Despite the pandemic, Dubai real estate experts reveal that property sales have soared since June. With lower prices and the flexibility of payment systems, most expats and locals want to seize the opportunity to buy properties. With the various options available to you, you may feel confused.
How do you ensure that you are dealing with a legitimate transaction? How to make sure your hard-earned investment is worth it? Here are the dos and don'ts you need to know when buying a property in Dubai.
Buying Real Estate In Dubai: Do's and Don'ts
What to Do: Real Estate Tax Research in Dubai
Dubai may be exempt from taxes, but not everything is. That's why we recommend consulting a Dubai real estate expert first to guide you on tax laws. They will help you study the market, learn about current tax laws and prepare your documents. Often, agents will also help you minimize your taxes on real estate.
What to Do: Know Other Real Estate Related Expenses
Another thing to consider before buying real estate is the calculation of other fees. In real estate in Dubai, it is not enough to pay the initial value of properties. You should also consider other fees, such as agent fees, registration fees, ownership transfer fees, etc. These other fees may affect your budget if you are not careful.
What to Do: Familiarize yourself with Administrative Formalities
The next step is to familiarize yourself with the entire real estate process in Dubai. Conduct careful research to find out what to expect before closing a transaction. This includes the terms of payment, legal aspects, etc. Once you are familiar with the paperwork, you will have a real estate transaction without problems.
Not To Do: Buy the First Real Estate You Will Find
Dubai's real estate market is booming, making your choice overwhelming. Often, first-time buyers become infatuated with the first property that their agent presented to them. We advise you to resist the urge to immediately embark on the adventure. Instead, keep prospecting to find properties, check their requirements, features, equipment and developers. This will help you limit your choices and find the best property before making a final decision.
Don't: Forget to explore All Possible Financing Options
Although the best financing option to pay for a real estate property in Dubai is cash, most investors are still exploring other possibilities. They may not be able to afford to pay in full, they may not want to exhaust their resources, or they may have other projects in which to pool their funds. Often, most investors turn to Dubai banks for financing.
You need to check its financing conditions, interest rates, etc. The advantage, however, is that most developers and banks in Dubai offer lower interest rates. In addition, it also offers incentive packages for first-time buyers. So take this opportunity to find the best financial setup for you.
Now that you know what to do and what not, it's time for you to start finding the best Dubai property for you! Consult our experts now to help you with the transaction process.