11 Tips To Buy Property In Dubai, United Arab Emirates
Dubai's economy is unquestionably one of the fastest-growing in the United Arab Emirates. It is also considered as one of the top countries in the world in terms of living standards. Finding an apartment in Dubai that meets all of your requirements while remaining within your budget might be challenging. Here we are presenting some useful tips on how to buy apartment in Dubai below.
Make A Financial Plan
As recommended by experts, your monthly house rent should not surpass 20 percent of your gross monthly income; therefore, make a budget before going out looking for an apartment.
Look For Listings On The Internet
Look through the many residences that are offered on the internet. Use filters based on your requirements, create a shortlist, and then approach the broker to avoid being taken advantage of and save time.
Keep A Watchful Eye On Things
Try to get a home close to your place of employment because traffic in Dubai might be difficult during rush hour. If you do not have access to your method of transportation to and from work, the availability of public transportation near your home should be a mandatory selection criterion.
Investigate The Surrounding Area
Dubai is a global city with many cultures. Therefore, when deciding where to live, one must be quite particular about the type of culture they desire.
Look At Your Alternatives
In Dubai, you may choose from many housing options, including villas, furnished, unfurnished, or semi-furnished apartments, studio apartments, and more. Whatever your demands are, you will find them. However, keep an eye out for hidden fees. Keep in mind that the cost of options will vary depending on where you choose to live.
Make Sure There Is Enough Parking
Parking in Dubai can be difficult during peak hours, just as it is during rush hour. Car parking should be available, and if you are moving with your family and have over one vehicle, be sure that the number of parking places is specified in the lease agreement.
Verify The Agent's Credentials
The agent is in charge of all the paperwork and contracts that need to be completed. Also, you must look at the agent's registration with RERA (the Real Estate Regulatory Agency) before signing a contract with them, as it is illegal to do business with unregistered freelancing agents in Dubai.
Write The Correct Name On The Paper
Agents will normally take care of the paperwork, but make sure you sign the cheques in the landlord's name or the person who has power of attorney for the transaction. All the papers should be checked and double-checked.
Sign Up For Everything
In conclusion, you should not rely on the contract supplied by the agent because all rent/lease contracts in Dubai must be registered with the Ejari registry.
Documentation Of Everything
You should document all agreements with the landlord in writing to be referred to in the future. It is also a good idea to take many shots of the flat before you move in to document how it looks when you first arrive.
Understanding The Legal Rights
Rent increases must follow the rent index established by RERA, which is revised quarterly. In addition, according to RERA, all evictions must be supported by legal justification.
What Are The Rules Of Purchasing Property In UAE?
Foreigners should know the rules for purchasing property in the United Arab Emirates. The UAE is such a popular real estate market among foreigners because the country has recently relaxed a slew of restrictions and regulations that previously made purchasing property difficult. In particular, for foreigners, this is a good moment to purchase houses and properties in Dubai, as the process is quite straightforward.
There are two ways to purchase real estate in Dubai: through a private seller or by purchasing an off-plan property from a developer under construction.
Purchasing From An Individual Seller
The procedure is rather straightforward, i.e., the buyer and seller agree on the terms and conditions of the transaction before proceeding.
The two parties must sign a Memorandum of Understanding, which clarifies the parameters of the agreement but is not legally binding. Typically, a ten percent deposit is required.
If a mortgage is required, the buyer will be able to obtain one.
The transfer of deed takes place, and during this time, the buyer needs to pay the entire purchase price of the home.
Purchasing Outside Of The Planning Process
The procedure is broken down into the following steps:
Fill out a reservation form, which includes the conditions of the sale agreement, the personal information of the buyer and seller, and information on how to make the payment.
After receiving a deposit ranging from 5 percent to 20 percent, the sale and buy agreement is finalized. This agreement has legal force and effect.
The buyer obtains a mortgage if one is required.
The developer's office is where the property deeds are officially transferred. At that point, the entire purchase price of the property is paid.
Expats Should Consider Buying a Freehold vs. a Leasehold Property
Freehold property ownership in Dubai provides buyers with complete control over their investment. It includes structure and land on which a house or property has been developed in this definition of "structure." Owners of freehold properties can make changes to their properties and have complete control over whether they are leased or sold.
Alternatively, leasehold properties can be acquired on a long-term basis of up to 99 years through the use of a lease. When you purchase real estate, you acquire the right to reside there for a specified amount of time, specified in the contract agreement. When the lease expires, the ownership returns to its original owner; however, you may extend the contract with the same owner if the parties agree.
Bottom Line
Although this appears to be simple, it is critical. Prepare a list of the improvements that you would like to have. If you have a car, include a parking space on your list because it is difficult to find an apartment in Dubai that has one. You may purchase a fashioned flat under duress if your priorities are unclear, only to discover that it lacks several critical qualities after paying for it. A checklist will help to avoid this from happening.
