After the year 2002 a freehold decree got introduced and according to that people even from foreign lands also became able to buy, lease or sell a property in Dubai and other parts of UAE. Since then, Dubai has become a tremendous popular destination when it comes to real estate investments.
A lot of people are looking for property for sale in Dubai because there is a healthy property market which is growing up and thus buying a property there can be considered to be a very good investment. It is said that the purchasing process in Dubai is actually very simple and easy in comparison to other countries. Here the process of purchase is a very straight forward one but still one has to keep a few things in mind before making the investment.
- First of all, one has to be very clear about the purchasing process in Dubai. Here, the properties can be purchased as a ‘resale’ from any private seller or as an ‘off plan’ from any developer. When one is going for the off plan purchase then the expats has to submit their passport along with the terms and condition filled reservation form. There has to be a reservation fee which has to be paid and it can vary from 5 to 15 percent so that one can draw the sales and purchase agreements. If one is going for any resale property then there is a memorandum of understanding that has to be there along with some terms and conditions.
- One also has to have a clear reason that why they want to buy a property in Dubai. Sometimes the primary purpose of the purchase id for investment and many expats want to rent out such properties. Then, one has to look at the property market and also look for some types of properties that can have the highest rental yield. But it is said that an investment made on a 2 bedroom apartment can be any day a better idea than going for a villa purchase though the latter can give a luxurious living experience.
- When one is buying a resale or an off plan property then the buyers may have a lot of questions. When one is buying a property from the developer then it is a good idea to research a bit of the developer’s reputation and their market name before selecting them. If one wants to take help from a real estate agent then one needs to see whether the agent is registered with the Dubai land department or not.
- If one us intending to purchase a property that is already in existence then they also need to survey the property really well. One needs to check the condition of the property before making the final decision.
These are very essential when one intends to own a property in Dubai. One can also research online that which communities in Dubai can be good for the residential purposes and what facilities are available.