Buying a Property in Dubai
Property in Dubai had investors rushing for property deals provided by the ambitious developers in the region. The promise of affordable luxury living, a tax free environment and the positive forecast by economists that point Dubai toward good capital growth make Dubai an attractive proposition.
However, do not be blinded by the luxurious houses in Dubai. There are some things that you should be aware of before deciding to buy your ideal property in Dubai.
Firstly, you should check whether your propertyís developer company is registered or not. Donít be surprised that some developers which are active and selling freehold property are actually not registered with the Dubai Land Department. The DLD (Dubai Land Department) controls and regulates the Dubai real estate sector. If you are interested in a property, ensure that you request for any proof that the company is registered (they should have no problem giving you a registration number and registration card if they are registered). If not, you should be cautious at what they have promised for a property development project.
Secondly, it is paramount that anyone who buys property in Dubai engages a solicitor to follow the legal legislation properly. There are always new and updated property laws and regulations every year. These include the freehold property contracts that are issued by developers. So, make sure you really know what you are buying and understand the legal rights you may have with your Dubai freehold property.
Since the year 2006, non UAE (United Arab Emirates) nationals are given the right to own freehold properties in certain district of Dubai. As a result, the demand for freehold properties surges and it attracts many overseas property investors to catch the wave. Recently, the properties are in short supply severely. These numerous off plan developments sell out in just a couple of days when it is released.
Thirdly, it is obvious that due to the inflation of properties prices, you may have to pay more for a property. But this doesnít mean that you should give up without a fight. You should try to negotiate to meet your budget with the seller. If the seller can feel your sincerity, he or she would also want to reach an agreement that both of you are happy with. You should look out for some sellers that charge way above the market prices. Therefore, itís a good idea to do a thorough research on the prices.
From here, we can gauge that the property prices would be exceptionally high when the tourism industry in Dubai has fully expanded and when the expatriate population increase at exponential rates in a few years time. Lastly, you should seek advice from property agents if you are totally clueless about the property market in Dubai. Yes, you would definitely need to pay them a royalty for their services but you wonít want to miss out a pie in the booming property market in Dubai and break any unfamiliar property laws in Dubai.