Dubai is famous for its architectural masterpieces and Guinness World Record-listed sights. The metropolis attracts homebuyers from all over the world. One third of residential and commercial units are purchased by people who have already owned a property in the emirate. This trend is justified by the fact that the local market offers highly profitable real estate that is attractive for investments. These properties can boast stable rental income and fast capital growth. This article is for first-time investors and end users who are looking for property to buy in Dubai for the first time.
Set a budget and organize your finances
Setting a budget and organizing finances are the very first steps in preparing in case of any major purchase. Purchasing a home is no exception. In fact, it deserves much more attention since this is one of the most important deals in most people’s lives. A buyer should take into consideration many factors, including:
- purchasing power;
- monthly income;
At the same time, extensive market research should be done. A buyer needs to know about the current prices of the property he is interested in. As an example, if he is looking for a premium villa in an elite community, he should compare the prices of these properties in different locations. All this information will give you an idea of how much money you need to save.
After that, he should begin to organize his finances. Property prices in some areas of Dubai are extremely high. To conclude a real estate transaction, many resort to financial assistance, such as a mortgage loan from a bank or the private creditor’s services. The maximum amount of money to borrow depends on a number of factors, including the current job situation and creditworthiness.
Individuals applying for a loan should make sure they have a good credit history. Otherwise, there is a high chance that their application may be rejected.
Tip: take into account the full cost of a selected unit, including legal fees, deposits, and maintenance fees.
Choose a location
The choice of location largely depends on the purpose of acquiring property. If it is a buy-to-live or buy-to-rent-out unit. In the first case, it is better to look for an area close to the workplace of the future homeowner and in accordance with his lifestyle. A location with a relaxed atmosphere, a developed transport network, and the necessary amenities within walking distance is recommended. Of course, it should match the budget of the buyer.
Investors also need to consider several other factors. Return on investment is the most important one. First of all, attention should be paid to real estate located in areas with high investment potential. A good example is Dubai Marina. Ideally, the place should be popular among tourists, close to the beach and famous sights.
Tip: define the purpose of your purchase. Housing purchased for personal use differs significantly from investment properties. When choosing a buy-to-invest unit, you need to analyse the market and determine the rental income and capital gains it can bring.
Create a list of ideal property characteristics
After organizing the financial side and selecting a suitable area, the buyer should move on to the next stage and specify the property type he needs. Depending on his needs and budget, he can choose between apartments, penthouses, townhouses, duplexes, villas, and other types of units.
Please keep in mind that not all Dubai apartments or villas are the same. They vary in layout, architectural style, floor space, and available amenities. So, the buyer should make a list of the characteristics of an ideal property. It should include any details like the number of bedrooms and baths, the presence of a terrace, a balcony, a garden, a swimming pool, a patio, etc.
A clear understanding of your desires will not only make housing selection easier, but will also help the real estate agent find as many options as possible that meet chosen criteria.
Tip: Ask yourself as many leading questions as possible to describe the perfect home:
- Do I need a villa or an apartment?
- Do I want to live in a coastal community or in a Downtown?
- Do I need schools, public transportation, restaurants, and shopping malls close to my home?
These answers will help make an informed decision, which he will not regret later.
Assistance with buying property in Dubai
Finding a property that meets all the characteristics and criteria of an ideal home is the most difficult task for any buyer. On the official Emirates.Estate website, you can use the catalog with numerous filters that will help you sort the units into the right order. There you can also contact the company’s specialists to obtain assistance in this issue and get full support during the real estate transaction.