Guidelines for Buying Dubai Property
Dubai is the second largest Emirate that has shown tremendous growth almost in every sector. It has transformed itself from a small fishing village into a business and finance hub in the region. At initial stage of development, Government has also made huge investments in travel, tourism and real estate sectors to attract maximum number of tourists and holiday makers. Observing great interest of foreigners in leasing properties in Dubai, State Government has decided to implement freehold property law that enable foreigners to possess real estate assets in the emirate. Possibility to purchase residential, commercial and retail properties with complete ownership rights in specific areas successfully allure second home seekers, migrant workers and professional investors to purchase assets in the land of opportunity. Furthermore, Emirate’s geographic location has also helped it a lot to become the regions hub for business and trade. It is located on the crossroads of Middles East, Europe, Africa and Far East Asia. The Emirate is well connected with several major destinations. Low crime rate, outstanding infrastructure facilities, daily life amenities like retail, entertainment, healthcare and transportation have made this city to win the status of a most desirable place to live and work. If you are not a professional investor, you will need some primary guidelines to successfully purchase property in Dubai. Especially if you are not a local resident, this guideline will help you a lot.
Make your Dubai Property Checklist
If you make a proper checklist, you will be able to protect yourself from confusions and mishaps at the time of final decision. You need to determine, what do you actually need to buy and what are the suitable options available in the market. Irrespective to the type of asset you are willing to purchase, there are certain important things you should consider are neighborhood, size, surroundings, and proximity to other main areas of the city.
Try to Opt for Right Real Estate Firm
Being a regular buyer, you may think that there is no need to consult with real estate firm. In fact, you will essentially need to work with reliable agency. Buying assets has always been a major financial investment, as it involves huge cash transactions and legal documentation. Hiring real estate professional is highly recommended if you are thinking to purchase property in highly progressing market, as scammers find it easy to entice buyers with low cost deals. Professionals will provide primary knowledge about suitable options available for sale in different communities of Dubai. They will educate you to take informed decision.
Estimate your Budget
Estimating budget is very important step for property buying, as it will finally determine that you will be able to purchase according to criteria you have made in your checklist. Budget will also help you to comb the property market and enable real estate professional to present most suitable listings within your buying limits. You may finalize the deal on funds available to you or you may get financial assistance as property price is exceeding from available funds.
Understanding with Process
Like every other estate market, Dubai Property Market. is following a specific process according to those local and international buyers can proceed to finalize their deals. Specially, international property market is still in its begging stage, therefore still there is no formal documentation process exists in the market. Buyers only need to sign a single sales agreement. But you will have to be very careful before signing, if you are not aware with legal matters in Dubai. It has suggested consulting with lawyer or property professional to avoid any mess. Moreover, make sure about the title of property you are going to buy. Don’t buy leasehold if you want ownership rights forever. The leasehold title will give ownership rights only for limited period of time.
Narrow down the options
After understanding your needs and budget constraints, the next step is to narrow down your options in the market. A professional real estate agent will efficiently simplify property search and display the most suitable deals in front of you. You can analyze such recommendations and discuss with agent to finally complete deal.
Try to complete necessary documentation work in advance
Whether you are local or foreign buyer, completing essential documents is necessary for both. But it is more important for overseas investors as they will need to complete few more documents like passport, visa and bank account statements along with agreement. These are the primary documents required to complete before forwarding proposal to homeowner or developer.
Property registration with Governmental Authorities
As soon as you signed agreement for property purchase, next step is to get your property registered with Dubai Land Department (DLD) and Real Estate Regulatory Authority (RERA). It is mandatory as you will not be getting title of ownership without registration.
People are not only buying assets for their accommodation or business purpose, rather they are also purchasing Dubai properties for investment purposes. Numerous investment opportunities are available in residential, commercial sectors of this Emirate. You will earn good profits, if you follow proper process of buying assets.
By David Masha