Dubai’s property market has boomed over the
past couple of years because of the issuance of the Freehold Decree in 2002.
Such legislation allowed foreigners to buy, lease, and sell properties in Dubai. If you are among those who are keen in diversifying their portfolio by
purchasing properties or perhaps you are buying a property for your family, you
must not take the decision very lightly. For you to be able to come up with an
informed decision, experts shared some of the things you must know when it
comes to buying homes for sale in Dubai.
Important Considerations When Buying Homes In Dubai
Choose a property that will suit your needs
– This is actually not a hard process, considering the great number of choices
accessible to property buyers in Dubai. It would actually be very beneficial
for you to come up with a list of criteria as this can help narrow down your
choices. These will include your budget, accessibility, and the size of the
property.
Be aware of the different ways on buying
the property – Among the most popular options is to purchase off-plan wherein
you must choose from properties that have yet to be built. Developers can
actually show you a sample of the finished property and provide you with
choices when it comes to the quality. If you take this route, you must complete
the registration process online, submit all the necessary documents, and pay an
initial deposit, usually 10% of the total price. In 2-3 years, you will receive
the keys to your new property. Another way is to buy a fully built property from
the secondary market.
Work with a reputable real estate agency –
Know that Dubai-based realtors must be registered with the Real Estate
Regulatory Agency or RERA.
Perform a background check on the property
developer – This is a must for those you are buying off-plan. In case you want
to buy a property from the secondary market, it is a smart idea for you to have
your loan pre-approved prior to making any moves to buy a home. Know that this
can take some time and that getting pre-approved can help hasten the buying
process.
Be aware of the buying process – Once you
and the property seller came to an initial agreement, the seller will draw up a
memorandum of agreement that outlines important financial details. If you are
buying from the secondary market, the bank will actually perform a valuation of
the property. After that, the seller must apply for a No Objection Certificate,
ensuring that you, the buyer, won’t shoulder the debt of the previous owner and
that the property is duly transferred to your name. Before signing, ensure that
you have carefully reviewed all the details of the contract.
