Thursday, 22 Sep, 2022
It’s undoubtedly a dream come true for any person when they are finally able to buy a property in Dubai. The thought of having your abode in this wonderful city, full of world-class attractions & facilities, is certainly a fascinating one.
Having said that, the entire process may prove to be a little daunting, particularly if you are buying property in Dubai as an expat. There’s a lot to know and consider before making this all-important decision. To help you with this, we have highlighted some important things to know before buying property in Dubai as an expat. Read on to know more!
This one’s particularly important if you’re buying property in Dubai as an expat. When you would start to sort property listings in Dubai, you would come across two main types of properties; freehold and leasehold.
For the uninitiated, a freehold property allows full ownership of the land to the owners, while in the case of a leasehold property, the buyer only owns it for a particular period of time.
There are certain communities in Dubai marked as “freehold areas”. So, if you are buying property in Dubai as an expat, you should narrow down your search accordingly. Business Bay, Dubailand, Downtown Dubai, Barsha Heights, Dubai Marina, DIFC, JBR, JLT, and Arabian Ranches are some of the most popular freehold areas in Dubai.
Apart from freehold and leasehold properties, you should also know about the difference between off-plan and ready properties in Dubai.
The former is a type of property that’s still in the development phase. This means it’s just recently announced or currently under construction. Such types of properties come with many perks, such as comparatively lower rates, flexible payment plans that span over multiple years, and the once-in-a-lifetime of buying property in Dubai as an expat conveniently.
Ready properties, on the other hand, are those properties that are fully developed. You can move into a ready property after you have purchased it without any extensive waiting period. These properties are expensive. However, the actual cost depends on the area, size, configuration, and other details.
Every country has a different set of rules and regulations when it comes to dealing in real estate. So, needless to say, when you’re buying property in Dubai as an expat, you need to know about the entire process. Otherwise, you will face problems in different stages, which can prolong the entire process.
Fortunately, the process of buying a property in Dubai is quite simple and straightforward. If you have secured a loan, you just need to find a suitable property and complete the proceedings. It is, however, recommended to take the assistance of a property portal to ensure you have a smooth process.
Dubai is known for its upscale and lavish lifestyle. While this statement is true, it is, however, important to know that the lifestyle here is not uniform across the emirate. It varies from neighbourhood to neighbourhood.
For example, some communities, such as Arabian Ranches, in Dubai have a rather laid-back ambience, which is more suitable for families. On the other hand, there are some areas where life is fast-paced and is more suited to working professionals and youngsters. Therefore, when buying property in Dubai as an expat, be very thorough in your research pertaining to areas.
Apart from researching the available amenities, facilities, and transportation options, it’s equally important to know about the lifestyle to ensure you won’t face difficulties settling in.
As stated earlier, property portals can help a great in making the process of buying property easy. Still, many people do not understand their value. Since they have access to the internet, they believe they can find the relevant information pertaining to Dubai properties on their own.
The value reliable property portals, such as Horizon Realty, bring here is that they only list verified properties. This means there’s a lower risk of fraud. Furthermore, they provide you with all the relevant information, such as price plan, configuration, etc., in one place. Some also offer virtual tours of the property, eliminating the need for physical visits.
Make sure you are aware of the home loan mortgage details in Dubai, such as the process to get one, eligibility criteria, etc., before buying a property as an expat. You would need to provide proof of your creditworthiness through your credit history and score.
Bear in mind that both government and private institutes offer home loans in Dubai. They, of course, charge interest on the principal amount. It varies from organisation to organisation. You would need to do a fair bit of research to finalise the right institute for yourself to apply for the home loan.
This one’s important. Normally, people confuse property cost with an upfront cost. They tend to neglect the additional charges that come with buying a home in Dubai. For instance, you need to pay DLD charges, Oqood charges, agent’s commission, DEWA charges, and other fees. So, it’s essential that you factor in the total cost of buying property in Dubai as an expat so that you won’t land in hot waters in the later stages.
We hope that knowing and understanding the aforementioned important things before buying property in Dubai as an expat will help you make an informed decision.
