the Property
- Purchasing Off-Plan Real Estate
- Purchasing of a Freehold or Leasehold Real Estate
- Investments in Rentals in Dubai
- Finance-Related Issues
- Costs of Living
- The Sale Process – How to Understand It Better
- Liquidity is Essential
- Features and Amenities
- Property Overall Evaluation
The Best Location
The best location for your next home in Dubai is extremely important because this involves a lot of factors regarding your life there, at your new home. First of all, you will need to check out the best residential communities in Dubai, according to your specific needs and desires. Not too long ago, we already addressed some of the best developments and communities that you can find in Dubai at the moment, and from there on, you have a lot of places to choose from. More than that, you can always take advantage of a real estate brokerage that takes care of everything involving buying a new property in Dubai. Such a firm is Starling Properties, and our experts will definitely take care of all the essential aspects, including finding the best location for your new home or apartment.
For instance, families who desire a home that’s close to their kids’ school should make sure that everything is in place before choosing the best spot. On the other hand, single people or young professionals could want a location that’s close to the city’s center. Selecting the best spot for your home is definitely a decision that has to be made according to your specific needs there.
Also Read: Best Area to Live in Dubai with Family
Buying a Used Property
Acquiring a used property could turn out to be the best option for you, especially if you become aware of the fact that there are different sales procedures that are applied to a resale property. According to the Dubai official regulation, the MOU, or Memorandum of Understanding, is the first component that you have to watch out for. This outlines all the pre-agreed terms of the sale, and it also addresses the fact that the transaction is completed by paying a small deposit, often 10%.
Another issue that’s important to mention is the fact that resale property closing times vary depending on the paperwork. This can also fluctuate regarding whether financing is available, but normally it should not take longer than two months.
Also Read: Best Hotel Apartments in Dubai
The Size of the Property
This is an essential factor because you have to consider whether you plan to start a family there in case you don’t already have one. Depending on this factor, you will have to decide whether you buy an apartment or a home.
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Purchasing Off-Plan Real Estate
Off-plan real estate is an extremely important business in Dubai at the moment, and this obviously makes a lot of sense. There are some structures that have amazing architecture in Dubai, which solidifies its image as a real estate market that manages to shine all over the world. This involves a hold that is usually placed on off-plan projects, and the purchase process agreement will then be created with deposits that can vary between 10 and 25 percent. After this move is completed, the buyer and the developer of the project in Dubai are committed to the transaction, which will then be completed rapidly. Such homes are selling the best in online real estate transactions, and they continue to draw in buyers from all over the planet.
Also Read: Living in Dubai as an American
Purchasing of a Freehold or Leasehold Real Estate
Another subject that we have to talk about is the fact that the freehold and leasehold neighborhoods in Dubai are the ones that define who is allowed to buy here. Some areas in Dubai are non-freehold, and they are exclusively accessible to GCC citizens who have registered. Others are freehold locations where any foreigner has the right to buy real estate properties. More than that, there are also leaseholds with a 99-year term which you may find available in Dubai.
Also Read: Moving to Dubai From UK
Investments in Rentals in Dubai
Another point of our discussion is centered around investing in rental properties in Dubai. It’s important to note the fact that investors who are searching for rental properties are doing great in Dubai, but people have to understand the importance of examining regional rent returns.
This also depends if investors are focusing on long-term contract markets or holiday rent markets. Let’s take the following example – Dubai’s downtown is pretty popular for its tourism. The community drive in the market for rental properties in Dubai comes mainly from married couples or even from single working professionals. This leads to the fact that apartments are usually preferred over houses, as you might have already seen for yourself.
It’s also worth noting the fact that you have to remember to look into transportation, amenities, and also retail options in the community of your choice in Dubai.
Also Read: Places to Rent in Dubai
The financial aspects of buying a property in Dubai are fundamental, and this is the reason for which we are also addressing it.
When you establish your budget, you will have to take into account more than just the cost of the property that you are looking to buy itself. It’s really important to understand that there are some more fees involved in this process of buying a property – these are agency fees and mortgage fees as well. Also, you need to add 8% to the purchase price of the property as closing charges; there are also the utility connections and costs of furnishing, and more. You also have to take into consideration the yearly service and property maintenance services and fees.
As you can see for yourself, there are a lot of costs involved in buying a property than paying for the property itself. All these costs depend on the Dubai real estate complex, facilities, and more. Knowing all these issues is essential, and that’s why it’s important to work with a top-notch brokerage when deciding to take such a huge step in your life.
Costs of Living
This is another important factor when you decide to invest in a home in Dubai and live there. The costs of living in Dubai might be higher compared to other Middle Eastern cities, and this is the main reason why you should have enough savings in order to be able to cover your daily expenses.
The Sale Process – How to Understand It Better
As intimidating as it might sound, buying a property in Dubai is a process that can get easier with a great real estate firm as your partner. Such companies offer a detailed plan of the process after finding the best property out there for their client’s needs and desires.
With such a partner by your side, you will be free of unexpected shocks that could trouble the completion of this important process.
Liquidity is Essential
When you buy something as important as a property, you will have to keep in mind that you may want to sell it sometime. According to experts, a real estate investment has to include liquidity. Dubai also has a lot of it, and this is mostly thanks to the domestic and international markets. Some of the locations look better than others regarding fees and values, and a real estate firm will help you make the best decisions regarding the resale potential and value of the property that you choose.
The potential liquidity of a property is impacted by yearly fees, property conditions, locations, and more.
Features and Amenities
Before buying a property, you have to examine the amenities in the location that you choose to buy a home in. kid-friendly amenities are precious for families with kids and more. All these things have to be taken into consideration.
Property Overall Evaluation
Regarding the evaluation of your property, there are two things that have to be determined. The first one involves an assessment by an agent and developer, but you can also choose to be independent by working with your assessment firm in case you have one. You will have to make sure that the property’s worth is consistent with the whole market’s expectations, and that’s why every component needs to be evaluated.
Buying a property in Dubai can turn out to be a great deal, but you will have to thoroughly do your research first just to be sure that you have it all covered. This is where firms such as Starling Properties come in handy, offering the best advice and solutions to all of your real estate-related problems. When you have it all figured out, you can be sure that you will make the best decision of your life when you buy a home or an apartment in Dubai.
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