In 2024, a lot of people around the world are looking to buy a property in Dubai. The city is still very popular for its luxurious lifestyle and beautiful tall buildings. People also invest in the properties here to get more money because of which there is a huge demand for luxurious houses in Dubai.
If you are confused about what to buy in dubai then here we will try to help you to get some idea about the property market of Dubai.
A buyer should try to know about the real estate market in Dubai is the first thing to do. Market situations can change from time to time, so it is important to know whether it is a buyer’s or seller’s market in a particular situation. Try to find out the current property prices, how much properties are being sold, and what will be the new launches of properties. Websites like Dubai Housing can provide a lot of listings for different types of properties which can help you to know the market.
The real estate market of Dubai is also maintained by the government and it is also a good habit to know about the legal things for owning a house in Dubai. There are freehold zones in Dubai where people from other countries can buy properties there. Try to know more about the laws that involve buying, visa facilities, and transfer of ownership. If needed you can take help from others who know about the property market of Dubai.
Try to fix your budget for buying a house in Dubai and try to change your budget a little bit according to the property type. If a good property is available at lower price than go for it and if a better property can be bought by increasing your budget by a small amount then it is a good idea to buy that property because it can give good returns. Also look if there is any additional cost to be paid or not like broker fees, maintenance fees registration fees, and more. Properties like Binghatti One are available at better pricing than others.
If you are not buying a property by paying the full amount at once then try to get financing. Look for mortgage choices available for the foreigners in Dubai. See the interest rates, terms for getting and paying a loan, and what are the eligibility rules from different banks. It is good to get a pre-approved for a mortgage because it can give you an idea of the budget and will also help in the buying of a property.
Dubai has a lot of popular locations for buying commercial and housing properties and each has its own beauty and advantages. Choose those locations that can fulfil your requirements or match your taste. Some addresses are good for families and some locations are popular for commercial activities. Here are some common popular neighbourhoods where foreigners like to live or spend holidays like Business Bay, Jumeirah Village Circle, and Dubai Creek Harbour. It is good to visit the place where you want to buy a house.
A good real estate executive can help you a lot in finding the right property which can give better returns, rental income, or fulfil your requirements without costing more. They know about the current situation of the property markets and information about several products in Dubai. These professionals can talk to builders and handle paperwork on your behalf also which can save your time. Try to take help from licensed professionals working for the Dubai property market.
If you are going with a ready-to-move property or a resale house then it is a good thing to visit that particular property before buying it. Look if there is any additional work required to rebuild or to do any changes in the property and how much extra it will cost you. Also check the fittings, equipments, and electricals of the house. Try to go for a new house or a property that does not need any repairs to do.
Try to know about the other and extra charges that may be required to be paid like fees for the maintenance of common areas and services like lifts, swimming pools, gardens, and more. The prices are also different for different properties and locations. You can try to lower these prices by talking to the seller.
After you have finalised your purchase of a house, the second step is to go through the sales agreement and see the terms and conditions. If you have any confusion then talk to a professional. If the things are according to your liking then ready your documents and down payment to book your house. You should buy popular properties like Emaar Mangrove before they are sold out.
If you want to make money in real estate in Dubai then do not stop at buying only one property. The market of Dubai has a high chance of good returns and rental incomes which means that you can rent out your property or sell it at much higher price. This shows that there is a huge demand for the housing properties in Dubai and investing in the property market of Dubai can give better results than other cities in the world. For example Damac Riverside Community has a better chance of price rise and in 2024 it is available at an attractive payment plan.
Buying a house in Dubai is a good decision, but it requires good preparation and planning. Try to take help of a professional when finalising your purchase of a property because he/she can guide you to own a house in a better location and can save you money and time. Also try to explore the property market of Dubai because it can give a good opportunity to make more money. In 2024 there are several new launches of properties that are available at attractive payment plans.
