Since the introduction of freehold decree in 2002 as a formal legislature which allows people from other countries to buy, sell, lease or rent properties in the Middle East, Dubai has witnessed a major boom in its economy over the years.
Dubai has become the benchmark of development and use of cutting edge technology to build some of the most admirable infrastructures in the world. Attractive ROI and world class facilities are attracting affluent people from all around the world to own a property in the dessert heaven.
If you are planning to buy a property for sale in Dubai keep these things in mind for a smoother experience.
Know The Reason
The most important thing is the motive behind your purchase. Your decision to purchase a property could be hugely influenced by whether you are purchasing the property to live in it or you are purchasing it for the purpose of investment.
If you plant to rent your property after the purchase, you should look at areas where you can get the highest rentals.
Understand The Purchase Process
You can buy a property in Dubai either at ‘off plan’ from the developer or from the resale market from any seller.
If you plan to purchase on off plan, expats are expected to submit their passports and a reservation form which clarifies the terms and conditions of the deal. You need to pay a reservation fee of 5% to 15% to get the SPA (Sales and Purchase Agreement).
In case the property is under construction ensure the completion or possession date of the project is mentioned in the agreement.
A MoU is signed between the buyer and seller if you are purchasing a resale property and generally 10 per cent of the amount is being given to the seller to fix the deal. Rest is given once the financing is obtained.
The best place to start any search for the property is online. Research agencies, brokers and individual sellers too have an idea. You can also research to know which location and type of property will suit you best.
Apart from that, you can also attend property fairs to know the property market of Dubai. Property fairs are the easiest way for developers to showcase their property for sale in Dubai.
Get The Property Surveyed
Whether it is commercial property for sale or any other property, it is better to have it surveyed if you are buying it from the resale market. Survey will allow you to have access to information like the current condition of the structure, is there any mortgage against the property and any legal disputes among others.
Get Paperwork Ready
Keep these papers ready if you are visiting Dubai to buy a property.
Property Holders Visa is granted to foreigners who are investing in a property whose value is greater than 1 Million Dirham. This visa allows you to stay for the next six months in the city.
Be cautious and believe in your wisdom while you invest in Dubai- The land of opportunities.
Author’s Bio: Author loves to read and write. This article is about how to buy property in Dubai.
For more information visit: www.searchpropertyworldwide.com