The Dubai economy, like other countries, was hit by headwinds. The value of property had doubled the price and broke records in terms of sales transactions. Buying property in Dubai this time could result in turning the game to your side. A well developed country is strengthening its economy on a daily basis and is taking forward the fate of the real estate market.
Plenty of both domestic as well as international buyers are buying the properties in Dubai for the very first time – Researches says settling best investment in Dubai with maximum capital appreciation needs patience and careful consideration because Dubai’s real estate market shine in meeting the needs of property buyers by providing massive benefits, exceptional value, and with all astonishing amenities.
Investing at the right place consists of two things: One would be short-term gain in the form of rental returns (good return will be above 5% per annum ) and Other would be long-term returns in the form of Capital Gains (that means if there is increment in marketing conditions so the property price should also increase).
So before you make any decision for buying property in Dubai there are numerous things you need to keep in mind. As we are a real estate portal working in Dubai as well, we feel it is our duty and responsibility to let you face all hurdles in the market. Several times people get into a dilemma about how to be a potential investor when your investment is made in a country like Dubai. That’s the reason we figured out a few factors to consider before reaching the conclusion.
Here is the 10 things to consider When buying property in Dubai
The very initial step to any investment is to know one’s budget. The money is the ladder that decides the next step regarding the process of buying Dubai properties. Let us say, if your budget is high, then obviously you can inspect and finalize for the expensive sides of the deals too, however, if affordability is what you are prioritising, then all expenses and service charges can be focused on. The ideal household monthly expense should be around 25% of the income.
2. Do Your Research
This is a very important aspect to do thorough research and assess the market before buying property in Dubai, experts say. Once you know which types of property you want buy whether is commercial property or residential property set you budget after setting a budget for yourself and research for all kinds of units that are present, their cost as well as the payment plans. After that set the image of the property and then jump to conclusion.
3. Work with a Licensed Broker
Working with a reputed and knowledgeable broker to ensure the investment to be done at a safe place and buyers must be aware about that at the very initial step . When choosing to invest in the real estate market , make sure to choose an entrusted agent to get benefit of safety and security.
4. Invest in Dubai Rental Properties
Dubai city is favourable for investors who are looking for rental properties, but do research local rent results. Moreover, when buying property in Dubai holiday rental marketing and the long term contract market does also matter. For example, Downtown market is Dubai’s famous tourist place. When it comes to rental properties in Dubai, the community in the market, single or couple working professionals are observed. Hence they choose apartments rather than houses. So that enhances the rental yields.
5. Know the Sales Procedures
Choosing real estate property in Dubai can be frightening, but one step to grab peace of mind is to get to know about the sales procedure. Whenever any client reaches us to buy a Dubai property, we provide a proper payment plan and highlight the process before the buyer agrees to the sale. Hence, No hidden surprises for the buyers strongly from our end points. Additionally, we carry the sales procedure and guarantee you that you are informed every step of the way.
6. Real Estate Amenities
Look hard for all amenities within the area that your demands are carrying in your mind. For example, that start of gymnasium would inspire you to become more fit but that would again be a long term passion. So consider amenities that are really essential for your priority list. Likewise, for your office, power backups, enough space, water supply, lift facilities are all necessities that you require on a daily basis.
7. Property Evaluation
The first option is to hire an evaluation company or hire an agent to evaluate the property in order to ensure it is worth your time. The second option is to hire your own evaluation company. In order to ensure the property’s value is within market expectations, they will assess all aspects.
8. Property Insurance
Property insurance covers the cost of rebuilding the physical premises of your property, including interiors, garages, backyards, gates and fences, in the event of damage caused by natural disasters, malicious acts, vandalism, etc. The insurance covers lost rental income and an alternative apartment if the damaged property is covered by repairs so you need to have your insurance as soon as possible.
9. Understanding the Buying Process
It is imperative when you recognize the whole sale system in Dubai from begin to finish. Ask your broking to speak you through all of the steps involved – from a way to make an offer, the negotiation system, the office work required, acquiring the no-objection certificate, switch appointments and the handover. These all minor procedures are important to consider when making an investment in Dubai.
10. Plan your exit scenario
Whatever your purpose for getting a property, constantly maintain thoughts and go out to an exit scenario whenever you feel diverted from the original path. There are properties that offer attractive amount of money but is not worth buying because of inadequate amenities which decrease its overall value. These are hidden factors that buyers need to consider before buying or making an investment.
If the main key purpose of buying property in Dubai is for investment, then it is important to look at the real estate market and research the types of properties with the highest rental yields. So there is gradual increase in the number of people inquiring about properties on a daily basis. Be among one of wise investors and then choose the desired estate.