Dubai is a city where people from all over the world want to live. The city offers a luxurious and fantastic lifestyle. With beautiful beaches, modern shopping malls, fabulous restaurants, designer shops, and much more, Dubai seems to be a paradise for happy living.
Many foreigners have migrated to Dubai and have made the city their home, attracted by the city’s wealth. If you are thinking of moving to the city, you should consider investing in real estate in Dubai rather than renting.
But, before you go out to buy property in the magnificent city, you must first understand how to buy property in Dubai. It will be useful for you to be aware of both types of investments in real estate.
So, here are some different aspects of real estate investing in Dubai that will help you make better decisions during the property purchase process:
Foreigners interested in buying property in Dubai have three options: commonhold, freehold, and usufruct property.
Apartments are usually included in the commonhold property and the owner of the commonhold property may sell or rent them in addition to the inheritance.
In the city, freehold property is the most common type of property ownership. Freehold property owners, like ordinary property owners, can sell or lease their property and inherit. You can only buy freehold Dubai property from a developer approved by the UAE government.
Usufruct properties are a type of long-term property lease. The lease term is 10 to 100 years. During the lease period, you are free to do whatever you want with the property, but you cannot destroy it.
You can purchase property on any freehold land in Dubai that has been approved by the relevant administrative bodies of the UAE to deal with the property. Before deciding where to invest in Dubai real estate, be sure to double-check everything with a reputable real estate agent or legal representative. Note that all property transactions are handled by the Dubai Land Department (DLD).
When looking for a property to buy in Dubai, there are several factors to consider before making a decision. Avoid rushing to buy because it is not a good thing. You may have a specific interest in your potential assets, but they are insufficient. It will also help you to consider certain factors when searching for your property, such as:
The first step in your property search is to visit various places in the city to determine the best place to buy property in Dubai.
If you want to buy or rent a house in the city for yourself and your family, it is important to choose the right place.
Suppose you are going to the city and buying a house in the wrong place. In that case, your family may eventually conclude that moving to Dubai was not the best decision for you. Likewise, you need to buy a property for rent in the right place, as it will help to attract tenants, which will affect your investment. Before buying, consider the location carefully.
There is a lot of traffic in Dubai. And that can lead to many problems. The roads leading to the center of Dubai are heavily trafficked every day. So, if you want to commute to and from the city every day, look for properties around the city.
This is an important factor to consider when buying a home in Dubai. If the property you choose does not have an indoor or covered parking lot, the heat from the sun will heat your car, making it difficult to drive.
You will need the following documents when buying a property in Dubai. You will need your passport, legal identity card, and proof of address. However, before finalizing any transaction, consult the Dubai Land Department.
When investing in a property in Dubai, make sure it is the right one. Remember that investing in any property in the city is a risky venture, so there are a few things you need to know in advance.
While the city's real estate market offers a stable investment climate, there are several factors to consider:
Buying a property in Dubai can be a daunting task. Buyers are required to pay a 25% down payment on their property purchase. They also cannot avoid administrative costs. They should also pay the broker commission as well as the mortgage processing fee.
The Dubai Land Department (DLD) also charges AED 580 and a transfer fee of 4 % of the property value. The DLD specifies a time limit for the buyer to pay the fee. If the buyer does not pay the fee within that period, DLD doubles it and charges AED 10,000.
You will also have to pay an annual maintenance fee, which you cannot avoid. In addition, there will be an annual fee based on the square footage of the house.
It is advisable to do some research to find the ideal property in Dubai. In this case, you can use the services of a reputable real estate agent. You can also use the leading property websites to find the ideal property in the city.
Many people around the world want to own property in Dubai. However, do not rush into buying a home. Before buying, do in-depth research and consult knowledgeable people. If you intend to purchase a rental property, learn about tenant rights in Dubai. This will help you deal with tenants more effectively. Furthermore, the cost of buying a home in the city can increase, so consider all possible costs before buying.
