ByIf you are exploring the real estate market to build up your first home then Dubai’s real estate market is an ideal destination. Dubai is one of the most popular and successful cities in the world. Unique infrastructure, skyscrapers, iconic developments, exceptional architectural designs, and state-of-the-art facilities are the features that set it apart from other globally renowned cities.
In Dubai’s real estate market, we can witness exceptional growth and it offers multiple opportunities in various types of projects including off-plan projects and ready properties. The most amazing thing about the city is that it also allows foreigners or expats to own homes in designated areas. So the local emirates and foreign homebuyers have equal opportunities to buy homes in Dubai.
If you are a first-time homebuyer in Dubai or enter Dubai’s real estate market as a newbie to find a home according to your needs, it can be a daunting and challenging task to perform. In the real estate hub, Dubai with bundles of options in properties, the first-time home buyer becomes confused about finding the right home that suits you and fits your budget and expectations.
To minimize the confusion and reduce the efforts of buying a property for the first time in Dubai, we have gathered a bunch of tips for first-time homebuyers in Dubai. As a newbie, if you consider these tips or factors before making a final decision about your property and keep them in mind, you will have the best experience of buying property in Dubai.
First-Time Homebuyers In Dubai: How To Buy A Property In Dubai
When entering the Dubai real estate market for the first time, this article will help you avoid common pitfalls. After reading this, you will be able to make an informed and wise decision and your property journey will be more successful.
Here is the list of top tips for the first-time homebuyers in Dubai sources from ERE Homes
Set A Budget
Before you enter the real estate market in Dubai, the very first factor to consider is your budget and financial condition. Determine your budget, and price range to buy a property, and find out what you can afford. The expenses of buying a property include the original price of the property and additional charges associated with buying property in Dubai. These additional charges are utility deposits, service charges, downpayment, mortgage fees, and property maintenance.
It is advised to use a mortgage calculator to get an estimate of monthly payments and overall affordability.
Understand The Market
Before buying a property in Dubai, it is necessary to understand its real estate market. What is trending in the market, and what is the price range of different properties? Is the return on investment increasing or decreasing? Which type of property has more demand and high value? All these questions are crucial to understand and the right information will help you to make an informed decision.
In Dubai, for foreigners or expats, there are some designated areas where they are allowed to purchase the property. Get information about these areas and recognize the difference between freehold and leasehold properties, and the different policies introduced by the UAE government.
Legal Considerations
Every country or city has some rules and regulations regarding buying or renting a property. Similarly, Dubai has some laws, like tenancy law and many others. It is an obligation to follow these laws in property matters. Moreover, there are some legal considerations in buying property, legal documentation, and legal procedures to follow.
The legal process of buying a property in Dubai is divided into four steps:
- Creating the buyer-seller agreement
- Signing the memorandum of understanding
- Getting a No Objection Certificate
- Transfer of ownership
It would be really helpful if you get legal advice from the legal team and experts.
Location and Community
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.
Find the property with a prime location that suits you and must be in proximity to facilities such as close to your job location so you do not have to waste money and time traveling. Make sure the availability of educational institutes, medical facilities, shopping centers, grocery stores, recreational parks, fun-loving areas, fitness centers, and many more near the property you have a plan to choose from.
Property Inspection
If you have short-listed the properties that suit you according to your needs and budget and everything is perfect and ideal then the final step that will help you choose the property is the physical inspection of the property. Analyze the physical condition of the property, and check the structural integrity, plumbing, electrical system, and any other potential issues. It might be worth hiring a professional inspector who can guide you in a better way and ensure that nothing is overlooked.
Hire A Reliable Real Estate Agent
Hiring a reliable real estate agent for purchasing a property is a wise decision. Real estate agents in Dubai are experts and professionals in their field. They know all the ins and outs of the market. They have enough knowledge and provide more profitable and beneficial opportunities in the real estate market. The agents find something for you that exactly matches your needs and expectations. They make the whole process of buying property easy and stress-free for you.
Conclusion
By following these tips such as defining your budget, understanding the market trends, legal considerations, and location of the property, analyzing a property condition, hiring a reliable real estate agent, and conducting thorough research, you can make a well-informed decision about the property and can find your dream home in Dubai.
