Dubai is the fastest-growing economy and the biggest real estate market in the world. That provides several benefits and offers to the customer, this is to provide satisfaction to the home buyers compared to other markets in the world. People choose Dubai to settle down because Dubai delivers several opportunities and jobs for students and employees, no tax system, and a safe environment attracts people towards Dubai.
There are many real estate firm in Dubai that provide luxury homes and properties at affordable prices. If you are interested in purchasing property in Dubai, you get several benefits and a UAE residency visa, which permits you to live and work in Dubai. But there are many necessary things to know before buying a home in Dubai.
There are Ten Necessary Things To Know Before Buying Property in The Dubai:
1. Importance Of Location When Purchasing Real Estate in The UAE
Before buying a property in the Dubai, you have to understand why you are buying this property or what is the purpose of owning a property in the UAE. It helps you to find the right location according to your needs. According to UAE people, three factors define property in Dubai and the location depends on your requirements. Families want a property near by school, or hospital, and single people prefer properties in Downtown Dubai.
- New Location in Dubai- If you want a cheap property in Dubai then Dubai South property is best for you. These locations provide beautiful houses at affordable prices and their value increases in the future.
- Developed Locations in Dubai- If you are glimpsing to purchase an apartment or villa in Dubai then the development area is best for you.
- Affordable Location in Dubai- If you are looking to buy the most affordable property in Dubai then choose International city properties, which fit your budget.
2. The Role of Master Development When Investing in Dubai’s Properties Market
After choosing a perfect property according to your needs, Master Development in the UAE is the main factor in checking the value of your property and seeing that your developer is trusted. So before buying your perfect property, take some time and research these master developers in the UAE.
3. Finding a Great Project Developer When Considering Investment in The UAE
The UAE is developed by only one real estate developer and many provide residential property for sale in Dubai, so you can buy and build your villa according to your desire. After choosing the location and development, choose the best project because the project developer is responsible for the construction and maintenance of the building. The maintenance company is chosen by the Owners Association when the building is complete. When you choose a trusted real estate agency, that provides full information about each developer so you can easily choose the right developer.
4. Finding a Great Maintenance Company
Before buying an apartment in the UAE, you must check the reputation of the management company. In that case, your realtor can help you, to get information about the maintenance company. Along with this, if you purchase a ready-to-move project in the UAE then you simply visit the building and see its maintenance.
5. Consider The Age of The Building When Buying Property in The UAE
We all know that the UAE is fast growing and there are many buildings under construction and there are many oldest buildings. Many locals and internationals show interest in buying off-plan properties because these properties are affordable.
If you are choosing a ready-to-move property then you must check the age of the building Or if you face any structural problems in the building then your developer company is responsible for them. Minimum period of 10 years from the date of completion.
6. Notice Your Property Condition
In many countries, the property seller or real estate firm in Dubai provides an inspection report to the buyers. With this report, you can easily know the actual condition of the property and you can also ask your realtor to arrange a visit for you.
7. Price Evaluation When Investing in UAE Real Estate-
After doing the location, project, and building search, you have to know the price of the property in the UAE. The UAE property prices are so affordable compared to other countries and if you want to know the real value of a property then consult with a qualified professional.
8. Financing Options When Entering The UAE Real Estate Market-
In previous years, the UAE real estate market and residential property for sale in Dubai has been run by cash but now it has changed. In the UAE, the number of finance buyers is increasing and this trend will continue as business owners and workers in the future. There are three varieties of home finance products in the UAE.
- Home Loan for UAE Nationals
- Home Loan for UAE Residents
- Home Loan for UAE Non-Resident
9. How The Title Deed Transfer Works-
If you want to know how property transfer works in the UAE, then this process is complete within an hour.
- Validate the title deed
- Sign the MOU
- Visiting trustee
- Insurance of a title Deed
10. Associated Costs of Property Purchase in The UAE-
There are some costs to pay when buying a property in the UAE. Such as
- Purchase Price
- DLD Fee
- Valuation Fee
- Loan Processing Fee
- Mortgage registration Fee
- Trustee Fee
- Service Fee
- Property Management Fee
- Home Insurance