How to Buy Residential Property in Dubai?

You may be going to buy home abroad or willing to buy your dream home in native country, buying property has always been a huge financial commitment. In order to end up your deal successfully buyers must consider few basic things, especially if you are planning to buy overseas. Good understanding with market trends and standard rules to buy assets is necessary.

Boosted up from small fishing village, Dubai has got itself recognized among well-developed cities across the globe. State of the art infrastructure facilities, dynamic lifestyle, adventure and entertainment along with luxury developments have amplified city image as desirable place to live. The tax free lifestyle, entertainment and luxury dragged everyone towards this Middle Eastern hub city for holidaying and relocating. Initially foreigners were only allowed to rent accommodation unit to live there. Having considered the great interest of foreigners in emirate estate market, State Government introduced new legislation in year 2002. The free hold property law empowered foreign buyers possessing great in buying property in Dubai. Later, specific neighbourhoods and projects are designated as freehold areas to facilitate foreign buyers.

Whether to buy an off-plan or ready now unit?

Property transactions are mainly subdivided in two major types i.e. off-plan and ready now. Buying an off-plan unit in Dubai means unit does not actually exist, rather the whole construction and floor plan is available on paper. However, a model unit exists to display design and quality of work, the project developer is offering. Usually developers allocate specific date to deliver finished units. The buying process starts from online registration form later you need to submit required documents along with 10% of total price to finally book a unit. On the other hand buying ready-now is more suitable for cash buyers. If you don’t have enough funds UAE banks also offer mortgages in accordance with total asset price. Although this method is quicker as compared to off plan buying, sometimes it becomes difficult to obtain mortgage.

Buying off-plan in Dubai

So you have decided to buy off-plan property, don’t forget to check developer reputation before paying initial deposit. Observe the finished projects of respective developer you have chosen for quality of work history of project delivery. Also check that developer is RERA certified with active Escrow account to collect payments.

Buying ready now in Dubai

In case you have arranged funds to buy a home directly from seller. It is necessary to check mortgage status before receiving title deed. It is necessary to take approval before making final decision. Pre-approval ensures that you can proceed to finalize the deal. This will also save your time by making you eligible for finances to buy a home. Usually banks survey the property you have chosen to buy before issuing mortgage to estimate whether it’s safe to lend or not.

Estimate your budget

Budget mainly decides the buying power of buyers. Having estimated your budget, you can make better decision. Whether you are independently searching or working with real estate agent to find desirable accommodation unit, this will facilitate you to screen the suitable property. Furthermore, you also come to know that capital you have allocated for buying accommodation unit is suitable enough or not.
Search to select the right property

New developments arousing all the time across Dubai, there are too many options for those who want to buy residential property in Dubai ranges from villa, apartments and holiday homes. Irrespective of buying off-plan or ready now, buying involves huge capitals. It is necessary to research well to choose the right kind of unit. Make a check list for essentials you want to see in your dream home. List will include everything from size and dimensions, resale value, access to public transport and community amenities to everything about surroundings. If you miss any of these things while searching property, you will not be able to make decision confidently.

Consider working with reputable real estate consultant

Working with RERA certified real estate consultant is mandatory for everyone looking to buy residential units in the city. They can better help and educate you to make the right decision. They are very well aware with market trends and legal implications. A professional agent is so capable to provide primary knowledge to his clients in order to ensure that their clients will make right decision on their own. Despite strong efforts by Dubai Land Department (DLD) and Real Estate Regulatory Authority (RERA), you may still encounter unauthorized brokers.

Residential property in Dubaihas been constructed to cater accommodation needs of singles, families, elites as well as low salaried individuals. Once you have completed all documentation and budget estimation to buy residential unit in Dubai, you can easily narrow down the options in the market according to your needs. After careful analysis and discussion with your agent it becomes possible to make right decision.