Tips for Property Buyers in the UAE
The UAE property market attracts real estate investors from around the world. The demand for properties in Dubai is very high because of its strategic location, offering easy access to Asia, the Middle East, and Africa. Besides, Dubai is well-connected with London and various European markets.
As a global tourism destination and a leading business hub, the UAE also offers a high quality of life, investor- and visitor-friendly visa laws, and property ownership at specific locations. However, it is important that you exercise caution and perform due diligence to ensure that you protect your interests. Having said that, here are some helpful tips if you are thinking of buying a property in the UAE:
- Be clear about the purpose of investing in a property in the UAE.
- Identify the neighbourhood depending on your needs.
- It is always safer to buy a new property as it is the responsibility of the developer to fix all glitches.
- As it is one of the biggest investments in your lifetime, decide your budget based on your financial situation.
- According to experts, it is best to buy a property when there is an economic slowdown because that is when more people sell their properties.
- Choose the best developer. The UAE’s real estate market involves a master developer, a project developer, and a maintenance company. The master developer is responsible for the construction and maintenance of a community, while the project developer supervises the construction and maintenance of just one building.
- Deal only with registered or licensed property developers and real estate brokers.
- Demand the project accreditation certificate from the real estate developer you have chosen because a project can be launched or announced after obtaining the certificate. This applies to both ready-to-move properties and off-plan or under-construction properties.
- You must go through the contracts with a toothcomb before finalizing a real estate purchase. It is also important to check all details such as floor plan, number of bedrooms, and the sizes of rooms. Double-check the handing-over date and the payment schedule.
- Avoid fraudulent brokers. You should never work with real estate brokers who make false promises.
- If you are purchasing an off-plan property, you must contact the developer on a regular basis and ask for proof of construction progress.
The UAE has a thriving real estate market. However, it is important to seek advice from a real estate company that has many years of experience in the UAE market. Follow these abovementioned tips to ensure that you get the best deal possible in your situation.
GO360 Properties has more than 15 years of experience in the UAE market and we can help you find your dream property in Dubai.