Last Updated on August 12, 2021 by Arina
Hello friends how are you all? Today we are going to talk about the 5 Helpful Tips For Choosing Your First Investment Property. Buying real estate in Dubai is an important and responsible step, especially for those who are going to do it for the first time. Emirates.Estate will give 5 universal tips to future homebuyers in Dubai, which will be useful for both investors and typical users.
The Existing Situation In The Dubai Market
Dubai is a high-tech, advanced city and the most economically developed of all the emirates in the UAE. After the opening of the first free trade zone, businessmen and investors from all over the world came here, increasing the power of the emirate in the international arena.
In addition to profitable economic benefits, the tourism and real estate sectors were actively developing here. Now a vacation or buying a property in Dubai has become a sign of financial sustainability. The real estate sector is still actively developing. The figures indicate this situation.
2021 was a year of rebirth for the Arab real estate market, huge demand and mass housing sales (including in the premium class) broke all records and brought the emirate out of the 8-year crisis. For example, in July alone, 4384 transactions were made with a total value of $3.04 billion – this is the best result in the last 12 years! A total of 31,758 transactions worth almost $20 billion have been conducted since the beginning of the year.
Guarantees And Protection Of Foreign Home Buyers
Before you buy a property in Dubai, UAE, you need to understand:
- Dubai, like the United Arab Emirates as a whole, is an economically stable place with a reliable state currency, free from any unrest;
- The state clearly tracks real estate transactions and protects both the buyer and the owner;
- There are several freehold zones in Dubai, where a foreigner can become a full owner. It is possible to buy property in Dubai for foreigners with full property rights only here, in other areas that are not included in the freehold – only rent is available;
- All construction companies in Dubai are either state-owned or certified and have official building permits. Their activities are strictly controlled by state bodies, for this reason there are no deceived depositors here;
- Stable demand for real estate of all types.
5 Tips For Beginners For Choosing An Investment Apartment In Dubai
Set A Goal
Are you buying an apartment in Dubai near the beach for personal use or for renting? Analyzing your own expectations from buying a flat in Dubai will help you more accurately determine what type of housing you need, and then find it and buy it.
If your goal is investment property in Dubai, Arab real estate, as a rule, pays off quickly (within 5-7 years). In comparison with England and France, where rental income is 3.8% and 4.2%, respectively, in Dubai it is on average 8% or more.
Choose A Place Carefully In Dubai
The location factor is the basis for a comfortable life (if you are planning to buy a flat in Dubai for personal purposes) and a quick return on investment. Let’s take a closer look at the areas for life and for business.
A Neighborhood For Living In Dubai
There are many areas in Dubai that have everything you need for a comfortable life. The most popular of them are Dubai Marina, Greens, Dubai Hills. They have a convenient infrastructure (shops, parks and recreation areas are within walking distance), a comfortable and safe environment – public spaces are well thought out, it is pleasant to walk on foot, as well as a wide range of housing. Mostly, families with children and young couples prefer to live in such areas.
A Neighborhood For Doing Business In Dubai
For doing real estate business, it is better to choose popular and densely populated areas, such as Downtown Dubai, Jumeirah, Deira. They have the largest tourist flow, as tourists, businessmen, students and employees of companies come here. There are good transport links, many attractions and cultural places of recreation, so it is best to buy a profitable property in Dubai for ex-pats in the central areas.
The extensive real estate market offers many categories of housing that are scattered throughout the city: from the outskirts to the fashionable center. The main thing here is to be able to correctly navigate and analyze offers.
Check The Ownership Rights Of The Seller
The DLD (Dubai Land Department) is the most important real estate and land authority in Dubai. This organization makes decisions about who can buy apartments in Dubai and become owners of property in Dubai, the UAE. It is on its decision that the transfer of ownership rights and the purchase of a property for rent depends.
Before buying flats in Dubai, it is important to check the seller’s property rights, as well as whether he has the authority to sell a specific housing unit, this can be done through the Dubai Land Department. In addition, you need to see the original document of ownership.
Find A Reliable Real Estate Agent In Dubai
A real professional will be able to analyze the market and, based on your preferences, wishes and financial resources, will choose suitable Arab apartments in Dubai. In addition, a qualified expert will ensure the legal precision of the transaction and verify compliance with the necessary requirements.
First of all, when choosing a real estate agent, you should pay attention to his track record, find reviews, read the information on the official website and third-party resources.
Start Saving Money In Advance
In Dubai, foreign real estate buyers can expect to receive installments or mortgages. However, in order to get an affirmative answer from the bank, it is necessary to make an amount of 25% of the cost of the property in Dubai as a down payment.
Moreover, additional expenses will be required for the services of a lawyer, translator, agent, as well as for the payment of mandatory fees. To successfully pay for everything you need, it is better to prepare a financial cushion in advance.
Emirates.Estate Will Help You Buy Real Estate In Dubai
Are you in search of your dream house on Emirates.Estate? The website has the best real estate deals from trustworthy homeowners and top developers in Dubai. In accordance with your preferences, goals, and opportunities, the company’s specialists will select suitable apartments for sale in Dubai. Experts will help you make a successful transaction and ensure its legal transparency.