There are a lot of queries that people generally have in case they are planning to buy a Dubai house. Especially the queries pile up when it comes to buying a house in Dubai for expats. It is of utmost importance that all the necessary and authentic information is gathered by the individuals to make a decision that is wise while planning to either purchase a property or a house in any part of Dubai.
There are a lot of things that people must be aware of before they buy a Dubai house. Some of them are listed below:
- Properties under leasehold and freehold
There is general confusion among people, especially buying a house in Dubai for expats regarding the general laws of the entire location and areas that constitute properties under freehold and leasehold. The market of Dubai’s real estate has a combination of such properties and houses which one must know if it in under freehold or under leasehold before they purchase the same. The costliest ones throughout the location, for instance, an individual planning to buy house in Dubai Palm Island must also ascertain about all the related facts related to the distribution patterns as per areas.
Since the year 2000, buying a house in Dubai for expats has been put to ease with the introduction of the new government laws. There are a lot of areas that have been proclaimed as freehold properties that signified that any individual throughout the world could purchase the property or houses. However, on the other hand, certain properties are there in Dubai that can only be leased for a specific amount of time rather than buying the same. The period of leasing a house or leasehold property in Dubai can range from ten to ninety-nine years.
- Expats Vs. Locals while purchasing properties
There are no provisions for a foreign national to get hold of UAE citizenship; this is a space for the consideration and rethinking about buying properties for many non-residents or expats. Locals can buy the real estate property anywhere they desire throughout the provinces irrespective of freehold and leasehold; however, expats are only restricted to designate places of freehold areas. Leasehold works for the time of lease and after completion of the leasing period, the ownership shifts back to the original landlord. Permissibility for locals and expats differ in this case only, where the locals are permitted to buy anywhere which the expats are not.
- What is the purpose to buy a Dubai house?
People must define a purpose to themselves before they plan to purchase a property in Dubai. Be it you plan to buy house in Dubai Palm Island or to buy house in Dubai Marina; the purpose must be clear as the motivational factor works differently in case of personal and commercial usage.
For personal use, people desire to buy a Dubai house instead of leasing one as the location has become home to millions across the world and a business center too. Considering the localities with available necessity factors like markets, schools, restaurants, hospitals, etc. are likely to be purchased or leased by many. For the commercial purpose or the purpose of investment, People get convenient places as the government has levied no tax schemes along with maintenance of transparency in all procedures, high yields on rentals, investment capitals returns on the higher side, and many more. This attracts millions across the world to purchase such properties that can eventually give them high ROI.
- Research and Analysis
Researching on areas is the key before an individual plan to purchase or buy house in Dubai Palm Island or buy house in Dubai Marina or similarly any other location. Keeping a clear image of the area before purchasing a house through analysis and research can increase familiarity and let an individual know more about the place and all associated factors relating to it. Creation of a wish list is also an option where individuals can plot down several properties on pen and paper according to their convenience and then choose the best out of the list as per their desires and need. The development and construction of a building or a house also need to be clarified before making a purchase.
- Developer statistics
The developers of a house or building in any part of the province must be questioned and verified before spending cash on their properties or houses. This is to ensure that wherever individual plans to purchase, be it to buy a house in Dubai palm or to buy house in Dubai Marina, it must be taken care that the investment is done in the right place and for the right thing. Meetings can be arranged with developers to understand their statistics in a better format.
While discussion the year of establishment of the house and the property must be determined to know about the age of the house. For instance, planning to buy a house in Dubai palm whose development ranges back to 10 years can be a question regarding the quality of construction and maintenance. The other considerations that must be clarified with the developers are the service charges, both annual and monthly, the recent market trends related to the rental charts from the past, comparison of the selling price on a quarterly basis, and recent rental patterns and prices. All rates including the fees and the commission of any related agents to the property must be pre-determined on the whole value of the purchase. This must be done according to a mutual agreement between the agents involved and the buyers.
The fee associated with the trustee registration is also a thing that must be considered by all the buyers. These must be handled solely in a trustee office where they can clarify al the fees and the prices related to the legal part to buy a house in Dubai palm or in any of the desired locations.