Looking to buy property in Dubai? It’s important that you know what to look for in a property before you make the transaction. There are a lot of factors that come into play when determining the value of a property. You don’t want to move or invest in a place that isn’t worth the capital you’re looking to put in. That’s why we’ve prepared a guide for you to cross-check as reference.
Hire an Agent:
You’ll be making a huge mistake if you think you’d be saving a lot by not hiring an agent. Perhaps an even bigger mistake if you’re assuming you can go through the whole process alone.
Real estate agents are your number one support when it comes to researching and coming up with prospects. The listings a professional agent will come up will cater to your needs specifically. Instead of thinking of them as additional expenditures, consider them as the supportive experienced experts that make your task easier. Not only will they be able to research properties better and negotiate on your behalf, but they can also take care of the hassle you’ll have to bear throughout the transaction process. Trust them to do the work they’re paid to do.
Freehold and Leasehold Areas:
You can’t have ownership of land in Dubai for more than 99 years in any leasehold area unless you’re a UAE national. Expats in Dubai can only purchase land that is available in the freehold areas of the emirate. Even though this might affect your search, there are a lot of areas that qualify as freehold in Dubai. Think about this carefully before you think about making a lasting investment. If you’re looking to move into your new property, it’s best if you buy it in a freehold area.
The Location Matters:
Since you have all your areas designated now and you’re looking to make a lasting purchase, consider the location. Almost everyone can understand that the better the surrounding area, the more rates the property in question will have. Similarly, buying in a vacant and isolated land might provide you with good rates, but that will significantly compromise on the lifestyle. However, that doesn’t mean you can’t consider future developments in the area, especially in a city like Dubai that’s developing at a rapid pace.
Try looking for an area that satisfies both the conditions. Moving into the Marina may seem like an obviously comfortable choice as it offers substantial rents and prices along with a great nightlife. However, if you’re thinking of having it all to yourself, like a villa or townhouse, you can also think of moving into a distant community like Green Community Villas. You can find affordable rates and a luxuriously comfortable lifestyle waiting for you in your own home.
In Dubai, there is a plethora of developers that have gained formidable reputations for their outstanding work across various projects. You can trust the few big names for their amenities, facilities, services and quality of life that they offer to their residents. Don’t be afraid to ask what sort of benefits they offer to buyers and residents because usually, there are competitive ones for all.
Similarly, you can’t choose hastily and regret the decision later. That’s because contemporary designs and architectural landmarks are under construction or just not known to you yet. For example, there are houses that offer a Mediterranean architecture that has a place of its own. Moreover, there are also modernly designed homes that offer smart systems and eco-friendly lifestyles for their residents. Have your real estate agent conduct thorough research and if you have specific needs, list them down.
Don’t just consider the agent’s fee and the property rate to be all you’ll be accruing. This is a major mistake that people sometimes make. So, let’s break down the costs you’ll have to pay:
- Agent’s fee which is set at 2% of the total property value.
- According to the law, the Dubai Land Department will charge you a 4% fee on the transaction of the property in the form of a manager’s check.
- The registration trustee fee is AED 2,000 for any property purchased that values under AED 500,000. For properties that are worth more than that, the fee is AED 4,000.
As for the service costs that you’ll have to pay on a monthly or annual basis, that’ll be decided by the developer of the project. All in all, this will make up for the additional costs that you’ll accrue on your transaction. Therefore, you should keep them in mind while looking for various properties for sale.