How to Buy Property in Dubai
Offering yields that are far superior to both London and New York, there has never been a better time to buy property in Dubai.
Furthermore, as one of the fastest growing cities in the world with a world-class infrastructure, if you are looking to make money from property, Dubai is arguably the best place to do so.
That being said, if you want to invest in this sunny city, you need to follow their rules!
How to find the right property
The Dubai property market is very different to other places in the world so it can be a good idea to enlist the services of a local estate agent to help you explore the market.
That being said, many of the same factors do apply such as location, size, market conditions and maintenance costs.
In terms of types of properties, villas remain the most popular choice which has unfortunately pushed the prices of these up considerably. Therefore, if you are looking for a more affordable purchase, then an apartment may be a better choice for you.
What are the most sought-after areas?
If you are unfamiliar with Dubai, then it can be a good idea to find out more about the most sought-after areas in this affluent city.
If you are looking for value for money, then communities such as Mira and Mudon are a good choice. However, if you are willing to spend a bit more and want a long-term investment, then look to properties in Dubai South.
If possible, you should try to spend some time in your preferred location so that you can get to know the area before you sign on the dotted line.
How to buy a property
Once you have found the perfect Property for Sale in Dubai, the buying process is actually quite straightforward.
If you need to take out a mortgage, then it is imperative that you speak to a mortgage advisor before you try to buy a house in Dubai. Ideally, you should look for an advisor that operates within the area you are looking to buy in as they will have the best local knowledge and expertise.
Whatever you do, make sure that the company you are dealing with is authorized – meaning that they are RERA licensed.
In terms of the fees involved in buying a property in Dubai, as well as the price of the property itself, there are other costs you need to know about including:
2% of the property value for the agency fee
4% Dubai Land Department fee
Mortgage registration fee 0.25% of loan amount
Sales progression fee
All of the above being said, Dubai is still one of the best cities in the world when it comes to property investment, and you are almost guaranteed to see a good return.
However, as with buying property in any foreign country, don’t be rushed into something that you do not feel comfortable with. There are an abundance of properties for sale in Dubai, so you can afford to take your time.
