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It’s never a bad time to invest in real estate property in Dubai. The city offers a tax-free environment to investors and therefore, one does not get burdened by too many taxes while buying a property. Without high tax expenses, both individuals and companies get the opportunity to maximize their profits.
Apart from its tax-free status, the kind of growth Dubai has seen over the years has made it an attractive destination for real estate investors. Along with affluent and experienced investors, Dubai has greatly attracted the attention of those who have been planning to invest in real estate for a while but have not taken the plunge.
The pro-business policies of the government, too, have contributed greatly towards a large number of investors showing interest in the real estate space in Dubai. While some buy properties for their use, many invest in them to set up businesses or to make lucrative profits in the future.
Though Dubai proves to be a fantastic place for investing in properties, as is the case with any kind of investment, you should read up on a few things before buying a property in Dubai. Speaking to real estate experts would help one get a good idea of some of the important information governing the purchase of a property in Dubai.
Apart from the important laws or rules surrounding property acquisition in Dubai, one also needs to have some idea about how to go about some of the processes involved in buying a property. The more clarity you have, the easier you will find cracking the deal.
Here are some of the things you must know before purchasing a property in Dubai:
Purpose
When somebody tells you that investing in real estate in Dubai proves to be a very lucrative option, you might rush to acquire the first property somebody shows you. However, that is not the right way to approach property deals. Before buying any kind of property in Dubai, you should have complete clarity about what you want to do with it.
If you plan to move to Dubai with your family in the future, you should invest in a residential property. Before you move in, you can put up the property on rent and earn a good rental amount every month. If you want to invest in a commercial property, you should have some idea about the kind of business you want to set up.
Legalities
Before acquiring any kind of property, you should be aware of the legalities associated with it. It is advisable to carry out all transactions related to real estate in Dubai through a reliable real estate agent or broker. It is imperative for all transactions revolving around properties or real estate to the different laws and regulations in Dubai.
The laws and regulations are put together to safeguard the rights and interests of both the buyers and sellers. Every process involved in acquiring a property, including title transfers, deposits, and mortgage applications, has multiple laws and regulations governing them. To ensure you do not break any law or rule, you must seek the help and guidance of a broker at every step of the way.
Location
Before you spend your hard-earned money on buying a property in Dubai, you should have some awareness about the different locations in the city and their significance. You should figure out what a particular area or locality would offer you. Sometimes, people invest in areas that are still developing as they get properties at lower rates.
If you are planning to buy a residential property in Dubai, you might want to opt for an area that has public transportation facilities, educational institutions, shopping centers, and recreational facilities. Areas which are conducive to business activities are more suitable for investing in or setting up commercial properties.
Cost
The cost of the property is one of the most important factors that you have to take into account while buying a property. If you are not good at budgeting, you can seek the help of real estate experts in the process. Before you buy any type of property, your finances should be in order.
Apart from the selling price of the property, a prospective buyer also has to take into account several other types of fees and expenses such as registration fees and title transfer costs. While arranging for finances or taking a loan from a bank, the buyer should consult loan officers or financial advisors and should have adequate information about the financial options available at their disposal.
Things To Know Before Buying Off-Plan Properties in Dubai
An off plan property is a property that is put up for sale by the developers before it reaches completion. The buyer looks at the floor plan of the property and decides to invest in it. Off plan properties are synonymous with healthy returns and convenient payment plans. Purchasing an off-plan property in Dubai proves to be a good decision for most buyers.
Here are some important things you should know about before investing in off-plan properties in Dubai:
Completion
As stated earlier, off-plan properties are the ones that are sold before they reach the completion stage. Because of this, the buyer has to be a little careful and get all the important details about the completion of the project. Since delays happen in completion and handover, the buyer has to ensure they are dealing with the right people. The buyer should ask the seller or the developer to give a written agreement about handing over the finished property on a particular date.
Reselling
A lot of people believe that reselling an off-plan property they have acquired involves a lot of hassle. Reselling an off-plan property in Dubai will not be tough but there are a few things one needs to remember. A buyer cannot resell an off-plan property without paying the full amount. Once they paid the total amount, they are free to resell it at the price they wish to.
Company Bio – Falcon Premier Real Estate
When you look for the best real estate agency in UAE, you will find most people pointing you toward Falcon Premier Real Estate. For years, the company has helped people secure the right properties for themselves at fair prices.
