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Tips For Buying Suitable Properties In Dubai 2024

Dubai's real estate market is renowned for its entertaining life and luxury offerings, attracting both local and international investors. However, navigating this market requires a well-informed strategy.

Tips For Buying Suitable Properties In Dubai 2024

This article provides essential tips for those looking to invest in Dubai's property sector.

Many people get confused about whether investing in a housing project in Dubai is a good decision. The current market offers a wide range of attractive facilities and options for early buyers, which has led to a surge in the number of buyers and investors worldwide. Among them, Indians have been the largest purchasers of luxurious properties in Dubai
 

Understanding The Dubai Property Market

Dubai's real estate market is known for its desert luxuries. Keep yourself updated on the latest market trends, like price changes and government decisions affecting the real estate market. Try to familiarise yourself with the difference between freehold and leasehold areas in Dubai. Freehold properties offer more ownership rights to expatriates compared to leasehold properties.

New housing projects like DAMAC Utopia Dubai have recently become the main attraction of the property market in Dubai. The chances of high returns and rental incomes have played the main role in increasing the demand for new houses and villas. Builders like DAMAC Properties and Emaar Properties are in a race to make more and more waterfront villas, as these are very much in demand from buyers from other countries.

Budgeting And Additional Costs

Beyond the purchase price, consider additional costs such as Dubai Land Department fees, real estate agent commissions, maintenance fees, and insurance. Explore various financing options if needed. Dubai offers various mortgage plans for residents and non-residents, but they come with specific eligibility criteria and implications.

The properties in Dubai are quite simple but equipped with almost every luxury available in the market. The top developers like Aldar and Emaar are now working on launching their exclusive, extra luxurious waterfront houses. It can be said that buyers from other countries are looking for bigger houses facing waterbodies or pool areas and are willing to pay the extra amounts.

Selecting The Appropriate Location

Decide whether you are interested in residential or commercial properties, as each category offers different returns and risks. Research neighbourhoods extensively. Consider factors such as accessibility, amenities, future development plans, and community lifestyle.

The properties that are located or being built in front of any type of water activities or island are seeing a good appreciation in their prices and rents, which is also predicted to remain the same in the coming years of 2024. So, it is a good time to buy properties in Dubai, of course, after studying the market trends. 

Property Laws And Profits

Dubai has specific property laws, including those related to foreign ownership. Understanding these laws is important to avoid several complications. Conduct thorough due diligence on the property's legal status, the developer's credibility, and the property's construction quality.

The popularity and profitability of Dubai's property market for buyers and investors are evident by the increasing number of property sales that have been seen every month in 2023 up until the first week of December. Developers such as ORO24 and DAMAC are working on several luxurious housing projects, mostly villas and apartments. Some projects, like EMAAR Club Drive and DAMAC Park Gate, were booked within a few days of their announcement. 

Hiring Real Estate Professionals

Consider hiring a real estate agent or consultant with a thorough understanding of the Dubai property market. Verify the agent's credentials and ensure they are registered with the Real Estate Regulatory Agency (RERA) in Dubai.

Some professionals of Dubai Housing have predicted that there is going to be a price rise in properties, then within a short period, the price of the same project may go down during the end of the year 2024 or 2025, which will depend upon the market trend during that time. The location of properties also makes a main point for a person to consider a property to purchase for personal use or investment purposes. 

Property Inspection And Valuation

Conduct multiple visits to the property to inspect its condition, facilities, and surrounding infrastructure. A professional appraisal can provide an objective assessment of the property's market value and potential.

There is also planning for the future housing projects that are being built for the convenience of buyers or new buyers who are looking to buy their new properties, and also, there are some buyers of the projects who have already bought the off-plan properties like the Riverside Crescent in locations like SOBHA Hartland 2 which is one of the posh areas of Dubai having several housing projects exclusively built by SOBHA Realty. 

Negotiating And Closing The Deal

Try for better deals through conversation or have an expert negotiate on your behalf to get the best deal. Thoroughly look at all contract documents, ensuring all terms and conditions are clear and fair. The mid- or low-priced properties also have room to ask for more discounts. Apart from the high-end properties, mid-priced properties in Dubai are also gaining popularity. Builders like Binghatti and Danube have already started working on new housing projects, such as Binghatti Lavender and Sportz by Danube , which are now available for booking that is less than one million. This makes it very attractive for a bigger group of buyers from other countries. These types of properties have a better chance of giving better rental gains because of the greater number of people looking for small or studio apartments for rent. 

Not only this, but also mid-priced properties there are gaining popularity, and builders like Binghatti and Danube are already working on new housing projects like Binghatti Tulip and Oceanz Tower 3 by Danube that are now available for booking less than one million AED, which makes it very suitable for a larger group of buyers from other countries. Properties from top builders with one-bedroom or studios have high rental yields due to high demand and more sales.

Post-Purchase Considerations

If the property is an investment, consider hiring a property management company to handle renting and maintenance. Obtaining property insurance is a smart move to protect your investment against unforeseen events.

Looking at the current scenario of the increasing demand for off-plan housing projects that includes apartments and villas also is because of their possibility of giving back a high percentage of ROI. There are lots of limited time offers that are normally given by the builders during this period, which makes it a hot deal for the buyers and investors. 

Resale And Rental Prospects

The demand for new properties for rent is picking up in Dubai, where there are growing opportunities for new businesses that are being opened in Dubai. There are going to be more hubs for high-street shops in Dubai that are going to increase the flow of more income opportunities and tourism in Dubai. 
 

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