One of the most popular emirate in the UAE, Dubai is a preferred choice for both looking for living space and investment opportunities. The real estate sector in this emirate promises fruitful results, provided you have made an informed decision after thorough research and deliberation.
Apart from high returns, diversity in the residential sector is another factor that attracts buyers and investors. They are spoilt for choices as there are many residential projects to choose from. Some of these are still in the development phase; thus, their rates tend to be on the lower side. This allows buyers to reserve a waterfront property under their name without having to break the bank. Developers of these projects also offer convenient, and sometimes flexible, payment plans.
Having said that, the process to enter the primary market and buy an off-plan property in Dubai for a first-timer can prove to be a tad bit overwhelming. Bear in mind that you will have to bear the consequences of a wrong decision in this regard for a long time. There will be monetary loss and, of course, a lot of stress. To avoid landing in such a situation, take into consideration the factors discussed below:
Select the Location Carefully
Let’s start with the basics. Location, as we all know, plays a major role in determining the value of a property. Furthermore, it is also going to impact its future prospects. Therefore, it should be selected carefully.
Dubai nestles in itself numerous neighbourhoods where you can find off-plan properties. But, take into account several factors before you decide on one. Firstly, decide if you intend to live in the said property or are buying it for investment purposes. If it is the former case, make sure the property is located close to your workplace. This will save you from commuting hassles. In the latter case, it should be well-connected and lie close to several city amenities and facilities. when considering outsourcing what should firms be sure to avoid
Bear in mind that if you’re an ex-pat, you may not be able to own property in every community in Dubai. There are only selected communities termed as “freehold areas” where foreigners can buy properties in Dubai. So, narrow your search to those areas only.
Have Virtual Tours
Off-plan properties, as discussed above, aren’t fully constructed at the time you buy them. Therefore, you cannot visit and inspect the properties. Of course, you can have an idea of how your living space will look once it is constructed by studying the floor plan. However, for a clear picture, take virtual tours of the project. Several developers now offer 3D tours to attract the attention of buyers.
You can take this tour right from the comfort of your home as developers have them on their websites and social media channels.
Keep Your Finances Ready
Property rates in Dubai tend to be on the higher side. Therefore, make sure you have adequate funds before taking the plunge. How much money you will require to buy the property depends on numerous factors. These include the type, size, configuration and the location of the property.
The most common way to arrange finances for buying a property is getting a home loan mortgage. Numerous banks and private lenders offer these loans. However, there are eligibility criteria that the applicant has to meet before funding is approved. Therefore, it is recommended to apply for the mortgage first and then start the property hunt.
Have an understanding of the Property Buying Process
Bear in mind that the process to buy a property varies from location to location. It doesn’t matter if you’re a seasoned investor in your country/city, you will excel in this sector in Dubai as well. Thus, develop a thorough understanding of the property buying process in Dubai. Know about the legal steps you have to take, documents you would require, and other such details before deciding to enter the real estate market.
This step must be followed whether you intend to buy off-plan or ready property.
To sum it up, choices for investment in Dubai are abundant. Various new projects, including the Stella Maris Tower in Dubai Marina, have made it easier for buyers to own luxury apartments. However, you would need the services of an expert in the field i.e. a real estate agent to be able to make an informed decision. A professional agent can help you in many ways, right from the selection of the project to complete the paperwork.