Buying property in Dubai 2022 can involve a lot of hassles when done independently. Therefore it is always preferable to hire a realtor. Of course, one should only hire recommended real estate brokers with experience and authenticity. This way one can ensure that they shall receive excellent service and not get cheated on. Top Line Real estate brokers have been in the industry for over two decades and have had hundreds of customers benefit from our services.Apart from getting a reliable real estate broker, you shall also need considerable planning on your part as well. Here are some tips that shall help you
Things to consider before buying property in Dubai 2022
Dubai is a paradise for people wanting to invest in real estate. The tax-free rental yields and the mature and transparent real estate market makes it easier for all buyers. Moreover, Dubai is the first Emirati to allow foreign nationals and expatriates for buying property in Dubai. Before this, buying property in the UAE was not permitted to foreign nationals. Due to this revolutionary decision, Dubai has now opened its doors to loads of foreign investment. Many expatriates are working in the flourishing corporate industry of Dubai and foreign nationals are now free to own property in designated areas.
However, before buying property in Dubai one must consider the Dos and Don’ts of the process. Buying property anywhere in the world is a tricky and cumbersome process. And Dubai sadly isn’t free from all the woes of property search and investing. But if one is cautious and meticulous one can be successful in one’s venture in investing and buying property in Dubai, in no time at all. Some of the tips to keep in mind while looking for property around Dubai:
Check your credit score before buying property in 2022
A credit score is a numerical expression of your financial credibility based on your payment history. It is based on a number between 300 to 850 and is calculated through timely debt payments, advance payments and other relative payment histories. Bad payment behaviour can lower one’s credit score significantly. When thinking of investing in property in Dubai, it is imperative to have a good credit score. It not only increases one’s chances especially if one is a foreign national it also helps secure a considerable mortgage.
Draw up a house budget
Keeping a budget and sticking to it is very important when buying property in Dubai. As Dubai is a real estate heaven, one shall find all kinds of property decorating the lanes of Dubai City. from luxurious penthouses to gorgeous villas to stunning waterfront apartments. Dubai easily captivates you. But this may lead to you spending more than you intend to on a house that you cannot afford. Drawing up a house budget will save you a lot of trouble and help you find the house that is just right for you.
Decide upon the location and type of property
If you are a citizen of Dubai or the UAE, you are allowed for buying property in Dubai in almost all of the districts. But if you are a foreign national or an expatriate then you are only allowed to own property in certain districts, like the Dubai Downtown, Dubai Business Bay and Dubai’s International Financial District, e.t.c. and depending on your budget you can choose from the various types of villas, apartments, and penthouses.
Know about the amount of mortgage you can secure
Depending on your collateral and your credit score, you can know about the amount of mortgage you can secure. Depending on this mortgage and your house budget you can buy your dream house that is representative of your personality.
The final and most important step of buying a property in Dubai is to have a reliable and trustable Broker. A broker shall help you browse various options that suit your budget and personality. Bluechip Real Estate Broker have years of experience and expertise searching for properties that suit your needs and wishes
The cost of property in Dubai shall completely depend on the location and the type of property. Smaller apartments in the business bay or downtown will cost less but shall have a huge turnover value and rental yield. There are various affordable beach villas for sale in Dubai as well. Both the Palm Jumeirah and the Dubai Marina are great locations for said beach villas. The smaller apartments can start as low as AED 850,000. And the luxury property can cost as high as AED 93,330,000. So depending upon your budget and purpose you can choose from the variety of price points that Dubai has to offer.
To buy a property a hefty amount of money must be spent. And unfortunately (or fortunately) most of us do not have that much sum lying around. Because of this, we have to get a mortgage from a bank or a house loan, to buy the property. A house loan will help you buy the property immediately. And the installments which you pay shall be huge tax savings. However, to get a mortgage, you must show the bank proof of stable income. UAE nationals shall require a monthly income of AED 7,000 whereas ex-pats and foreign nationals shall require AED 10,000. Apart from this a good credit score and viable visa (for ex-pats) are also necessary.
The process of buying property in Dubai is mostly handled by the real estate broker whom you have instilled. The agent produces before you various options according to your budget and lets you choose from them. And after you have chosen a few property options, you can go and do a little field visit. This shall also depend upon the regulations of the house owners. Ownership isn’t given until the mortgage is approved and the house owners get a time frame to clear out belongings.
Dubai is a haven for all around the world. Being a cultural and corporate hub, many expatriates and foreign nationals have chosen to settle down in Dubai. And the Dubai government allows expats to purchase freehold property in Dubai. But, an expat can get as high as 80% of the property value for houses priced below AED 5,000,000. They have to arrange for the rest of the 20% to secure a mortgage. Then only can they get possession of the property.
Expatriates are often buying property in Dubai due to their work or frequent visits. However, one has to consider whether they should really invest in a house or just lease one. Both the options have their pros and cons. The Dubai government allows ex-pats to buy only freehold property. This means it is ready for possession after buying, unlike off-plan properties. These properties often cost a lot. If you are out of the city majority of the time, it means high maintenance costs with less lifestyle value. Leasing a house costs much less and allows ownership till 99years. It’s hassle-free and more convenient. But one wouldn’t be able to pass it down to the next generations as an inheritance.
Bluechip Real Estate Broker help you consider the several factors that are involved in buying property in Dubai. And with our two decades of experience and expert service, you are guaranteed to get your dream house. We provide real estate buying solutions and supervision. with our wide variety of residential and commercial options, you can choose to buy, rent or lease. We as a team are always there to provide you with the best service possible!
