When you have finally decided to buy a property in Dubai, there comes a lot of responsibilities with it. Though buying a property might sound exciting at first, it comes with a lot of complex considerations to make. Particularly talking about the Dubai real estate market, it is quite dynamic and you might find it difficult to secure your dream property at this place. But, if you have this guide with you, don’t think of anything else because we are going to assist you in navigating the Dubai real estate market and securing your dream property there.
- Researching the market carefully
To begin with, you first of all need to decide in your mind about the property type that you are looking forward to buying. Since you have too many options to choose from, chances are that you might end up in confusion. Hence, in the first step, here are the key considerations to make:
- Understanding what property type you are looking forward to villas, townhouses, penthouses, apartment
- Know where exactly you’d like to purchase the property- e.g. Downtown Dubai, Dubai Marina, Palm Jumeirah, etc.
- Staying updated with the price trend- Use an online platform to understand the ongoing market prices and find the right deal.
- Understanding the Budget
Having clarity about your budget and how much you can afford is a must. So, you must know:
- Your financial limits
- Look for mortgage options
- Calculate any additional costs as well- Registration fee, Agency fee, etc.
- Team up with a real estate agent
If this is the first time that you are going to buy a property in Dubai, you might miss out on a few significant aspects. So, here are the key considerations to make before teaming up with a licensed agent:
- It is important to choose a reputable and licensed agent
- Make sure that he has ample market knowledge
- He is well-versed in the legal matters and understands the regulatory process
- Get a clear understanding of the legalities involved
If you wish to secure your property at Verona townhouses as a foreign buyer, you need to understand the laws implemented on foreign buyers. There are only certain specified places in Dubai where you can get access to the freehold areas. Understand the legalities involved in the following aspects of the property:
- Understanding the laws for foreign buyers
- Make sure that the transaction is registered with the foreign buyers
- Get the title deeds and contracts signed
- Make sure everything is in order by working with a real estate lawyer
- Due diligence
Careful inspection of the property is a must and this is what due diligence means. Here is what you need to consider with respect to due diligence:
- Undergo a careful inspection of the property- check for any physical damages, inspect the condition of the building or any future costs that might incur
- Make sure that you also check the reputation of the developer to find their track record
- Cross-check if the seller is the legal owner of the property whether you are investing in Damac Hills 2 Verona or any other property
- Look for the best deals and financing options
The next thing that you need to do is crack a good deal in your favor. Make sure that you negotiate the price as much as you can. There are several properties in Dubai such as Verona townhouses which are available for a lesser price than the listed one. Negotiation should be based on the current market condition of Dubai real estate. To ensure your spot, we also recommend you be prepared to move in quickly before anyone else does.
Additionally, you can also go ahead with considering the financing option. This includes taking into consideration the mortgage options, loan-to-value ratio, and ongoing mortgage interest rates.
- Finalizing the purchase
Once you are satisfied with the property and the price, the next thing that you need to do is finalize the deal. You can do this by paying the booking amount. Make sure that any payments that you are making will be processed by legal channels.
Following this, take the necessary steps to transfer the ownership and once the payment is completed, get the title deed signed and complete the registration by visiting the Dubai Land department.
- Look for any post-purchase considerations.
In case you have purchased the property just for investment purposes or you are planning to rent it out, then you can do so by hiring a property management company. Else, take the necessary steps to complete the move-in process.
Concluding thoughts:
If you wish to secure a property in Dubai’s real estate marketplace, you need to make a few considerations beforehand. After doing a quick research about the market, understand your finances, get involved in due diligence, hire a professional real estate agent, and take into consideration the legal aspects involved. These points will help you a lot in securing your property in the bustling Dubai real estate marketplace.