Dubai is among one of those few cities in the world that attracts a massive number of foreign investors every year. Dubai properties are indeed one of the most lucrative ones that you can find anywhere in the Middle East region. One of the main reasons behind it is the variety of properties one can find here.
Considered one of the luxurious cities in the world, Dubai has a wide range of properties for sale, from extravagant and state-of-the-art villas to fruitful off-plan options. Apart from the plethora of choice, the process of buying a property in Dubai is quite straightforward as well.
On this point, to make the process of property buying in Dubai even more efficient for you, today we’re going to discuss some important things that you’ve to know before buying a property in Dubai. Read on to enlighten yourself!
Pay Heed to the Location
You should choose a location that is easily approachable and you can reach it via public transport as well. Furthermore, it should be close to various amenities and facilities such as schools, clinics, entertainment venues etc. Also, remember that location directly impacts the price of every property for sale in Dubai, the posher the location the higher the price.
Purpose of Buying Property
Another thing you should be clear about before you begin your search for property finding is the purpose. Ask yourself why you want to buy property in Dubai. Do you want to live there or is it for future investment? Make your purpose clear and then start searching for one.
Type of Property
After deciding the purpose of why you want to buy property, the next crucial step is determining the type of property you should buy. There are plenty of options to choose from and some of them are:
An apartment or a flat is a residential unit located within a residential complex with shared amenities. You can choose from 1-2-3- or 4-bedroom apartments.
If you’re more into independent and luxurious homes, a villa will be perfect for you. It is basically a 4-to-5-bedroom house which is well equipped with a lot of amenities and is surrounded by green spaces all around.
Townhouses are also luxury homes but with walls directly touching the neighboring units.
Duplexes are basically a multifamily residence in which two or more housing units are combined. There are many developers that offer duplexes in Dubai so, if you want to buy a property for rental yield, a duplex can be a good choice.
Studios are a popular residence option, particularly for bachelors. A studio comprises an open hall without any rooms only having a bathroom attached. There’s also an open kitchen.
The properties that are yet to be built are known as off-plan properties. These properties are an excellent choice if you just want to buy property in Dubai from an investment point of view.
As per the law of Dubai, any person belonging to any nationality can lease a property in Dubai. However, non-Emiratis can only buy property in freehold areas of Dubai. The property that you can get on a lease can be leased from tenure of 10 to 99 years.
The only document you need for purchasing or leasing any property in Dubai is your original and valid passport.
The amount of fee that you are required to pay usually includes:
- NOC fees which can amount up to AED 500 to AED 5,000, this is usually paid to the developer by the seller.
- The commission of the real estate agent that is 2% of the total amount.
- Transfer fees this is 4% of the purchase and includes admin fee as well. It is paid to the Dubai Land Department.
- Mortgage registration fees i.e., 0.25% of the registered loan amount. It is also paid to the Dubai Land Department.
- Moreover, the developers can also ask for annual maintenance fees that the buyer has to pay in advance.
These are some of the things that you must bear in mind whenever you’re searching to buy any property in Dubai. Be it any apartments for sale in Dubai or a villa, you have to fulfil these formalities.