Going to Buy Property In Dubai? Do Read
When you are putting your life’s savings to buy your dream home, you must conduct a thorough research and apply all your due diligence. In case Dubai is the place where you are buying your dream home, here is all you need to do.
Location is the key
As the largest and most populous city in the United States of Emirates, Dubai, situated on the southeast coast of Persian Gulf, is a global city unarguably recognized as a business hub of the West Asia. The city offers a range of strategically located projects, and if you just get the location factor right, most other factors will fall in place. While you do your research, make sure that you choose a location that has seamless connectivity with the airport, the Metro network, office destinations and public conveniences. Such locations always appreciate in value faster than others.
Understand the demography
As a cosmopolitan city, Dubai has a population of 2.7 million, of which 88 per cent are expats. Asian ethnicities, including Indians, Pakistanis and South Asians, make for 71 per cent of the total population. Living in Dubai is like living in a global community which is diverse, ethnically rich and progressive. As a Dubai resident, you get an opportunity to develop a sound understanding of several cultures and beliefs, and live with mutual respect and compassion.
Know the authority
The main executive authority is the government of Dubai presided by His Highness Sheikh Mohammed bin Rashid Al Maktoum. The Dubai government is in-charge of 30 different departments, including roads and infrastructure, health, education, safety and security, land department, finances, among others.
In terms of property buying, you would be mainly dealing with the Dubai Land Department (DLD) and Dubai Electricity and Water Authority (DEWA).
As the executive entity responsible for regulating and monitoring the real estate industry in Dubai, the DLD’s main role is the registration, organisation and promotion of real estate investment in Dubai. The DEWA, on the other hand, provides you with electricity and water supply.
Consider the holding pattern
Since 2000, Dubai made it possible for expats to buy properties in freehold areas where buyers enjoy free ownership for perpetuity and can use the land for purposes in accordance with local regulations.
All Dubai residents aren’t permitted full ownership. Some other areas such as Jumeirah, Deera and Discovery Garden have properties on lease for 10 to 99 years.
Be clear of out your needs
Figure out the reason why you are opting for the house. In case of investment, consult your agent for property investment guidelines. High rental value and higher capital growth are characteristics of commercial centres and amenities. When looking for a place to settle, look for properties that suit your and your family requirements. The neighbouring areas should be fully-equipped as well as facilities and amenities like hospitals, schools and markets should be available.
Understand the future
Dubai holds a lot of promise for its current as well as its prospective residents. Many large-scale infrastructural and real estate projects are in the offing (the Al Maktoum International Airport and Dubai South City, to name a few). Many new developments are set to take Dubai on to heights with global events like Dubai Expo 2020 which is a universal exposition scheduled to be launched on October 20, 2020.
The real estate financial climate of Dubai is important to be considered when making the decision to buy a property here. Though financing services are available, it is mostly restricted to financial institutions and banks authorised by the Central Bank of United Arab Emirates. Interest rates on home loans vary between three-four per cent. In order to get a mortgage, creditors ought to check investor eligibility that is determined by factors such as minimum length of service and minimum salary.
Research is the key
The social environment of the place including safety and security is something that should be on your list of priorities. Though Dubai offers a sound law and order system, it is good to check for yourself. Also, check the track record of the real estate developer. Many buyers opt for the top brands such as Emaar and Damac as they have a proven track record.