Things To Know Before Buying Property In Dubai
Dubai, the land of the rich, has often been the headline of news and fashion pages, primarily for its lifestyle! So if you ask anybody whether or not they would want to purchase an apartment for sale in Dubai, you won’t be surprised to get ‘YES’ as the answer!
However, it’s easier said than done! Buying properties in Dubai is not accessible as you need to go through a series of papers, works, laws, and research before acquiring a piece of land in the area.
Therefore, to save you from the same hurdles, we’ve presented you with a list of things that you should know before buying an apartment for sale in Dubai!
What Should You Know Before Buying A Property In Dubai?
- Freehold vs. Leasehold
People unfamiliar with the United Arab Emirates (UAE), particularly Dubai’s real estate market, are sometimes perplexed by the distinction between freehold and leasehold lands.
- Freehold: From 2000 onwards, things began to change in the region. And to make it easier for foreigners to acquire property in Dubai, the government designated specific regions as freehold land, which means that anybody from anywhere in the world may own real estate in certain areas.
- Leasehold: As the name implies, Leasehold zones are regions in Dubai where you may rent a piece of land or property rather than own it. They can be rented for a period ranging from 10 to 99 years.
- Purpose Of Buying
The second thing to consider is to understand the main motive behind purchasing a specific purpose behind buying a property. Here, they can either be directed towards personal use or investment.
If you intend to reside in Dubai, you should think about the hospitals, schools, supermarkets, restaurants, and other amenities in or near the property. Because you will be raising your children in the same house, it must be a personal experience for you.
On the contrary, Dubai’s real estate market is known for several benefits such as no taxes, transparent and straightforward procedures, high rental yields, high investment capitalization, and so on. The majority of individuals in Dubai desire to acquire houses that would provide them with a significant return on investment.
- Do The Area Research
It’s time to start investigating other places now that you’ve settled on your main goal of buying property in Dubai. Every property investor, in my experience, has a mental vision of the community in which they would like to purchase a home. Draw that image on paper, write bullet points, and then figure out which place in Dubai most closely reflects the region you’re thinking about.
This might be a long and exhausting procedure if you are unfamiliar with Dubai. So I normally ask my customers to jot down at least five attributes of their ideal property on a piece of paper to make things easier for them.
Now You Know!
Buying a property in Dubai is not easy, especially if you’re looking for villas for sale in JVC! Therefore, ensure that you have done all the desired research to make the most of your investment or purchase in the country. All the best!
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