Buying Luxury Property in Dubai: Dos and Don’ts
Over the past 2 decades, Dubai has become an investment hub, attracting investors and buyers from around the globe. The city hosts the world’s tallest tower, largest mall, and many more attractions that make it one of the most luxurious cities in the world. Therefore, it comes as no surprise that buying a luxury property in Dubai is a dream that many seek.
Before buying a luxury property in Dubai, it is important to bear a few things in mind:
3 Dos for Buying Luxury Property in Dubai:
· DO Adequate Research
Before making a commitment to purchasing a luxury home in Dubai, buyers are encouraged to carry out a thorough research on the location as well as the developer. It is crucial to check that the developer you are buying from, is licenced by RERA – Dubai’s real estate and regularity authority. Also, ensure that the market reputation of the developer is respectable. You can also inquire if they deliver properties on time, and whether you can read testimonials from previous clients.
Aside from the developer, research about the location is equally important. See if there are schools or hospitals nearby, and if the facilities will suit the needs of your lifestyle. Addedly, consider parking space and travel distance from your office. These are some of the little factors that could be overlooked by prospective buyers at times.
· DO Make a Long-Term Investment
If you are thinking of buying one of the luxurious Dubai properties for sale, it could either be for personal use or for investment purposes. Evaluate the worth of the property in the future and whether it is built in a location that can yield attractive rental returns eventually. In case you are not interested in buying the luxury property for investment purpose, then you can skip this point altogether.
- DO Purchase in Developing Locations
Areas that are away from the city may be less developed. However, many of these areas are now being tapped by developers and are undergoing major changes. In just a couple of years, they will probably become the city’s favourite. Take for example the JBR or Marina, both neighbourhoods were not around 15 years ago!
3 Don’ts While Buying Luxury Property in Dubai:
- DON’T Decide Straight Ahead
Purchasing a luxury property in Dubai is a major decision for any buyer. Yet, excitement can get us carried away and we may find ourselves taking hasty decisions. Ensure that you research well and choose a property that perfectly fits your objectives and budget before making the final choice.
- DON’T Buy Property That Doesn’t Have ROI Potential
If you are planning on purchasing property for investment purpose, consider the probable rental returns. If the area you buy in will not be developed or is not an attractive hotspot, it may be more difficult to rent out. Addedly, consider the size of your apartment. Smaller apartments are easier to rent out; yet, you can expect higher rental income with larger apartments. Therefore, ensure that you do adequate research about your property’s investment potential.
- DON’T Take a Long Mortgage
Although there are many attractive financing options available in Dubai with mortgages lasting up to 25 years, it is always a better idea to take a short mortgage. Since interest can build up over time, consider keeping your mortgage up to 10 years or less. This way, you can make the most out of your luxury property in Dubai without straining yourself or paying more than you would otherwise.
As one of the top ten cities worldwide for foreign direct investments (FDI), Dubai has been attracting many buyers and investors. If you are considering buying a luxury property in Dubai, keep the above key points in mind! More importantly, discuss your goals and objectives with a professional real estate consultant who would know best about the greatest buys in the city.
For professional real estate advice, or if you are searching for a property for sale in Dubai, do not hesitate to send us an email at [email protected]. We’re here to help you reach your goals.
- The Ellington guide for aspirant homeowners in the UAE
November 25, 2018
- Apartments in Dubai: Should Expats Buy or Rent and Why?
December 11, 2018
- Most Popular Areas to Buy Apartments in Dubai
February 12, 2019
- Spike in Demand for Luxury Property in Dubai: Know It All
November 4, 2018