Considering Buying Real Estate in Dubai – A Guide for An Outsider
With beautiful beaches, luxurious buildings and a lively city full of adventures and activities, Dubai has been quite tempting when it comes to visitors and foreigners. The lifestyle here is quite extravagant and alluring.
If you have decided to buy or rent a property for living or business purposes, then you probably know that law for buying property was recently implemented, back in 2002. So it has become quite easy for a foreigner to settle in Dubai.
Dubai is growing at a very high pace which has attracted many investors and prospective buyers to investing, renting and buying the property here, let us explore the market and the type of property market that you can acquire as an outsider.
Property market of Dubai
After facing many soaring and stumpy rides, property in Dubai has become stable over time, and thanks to freehold law in 2002, you can easily procure, put up for sale or rent out the property. However, it is advised to consult a real estate agent or a legal consultant in Dubai before making any purchase decisions. There are three foremost types of properties that you can purchase, as a foreigner; and every one of them differs in style:
Three different types of property that you can buy
Freehold property-
This is the most preferred type of property which can be easily sold, rent or inherited to someone else. These mostly include free land or underdeveloped houses and apartments. You are required to buy from a certified agent designated by the government of emirates.
Usufruct property-
This kind of property comes with long term rent, except for re-constructing it from scratch or re-doing the structure, you can make all sorts of design changes inside the property. Depending upon the purpose of the property, whether you are looking out for a commercial use or a personal use, the rent period can easily range from 10 to 100 years, depending upon negotiations.
Common hold properties-
These properties are like freehold properties, mostly apartments which you sell, rent, buy or transfer the inheritance to, except as an owner you will be required to pay for the safeguarding of the place.
How to decide the correct one?
Consult a real estate lawyer-
While looking for a suitable property consult a real estate lawyer in Dubai, to ensure that you are buying property under legal boundaries and from reliable sources too. They will be able to help you to make a decision without getting misguided.
Choose the right neighbourhood-
Location is an important deciding factor for the property you are looking to invest in. You don’t want to end up buying a place where there is traffic in front or bad roads or even an awful neighbourhood. Choosing a good locality is very essential, also considering the ease of travel to work and the accessibility of essential stores around your place.
Legal requirements & legal consultant-
Before purchasing any kind of property in Dubai you have to ensure that you are eligible to purchase or vend. For this you are advice to consult a good real estate lawyer. There is a Real Estate Regulatory Agency (RERA), developed to address any kind of disagreement between the buyer or the seller that may be encountered.
Investing in real estate in Dubai
You should list down all the possible reasons for you to buy a property in Dubai, the best reason usually considered for buying a property is an investment. You can easily browse for a property that is perfect for investment. There are many commercial places which you can rent out to earn good profit. Prefer areas that are nearby hospitals, schools, and easy access to market. This is considered to ensure a profitable rental.
Things to keep in mind before buying property
Decide the kind of property you want to buy, do a little research, consult a real estate agent and a real estate lawyer in Dubai, to know your eligibility and legality to acquire the land. You can choose to take mortgages and loans from the bank, as an alternative. Research well about the area; see the crime rates and the security setup which is very necessary even though Dubai is considered as a very safe country with advance security techniques. However, keeping a thorough check on you locality before you make the final purchase is advised
It is essential to know beforehand how much are you willing to invest in any property and your sole reason for making the purchase. With that, you are all ready and set to make that big investment.
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