Do you have a long-time wish of buying a property in Dubai? You may be considering many things while you are on the lookout for your dream home like the type of property you want, and the location you want to buy. These considerations may make buying a property seem like a distant dream but with the help of the real estate agents in Dubai, you will be able to find your future home in Dubai located in the best area.
But before buying a property you should be aware of some important things. So here is a detailed guide on making your real estate investment a success. You can know all the information regarding how to buy property in Dubai and more.
Table of Contents
Decide The Purpose Of Buying A Property
There are some differences between buying a property for living with your family and buying a property for investment. Therefore you have to decide the reason you are buying the property because according to it you have to look for a property based on the aspects like the location, size, type, and more.
Further the property and its location can affect your style of living and also prove how profitable your investment is. So you have to decide if you want to live in the property after buying it or keeping it as an investment. If you want a property investment in Dubai then studios or spacious apartments are the best choices for it. These small apartments are easier to rent or sell to an agreeable renter or home buyer.
But if you are buying a home for your family to live in, you can invest in a wonderful family home or villa in Dubai. It is a great option for you and your family’s home needs as you can live comfortably in it. Whatever your choice of property, buying property in Dubai is an effortless process because there are excellent high-end villas and apartments available for you.
Find a Reputed Real Estate Agency
If you are buying in Dubai then it is important to find the best real estate agents to do the work of looking for a property for you. They will understand your full budget, your wants and your property requirements. So they are the best people to get help when you are looking to buy a property or property investment. With their expert assistance owning property in Dubai will not be a distant dream for you.
Off-plan or ready-to-move-in properties
In Dubai, you can find lots of off-plan properties as well as ready-to-move-in properties. The off-plan properties are properties under construction so if you are interested in properties like this, you can ask real estate agents in Dubai for more details about their availability. There is a waiting period when you are buying an off-plan property because property construction can take time. But the value of the property will increase rapidly as soon as the construction is complete, so you can save a lot of money when you buy or invest in off-plan properties.
On the other hand, if you want to move to a new property in Dubai immediately after buying it then ready-to-move-in properties are the best choice for you.
Choose the Location
One important factor you have to consider when buying a property is its location. The location plays an important factor because it affects your quality of life and also the worth of the investment. If you are buying a property to live in then you can scour for property in a location that makes traveling easy for you. The places that your family members visit every day like shops, parks, gyms, schools, and more should be near your home.
If you are buying a property for investment you have to choose a property in a location where it will be easy for you to find tenants or homebuyers. These are some of the location requirements you have to keep in mind when buying or investing in a property in Dubai.
Documentation Requirements
You have to provide some documents before buying or investing in a property in Dubai. You can seek the help of real estate agents to know what documents you need as the documents required may vary depending on the individual or a corporate entity. The documents you need as an individual buyer are-
- Legal ID
- Buyer’s passport
- Address proof
- Contact of details
If you are a corporate entity the documents required are-
- Original certificate of incumbency
- Certificate of Incorporation or Trade License
- Memorandum and Article of Association
- Legal translation of the memorandum
- Articles of association
- Resolution approving purchase
- POA
- Passport of attorney
Process of Buying Property
Know the process of buying a property, so your journey will be without any hassle. Have a look at the process.
- The buyer and the seller will agree to the terms of price and sale and have to sign the Memorandum of Understanding (MOU). The MOU has to be registered with the DLD.
- 10% of the fee is paid during this time.
- Then the buyer and the seller have to apply for the No Objection Certificate (NOC). There is a fee for NOC.
- The transfer of the property has to be registered with the DLD and a fee of 4% has to be paid.
- Finally, a new title deed is issued for the homebuyer and the property is transferred from the owner to the buyer officially.
Thinking Of Buying A Property In Dubai?
You can buy a property in Dubai with the aid of Dubai real estate agents. Find the reputed real estate agents who will guide you throughout the home-buying process and make it incredibly easy for you.