Dubai being the land of opportunities and having world-class facilities has always been one of the favourite places in the world to buy properties. As the scourge of Coronavirus wanes in the Gulf Cooperation Council (GCC) country, the property market has yet again become attractive for property buyers around the globe. In fact, the value of property deals in 2021 shattered the 12-year-old record with regard to sales transactions, according to The National (a leading daily in the UAE). The business capital of the UAE registered 61,241 sales transactions worth 151.07 Billion in 2021 in comparison to transactions amounting to 71.87 bn in 2020. This augurs well for those looking to buy properties in the emirate. However, one needs to tread with caution even in a vibrant market like Dubai. So, today we will discuss the important things to consider while buying property from the Dubai market.
What About The Purpose?
First and foremost, a property buyer should analyze the purpose behind purchasing the property.
This will aid him/her in finding appropriate/suitable property. Also, you need to be clear as to who you are, end-user or investor, as this will give you a clear idea regarding your expectations from the property. This apart, you should even be mindful of the investment time period, how long you are willing to lock in your money, and the return on investment in order to reap maximum out of the piece of the land you are intending to purchase. So, please ponder over these things before opting to invest in the realty market in Dubai.
What About The Location?
It is fine that you have decided to buy property in Dubai. But what about the location? The place where you are intending to buy the property happens to be an important factor when deciding to invest in the Dubai market. For example, if you are planning to stay with your family in the property that you are wishing to buy then you need to find out how far or close the school, hospital or recreational centres are. Of course, the connectivity factors ie accessibility of public transport like cabs, metro etc are also very vital in the scheme of property investment. These things assume significance even if you happen to be a mere investor because these things will eventually drive your return on investment with regard to the property.
What About The Reputation?
The reputation of the sellers is very important and it is pertinent to know about such players before entrusting them with your money. If you are shopping from the secondary market, then it is significant to figure out whether the broker has the requisite permission from concerned authorities or not. Simply demand the card of the broker you are dealing with to know whether he is licenced by local authorities to indulge in such activities or not.
In case you are going to the primary market to purchase the property then the developer’s reputation and track record matter a lot. You should look for their previous finished projects to get an inkling of the quality on offer as well as to ascertain whether the developer sticks to the deadline while delivering the property or not. Only after satisfying yourself that your money is safe in the hands of a particular broker or developer you should think about investing the same.
What About The Type Of Property?
Dubai has several freehold properties in designated areas of the business capital where anyone can get a piece of his or her land as these places are open to all. So, while opting to purchase property in the Gulf country you should be aware of the freehold properties meant for foreigners. However, in recent times, the vibrant city has opened up several non-freehold areas to foreign nationals as well like City Walk in Jumeirah. There are others as well so a property buyer should perform a thorough research regarding these things before putting their hard-earned money. Aside from ownership, there is also a provision of leasehold status for foreigners whereby they can avail of the lease of land and property for a period of 99 years.
