Buying property in Dubai can be the most significant investment in your life. The idea of investing in a property can be challenging and exciting at the same time. The never-ending kind of selection you get in Dubai when it comes to property can be the challenge you will have to work around through careful research and analysis. And for the exciting part, you will love the property journey, amid the spectacular array of luxurious properties which are commonly available in Dubai.
Before you get into the real estate market in Dubai, you may want to read these five vital points recommended to help you find the best villas for sale in Dubai among the large variety of properties which you will see during your search. Whilst you can be assured the Allsopp & Allsopp real estate brokers in Dubai are trusted real estate consultants who can quickly help you through this daunting process anytime you need it.
Is it freehold or leasehold?
In Dubai, properties fall under two major categories as per the UAE government regulations – the Freehold areas and the Leasehold areas. As an expat, you are not permitted to own a property in the leasehold areas, although you can lease a property for a period that can be from ten years to 99 years. The properties in the leasehold areas are owned by UAE nationals only, while if you are an expat investor, you can think about leasing property here.
Freehold areas are the spots you should be targeting if you’re interested in investing in a 100% ownership property. The advantage of freehold is you not only own the villa, but you are also eligible for a residence visa if you’re not living in Dubai already. Dubai has a vast collection of incredible freehold villas you can choose from, but before that there’s more you need to understand.
Purely investment or end-use?
When we say purely investment, it can mean you are planning on a buy-to-let villa and looking at capital gains over some time. In this kind of scenario, you will have to know the potential of the area before you shortlist it. Does the community show promising growth in terms of real estate price? What was the launch price of villas in that area, and what is it now? If there’s been too much of a spike in price, then you may want to reconsider this area and analyse more about its future potential. How about the rental returns in the area? If you’re getting the answers to all these questions, then you have made the right choice for investment – only property.
In Dubai, there are a large number of people buying a villa for end-use. The cost of renting a villa can be high, and many a time, it’s a smarter choice to buy a villa instead of paying steep rents.
When it comes to end-use, you should be thinking about a whole list of essentials when you shortlist your home. The access to local amenities and excellent metro connectivity can be at the top of your list. Highly regarded schools, convenience stores, malls and parks are the necessary amenities that you can focus on as an end-user. Well, of course, the proximity or connectivity to your workplace is most important here.
How good is this community?
While buying your home, it becomes crucial to know more about the community and its residents. As you know, Dubai is an enormously multicultural city; you may want to know which nationality occupies the community more. This will help you in understanding if your local or favourite food, restaurants or perhaps the education board that you prefer most is present in that area. Plus, you indicate the cultural set-up of the neighbourhood as well. However, the perks of living in the fantastic multicultural city like Dubai lies in you experiencing its wide variety of culture the right way.
Find a reputed developer
Now, this is an essential step in your villa hunt. The quality of construction mainly falls in the hands of trusted developers. You can research the various prominent developers in Dubai and finalise the villa project that’s perfect for you. Whilst you shortlist the developer, detailed scrutiny of their past properties, their original price and current price and their handover date are the elements to cover. A reliable developer never delays the project unless it’s an unforeseen situation beyond anybody’s planning. Understanding the project delivery pattern of the developer can help you know the developer better, rather than making a decision instantly.
If the villa is a ready one, and you are buying from the resale market, then, it’s straightforward, and you will see the property.
Charges you need to know
Finally, after a thorough analysis of the essential things to consider when you invest in a property in Dubai, you may want to know the fees or charges over and above the property cost. There are some fixed expenses when you go for the property. The agent will charge a price that’s usually about two per cent of the purchase value. This charge may vary agent – wise though. Then there’s a Dubai Land Registration fee that’s calculated on the purchase value of the villa. Additionally, there can be a meagre charge of about AED 2000 to AED 4000 that’s again relative to the purchase price of the villa.