“This blog states about the ways that can assist expats in buying property in Dubai.”
5 Tips to Buy Property in Dubai for Outsiders
Dubai a vibrant city has become very famous place for foreign investors and expats. In recent years due to some changes in the law the doors have opened up for the Dubai property market to foreigners. It has now become simple and easy to purchase property provided that you have the required money. You can always go to expert for his advice so that it can help you in negotiating with the local laws and regulations.
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How To Find Property That You Want To Buy in Dubai
The below points will give you a fair idea about how to find properties in Dubai:
1. Decide what kind of property you are interested in.
The Foreign buyers generally select either apartments, townhouses, or villas to purchase. They look for properties at the location which usually have secure complexes with communal leisure facilities such as gyms, swimming pools and tennis courts.
Dubai has enjoyed a construction boom since 2002 when by royal decree, foreign nationals first became eligible to own property,
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You need to make sure that you are searching an area in which foreigners are allowed to buy property.
The list of the most popular, luxurious and expensive developments include Al Hamra Village, International City, Emaar Towers and Jumeirah Gardens.
2. Start Online Search
In Dubai numerous agencies and estate agents list properties online. So it is always good to search any property online first. It is up to you. You can buy properties either from from estate agents or from property developers. The Estate agents usually sell resale properties that means properties that have already been built and have previous owners.The property developers usually sell off-plan properties which probably or may be still under-construction.
3. Contact Expert Agents
It is best to employ an estate agent to work with specially when you want help with your search and want to talk to someone with expertise about the property market in Dubai. Estate agents can assist you in finding properties and can give a fair idea of your options to you. Big real estate companies are habitual of dealing with foreign buyers and will or can speak English.
Taking decision to hire an agent will help you avoid any potential pitfalls as laws and regulations can change quickly in Dubai.
You can expect to pay a fee of between 2% and 5% of the value of the property in case you hire an Estate Agent
The regulatory body for Real Estate in Dubai is the Real Estate Regulatory Agency (RERA). With the help of this agency you can always check the credentials of anybody you hire as an real estate agent.
4. Attend property fairs
The property market in Dubai is still quite novice and so of course young but it is growing fast. Due to this reason usually a leap of property bought by foreigners is bought from developers who may not have experience in the development yet. Property fairs are organised and thus a popular way for developers to showcase their work and meet potential buyers. These property fairs are organised throughout the globe, so look for one visiting a city near you.
Please be informed that you must always check that the developer with whom you will take help is registered and licensed with the RERA.
5. Visit Dubai
Please sure that you have spent a little time in Dubai before you think about making a move for a property. In case you are planning to buy a resale property please ensure that you search and view as many properties as you can and ask the same questions that you would have asked if you were planning to buy a property anywhere else in the world.
Please make sure you go to see similar properties by the same developer that are finished specially when you are buying off-plan or construction is not complete
You should be able to attend the property fairs that continue all year when you are in Dubai as you will be able to explore paper listings in specialist local newspapers and magazines.
I hope you have gone through the above blog and probably you will now have an fair idea about how to buy properties in Dubai. It has become much more easier for foreigners to buy and rent property in Dubai because of change in the law in 2002. However, you need to have certain documents like a valid passport to prove your identity. To buy a property you are not required to hold any type of residency permit but in case let us say you want to stay there then you will have to take care of this.
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