Dubai’s shimmering skyscrapers and reputation as an international hub have made it an excellent destination for real estate property investors around the world. With a thriving real estate market, amazing rental yields, and favourable rental policies it’s not a surprise many are considering options to make real estate investments and purchases in Dubai. However, navigating a new market requires careful consideration and understanding of the local landscape. Before you dive into buying a property in Dubai, it’s important to know a few things about the Dubai property market.
This blog post created by professional real estate agents at the best real estate company in Dubai will help you with 5 things to know before you buy property in Dubai.
Services & Facilities
The services and facilities you have access to when it comes to the interested property should align with the lifestyle you desire. This includes hypermarkets, metro stations, bus markets, entertainment spots, etc. There are also facilities provided by the building or community like gyms, swimming pools, etc.
The Ownership Duration
Before you take major steps into Dubai’s real estate investments, you should ask yourself an important question to clear your vision; these questions include how long you plan to spend in Dubai. This question is vital. If you don’t plan on staying long in Dubai, renting is a good option for you.
The Legal Factors
Hire an experienced real estate advisor who is familiar with Dubai’s property laws to oversee the transaction before deciding on buying property. If you are represented by Power of Attorney, the POA documents must be submitted to the UAE Embassy where it will be legalised. When the legal documents arrive in Dubai, they should go through the Ministry of Eternal Affairs and translated into Arabic. As per DLD regulations, a POA must not be older than two years.
Finances
Getting your finances in order is a key factor when it comes to real estate investments. Apart from the property price, consider additional payments like registration fees, title transfer costs, etc. Consult with professionals such as financial advisors or loan officers to ensure that you have all the important documents regarding costs.
Property Maintenance
Owning an apartment in Dubai comes with a lot of maintenance responsibilities that should be taken into consideration when it comes to purchasing a property. One of the most common fees is the service charge. There are also personal maintenance charges for maintenance like hiring cleaners or other housekeeping services. Also, furniture and electrical appliance-related maintenance should be considered.
Home Insurance
When looking for home insurance in Dubai, compare policies from different insurers and choose the one that’s most suitable for you. You can browse online and check for reviews, ratings and services offered in different packages. It’s also very important that you read the policy and understand the terms better, so you can know what is covered and what is not covered. A professional real estate company can help you navigate such scenarios and get you the best offer without any challenges. They are updated with the latest real estate trends and legal changes to help you navigate real estate transactions effortlessly.
