Things You Need To Know Before Buying Investment Property In Dubai

The real estate property in Dubai is vibrant, vigorous, and evolving gradually. Over the last 20 to 30 years, the real estate business in Dubai has expanded impressively. It is a dream city that unlocks opportunities for luxurious, furnished, opulent homes to buy for the residents and for expatriates to look for a dream home on rent or lease. Its economic stability and extraordinary standards of living that compete with the Western lifestyle, attract most of the enthusiastic homebuyers or prospective investors to turn their imagination of dream homes into reality.

If you are interested in buying an investment property in Dubai and looking for different opportunities in Dubai for investment, it can be the most successful, highly appreciated, and fruitful decision of your life if you consider some important things and make a checklist before stepping into the real estate hub. Whether you are a professional investor, a beginner, or simply a potential homebuyer, you must be knowledgeable about a few essential things before buying an investment property in Dubai. 

In this guideline, we have enlisted some important factors to consider to make your decision to buy investment property in Dubai more successful.  If you read this guide properly, the whole process of buying property can be stress-free and effortless for you. 

Prime Reasons To Invest In Dubai

Many people ask questions and are curious about investment property in Dubai. Why they should invest in Dubai? Here is the answer to this question:

Some of the prime reasons to invest in Dubai are:

• Sound economic conditions 
• Highest investment returns 
• The increasing number of ex-pats
• Tourist favorite destination
• Offer higher rental yields 
• Affordable property prices 
• Residential visa benefits 
• No Inheritance taxes 
• Tax-free income 
• An unbeatable climate 
• World-class amenities 
• State-of-the-art healthcare facilities 
• Business-friendly environment 

Checklist Before Buying Investment Property In Dubai 

Detailed below is your checklist for buying investment property in Dubai: 

Personal Objectives 

In the process of buying property in Dubai, the first thing that is crucial to identify is your objective. What are your main purposes for buying property? Are you looking for property from an investment point of view or want to buy it for your personal use? Do you have a family to stay with? Is your stay in Dubai a long-term stay or a short-term one? What are the requirements and nature of your job? Is there any chance for an upgrade or transfer to another location?  You must be very clear about all these questions before making a final decision. If you do not bother them, these can serve as hurdles in your journey of buying property in Dubai. 

Identify The Location Of The Property

The location of the property is the prime factor to consider. The location plays a vital role in determining the value of your property. Dubai is very rich in providing ideal locations for properties. There are different gated communities in Dubai. Some communities are located on distinctive islands in Dubai like Palm Jumeirah, some are waterfront communities like Dubai Marina, and some communities are known as golf communities that give breathtaking views of landscapes and lush greenery such as Dubai Hills Estate, and some residential communities are considered the most energetic and active as these communities located in the center of the city and have easy access to the rest of the city such as Downtown Dubai. 

All these communities are surrounded by state-of-the-art facilities like shopping centers, healthcare facilities, and educational institutes. The property values and price ranges vary from community to community and location to location. The price of a 2-bedroom apartment is different in Downtown Dubai from the same apartment in Dubai Hills Estate. So, choose the community and location of the property according to your preferences, needs, and budget.  

Determine The Property Size 

Dubai offers various types of properties including studios, flats, apartments, penthouses, villas, and townhouses. Every property differs from other properties in size. Studios, flats, or apartments are small residential properties, and villas or townhouses are large properties that offer more space for living. You can choose the property according to your family size. If you are living alone, studios or 1-bedroom apartments are the best option for you. For couples, 2-bedroom apartments are suitable, and for large families, villas or townhouses are favorite homes. 

Perform A Financial Analysis

Analyze your financial condition, are you able to afford luxurious property in one of the most vibrant cities of the world? It is important to get your finances in order. Consider the price of the property and additional costs in buying the property like title transfer fee, registration fee, and more. It is advised to consult professionals like financial advisors or loan officers. So, you will be able to get all the necessary information related to mortgage terms and conditions. 

Knowledge About The Legal Process

Dubai’s real estate sector has a proper legal process to follow. There are rules and regulations and legal issues to be obliged. For buying a property in Dubai, legal documentation is required. Before starting the process of owning an investment property, it is advisable to get knowledge about the legal process and requirements.

Maintenance Of The Property

If you are investing in ready property or secondary property, it is essential to analyze the condition of the property. The condition of the property must be fair enough so you do not need to spend extra money on the maintenance of the property. On the contrary, if you are investing in a brand-new property, you need to examine the construction material of the property. 

Off-Plan Property vs. Ready Property 

There are two types of projects in Dubai’s real estate investment. First is off-plan projects and second is ready projects. Off-plan projects are under-constructed projects, you can invest in off-plan properties with low investment in your hand, in these projects you do not need to pay the whole amount at once. The developers offer flexible payment plans for such projects in Dubai. Currently, there are many off-plan projects in Dubai. After conducting some research, you can be part of any of these renowned projects. 

Final Thoughts 

With all important factors such as objectives, location, size, finances, legal process, maintenance, and unique features of an off-plan project, it is advised to hire a reputed real estate agent to find the best investment property for you. A professional and experienced real estate agent can make the whole process straightforward, informed, more successful, profitable, and stress-free.
Visit EREhomes.ae for more information.