Whether you are relocating or making an exciting move abroad, there are a few essential things you ought to be aware of before buying property in Dubai. The process can seem daunting, but by taking steps to ensure you have a comprehensive understanding of what to expect, you can navigate real estate with ease. Here is some advice to help you to be as informed as possible.
Distinguish between freehold and leasehold areas
What you may not know about property in Dubai is the rules surrounding ownership. Some areas do not permit full ownership – these are known as leasehold areas where you can only rent the property for a duration between 10-99 years.
On the other hand, you can buy property in freehold areas, and locations that fall within these boundaries include Emirate Hills and Umm Hurair.
It is therefore imperative that you do your research before setting your heart on a location that you are unable to reside in!
Check your financial eligibility
Banks in Dubai, like the majority of international banks, have strict criteria that affect your eligibility for a loan.
There are a number of types of documentation that will be required in order to assess your suitability. This includes a passport, evidence of your income, bank account statements, proof of address and residence. You should definitely ensure you possess all of these before approaching the bank for help – it will only result in encountering delays.
Learn about the area
Buying property is not a decision that should be taken lightly, and not least because you will have to establish a happy home there. Don’t rely on the recommendations of other people as the sole basis for your decision. Use recommendations as a starting point by all means, but ensure you visit the places you have narrowed down. Whether you want to reside in one of many villa communities in Dubai, or luxury apartments in Dubai are more your thing, looking around the properties in person will help you to make an informed decision.
Any location can look attractive on the internet; you will only get a real feel for a place when you are there in person.
If you require any assistance in finding your dream property in Dubai, contact Fam Properties today. Our team of friendly experts will be more than happy to help you.