#Buy Property in UAE

[d-realtors]

What Are The Factors I Need To Consider When Buying A Property In Dubai

Thanks to the increased foreign direct investments and free trade agreements between UAE and other countries, Dubai has become one of the most happening cities in the world, especially for the wealthy across the globe.

 Besides free trade, low tax and zero income tax, Dubai is also dubbed as the business hub of the Middle East and enjoys the status as a favorite travel destination. Such features along with political stability and investment in infrastructure significantly boosted the country’s real estate.

 Reportedly, Dubai saw a 76 per cent rise in real estate transactions in 2022 which amounted to a whopping $140 billion, with a majority of buyers from Russia. If you are lured by the lush lifestyle and cheap service from low-wage laborers procured from Asia, Africa and the Middle East, and propelled to buy a property here, here’s how to make a smart purchase and enjoy your slice of the cake.

The Current Trends Of Property Demand In Dubai

While real estate in Dubai is broadly classified on a residential and commercial basis, the former is further classified as villas, apartments, penthouses and working houses or studio apartments that the opulent purchase to house their staff.

The commercial property includes office spaces, trade areas, warehouses, exhibition halls and industrial properties. While the demand for office space is believed to have subsided, the need for warehouses has increased due to enhanced e-commerce developments.

 The huge retail companies and international markets in the Emirates have caused this demand for warehouses and sorting places.

Appreciation For Dubai Property

 The strategic location and accentuating economy add to the appreciation of property value in Dubai. The flawless infrastructure makes any real estate investment fruitful, especially the off-plan ones.

 Through flexible payment plans, off-plan properties have enhanced appreciation since the property price increases as the building nears completion. Likewise, even end users benefit from buying a property at a lower cost with more value for money.

 Buyers can also benefit from various plans provided by promoters like post-handover payment plans and rent-to-own plans to name a few. Early investments offer immense profits through the appreciation perspective.

Allegedly the price of properties which are arriving in the markets here are expected to rise by 25 per cent per year. Demand for villas has superseded those for apartments and despite the shortage of luxury villas, the demand only grows.

 Zeroing In On The Right Property

The buyer must clarify self about the property type, purpose of the purchase, preferred locality and its functionality to satisfy the purpose, amount affordable for purchase, mortgage possibilities and the developer’s reputation to hand over the property in the scheduled time while purchasing the property.

 It is equally important to check the risks involved and estimated ROI on completion of the project.

Timespan Of Occupation

Purchasing a home anywhere across the world, leave alone in Dubai, must be considered on both a short and long-term basis. An apartment purchased by a newlywed or young couple may seem insufficient when the family expands.

Purchasing villas gives the option to expand and redesign besides providing a better return on investments. These villas which are excellently furnished can be sold to one of the increasing numbers of interested buyers if owners choose to relocate to another country.

 Budget

 As of February 2023, the starting price of a property in Dubai is reportedly between AED 3 lakhs to 3.5 lakhs. The price of apartments in Dubai depends upon floor area, locality and amenities among various other factors.

The buyer must be prepared to pay a 10 per cent refundable registration fee while purchasing the desired property.

Location 

The instance found below shows how price varies among localities for almost the same floor area.

 One-bedroom apartments measuring 800 to 900 square feet at Business Bay and Dubai Hills Estate at Mohammed Bin Rasheed are affordable. One-bedroom apartments are also available at Al Wasl (Jumeira), Dubai South City (Jabal Ali) at affordable rates.

 Single-bedroom apartments at Emaar Burj Vista measuring between 700 to 1000 square feet cost more than AED 2,00,000 at Downtown Dubai, Dubai Marina. Proximity to Dubai Mall, Dubai Mall Metro Station and easy connectivity to Sheik Zayed Road and Dubai Property justifies the costly price of this single-bedroom apartment.

The Purchase Medium

A buyer could save a lot of money by avoiding brokers or middlemen while purchasing property in Dubai directly from the owner. Notably, brokers charge a 2 per cent agency fee and a 5 per cent VAT charge on the fee.

However, while avoiding brokers, one forgoes professional assessment of properties and expert navigation of transaction details like the contract paperwork, for instance, the art of negotiating.

Dubai Land Department Service Charges

Dubai Land Department service charges, which are mandatory while purchasing property in Dubai, may be shared equally by the buyer and seller or might be entirely paid by the buyer. The DLD charges amount to 4 percent of the property value.

Additionally, the buyer may need to pay a mortgage registration fee if bought through a loan, which amounts to 0.25 per cent of the loan along with AED 290. If the DLD is not paid within 60 days, the purchase is understood to be canceled.

Property Service Charges

The property service charges which are calculated on a square foot basis may range between AED 3 to 30. Besides property service charges one must foot Dubai Electricity and Water Authority fees along with insurance fees, security deposit and property transfer fees.

The property service charge varies along with locations, project type and purchase purpose. The buyer should also pay a ‘sinking fund’ which is a reserve fund that meets expenses for major repairs in future. Interestingly the 10 to 15 per cent price drop in key locations of Dubai facilitates developers selling to new end users.

While places like International City, Discovery Gardens have low service charges at 7 Dirhams per square feet (psf), Business Bay, Dubai Marina, Jumeirah Lakes Towers, Sports City, Jumeirah Village Circle charge moderately at 10 Dirhams psf.

Arabian Ranches 1 and 2 require AED 0.89 psf and 2.44 psf respectively while Burj Vista property owners shell out a massive AED 17.44 psf for property services.

 Amenities And Their Scalability, Effectiveness And Quality

Villas are equipped with clubhouses, gyms and modern equipment and are tagged with excellent resale value. Villas in Dubai Hills, Arabian Ranches, Palm Jumeirah, Emirates Hills, Damac Hills and Al Furjan are sought for 18-hole golf course plus proximity to the city, connectivity to Sheik Mohammed Bin Zayed Road, Waterfront view, Privacy with palatial layout, family-friendly atmosphere and proximity to Expo 2020 site in the same order.

Handling Installments

Installment plans are popular in Dubai real estate purchases. 10 percent of the total cost is paid as advance which is followed by installments that cover half the entire cost at the time of handover.

 Documents Required

Copies of documents including Emirates ID, passport, Visa page, reservation form, Sales and Purchase Agreement and Mortgage Contract if applicable required while purchasing property in Dubai.

Check Developer Background

It pays to check the developer’s track records before approaching them to buy property. If the developer lacks dedication, his property abounds in unsatisfactory plans and poor finishes while laying tiles, cupboards and walls.

Where To Purchase Off-Plan Properties

Purchasing a property through D Realtors, a professional and authentic real estate player in Dubai, fetches access to the functionally and aesthetically best property in Dubai which is spread across in prestigious locations such as Mohammed Bin Rashid City, The Fields, Burj Khalifa district and Sheik Zayed Road to name a few.

Final Words

The decision to join the game cannot be delayed too much since the prospects have already caught the eyes of many. Waste no time in deciding to take the plunge because the competition is already in the news.

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