Dubai is now a beacon for international investors because of its iconic skyline architecture, tax-free policies, and global business status. You have likely seen headlines like “Dubai’s Property Market is Booming!” “Luxury Real Estate Witnesses Record Sales” or many more like these. This is right; the real estate market in Dubai is sky-high at the moment. However, along with the locals, foreign people also hope to buy property in Dubai to experience its lifestyle and make profits.
If you live outside Dubai and want to invest in property, this guide can help you. Herein, we will provide a proper guide to investing in new Off-Plan Properties in Dubai.
| Freehold | Leasehold |
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Freehold property means you have ownership of the building and the land. You have the right to use that property as you wish and can also pass it on to your descendants. This is the most popular type of ownership among foreign buyers. |
You can only use the property for a specific time limit in a leasehold property. At the expiration of the lease, everything returns to the landlord. It is less common for international clients interested in marketable real estate who intend to spend substantial time in the country. |
Apartments: These are available in all styles and layouts, from studios to penthouses, and are perfect for individuals and small- to medium-sized families. They are located all across the city.
Villas: Larger property with additional features such as gardens and swimming pools. These are ideal for larger families and are usually priced accordingly.
Townhouses: These are generally smaller than villas and include a small garden, ideal for clients looking for more room than the average apartment without the costs associated with a large villa.
Commercial Properties: These include offices, shops, and warehouses and are suitable options for people looking to invest, but more legwork and thorough research are required.
Calculate the total spending you are capable of spending. Be prepared to add prices such as agent fees, registries, and legal fees. Contact a local bank before investing, gather as much information as possible, and understand how much you would realistically be able to borrow.
Each bank has different requirements for international clients, so it’s essential to research how they operate in the UAE. When it comes to international forex services, you could contact a specialist and determine whether their rates could benefit you or not. Always keep an eye out for specialist foreign exchange services as they can impact your rates.
Market knowledge related to legal frameworks and other areas can be helpful. Therefore, hiring a real estate agent can aid you in finding a property that suits your specifications and budget. However, be cautious when finding an agent. Check whether they have a Real Estate Regulatory Agency (RERA) license.
Check out sites such as GRD Off Plan, providing a list of Dubai properties from certified developers. This is an excellent start as it allows you to find the current prices and the type of property available. While searching online is beneficial, going out and viewing the properties is ideal. Doing this lets you analyze the location and ensure the property fits your needs.
With the assistance of your agent, make an initial offer on the property. Do not hesitate to make counteroffers. After the acceptance of the offer, both you and the seller will sign a MOU. MOU contains the critical terms and conditions of the agreement, property details, property price, and payment deadlines. While signing an MOU, a buyer must pay around 10-20% of the total property price.
Engage a reputable real estate lawyer in Dubai so that legal due diligence can be undertaken. Go through every term and condition in the written and verbal communication to ensure nothing is missed. Your lawyer will handle many connected activities, such as verifying the title deed and the property concerns.
If the acquisition is to be financed, then a mortgage is required with the bank. The bank will also need a valuation of the property to assess the price you are willing to pay should the sale go through.
The transfer of ownership to the Land Department is a bit of a complex process. However, your lawyer and agent will try to ensure it is free from hitches. You’ll also be responsible for paying the transfer and registration fees (around 4 percent of the total amount of the property). Your title deed is your proof of ownership of the property upon completion.
With the assistance of your agent, make an initial offer on the property. Do not hesitate to maIf you want a rental income, hire a property manager to find tenants for the property. They collect the rent and take care of the property regularly (maintenance includes all necessary connections, including water, electricity, and internet). You may also consider purchasing property insurance for your new place. ke counteroffers. After the acceptance of the offer, both you and the seller will sign a MOU. MOU contains the critical terms and conditions of the agreement, property details, property price, and payment deadlines. While signing an MOU, a buyer must pay around 10-20% of the total property price.
GRD Off Plan in Dubai presents an excellent opportunity for foreigners to find the most reliable property. On our website, you can find your dream Dubai property easily. We’ve got precise details on all the newest developments, up-to-date market info, and helpful experts ready to guide you. Whether after a fancy apartment or a spacious villa, you can browse all sorts of properties with no hassle. Begin your Dubai investment properties search with GRD Off Plan now!
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