So you want to buy a house. That’s exciting!
Wanna know what’s an even more exciting prospect?
Buying a house in Dubai.
Revealed by MasterCard to be the world’s 4th most popular city, futuristic Dubai has burgeoned into a real estate hotspot.
If you are reading this, then chances are that you too are attracted to the idea of owning a property in the City of Gold. A place where you can sunbathe on the beach, or ice skate in Dubai’s Olympic-sized ice rink.
Not to mention, you can grab the chance to claim the world’s largest shopping center as your local mall…
No wonder people from all over the world are purchasing properties in Dubai!
There’s no doubt, buying real estate in Dubai is an exhilarating idea. But, there are a few things you need to know about before you jump into the Dubai property market.
Fortunately, we have everything you need to get in on the know. So if you want to buy property in Dubai, read on!
1. What Documentation You Will Need When Buying Property in Dubai
According to Dubai law, you do not need to be a resident to purchase property in Dubai. What you will need, however, is the documentation required by the Dubai Land Department.
- Your passport
- A legal ID document
- Proof of address
- Contact details
If you are looking to apply for a mortgage within Dubai, you will need further documentation such as bank statements and a letter from your employer.
In addition, all documentation submitted to the Dubai Land Department must be translated into Arabic.
2. You Need to Get a Good Agent
When looking to purchase property in Dubai, it is advised that you seek out a good agent.
All reputable property agents should be registered with the Real Estate Regulatory Authority (RERA). To find registered agents, you can make use of their search tool for approved property brokers.
In addition, you may wish to select well-reviewed agencies such as City Walk Apartments.
3. You May Need Legal Advice
Besides using a trustworthy agent, you may also need to seek legal advice when buying Dubai property.
Like anywhere, property law in Dubai can become complicated. So while it is not mandatory, hiring an attorney to help with the purchasing process can be a good idea.
4. What Are Dubai Leasehold Areas
Before buying property in Dubai, it is important to know about leasehold areas. These are areas designated by Dubai legislation in which foreigners cannot purchase property.
Non-residents of Dubai can, however, lease properties in freehold areas, for up to 99 years.
5. What Are Dubai Freehold Areas
Freehold areas, on the other hand, do not hold the restrictions of leasehold areas. Here foreigners can freely go about buying properties in Dubai.
6. You Can Research Developers to Make Better Buying Decisions
Thanks to the majority of Dubai’s buildings having gone up in the last 30 years, it is not hard to track down the developer of a property.
Therefore, if you have your eye on buying an apartment in Dubai, or a house on the outskirts, choose one built by a reputable developer.
This way, you know what you are buying is well constructed, will stand the test of time, and may have a better resale value.
7. Which Area to Choose When You Buy Property in Dubai
If you are looking to start buying property in Dubai, it is important to isolate which areas will be likely to suit your needs best.
If you want to start buying houses in Dubai for investment purposes only, then look for areas with the most speculative potential.
On the other hand, if you are intending to live on the property, you will need to consider your own personal requirements.
Typical considerations are:
- Proximity to amenities, such as malls, hospitals, and schools
- Noise levels
- Crime level
If you are looking to buy property in Dubai, knowing these 7 things we have shared with you will get you off to a great start. It will also get you closer to a successful closing on the perfect Dubai property for your needs.
For more property buying must-knows check out our blog, where we dish out realty related advice, tips, tricks, and insight.