Want to Buy a Property in Dubai?
Tips to Follow Before Putting Down Your Deposit
January 14 2023 - So, you have given it a lot of thought and have decided that 2023 is the year that you want to invest in real estate overseas. Specifically in Dubai.
And why wouldn't you? With its luxury hotels, and beautiful, long summers, Dubai is a great place to invest in property for your portfolio, even if you are looking to buy a second home for yourself or you want to purchase a buy-to-let.
But, of course, it is a bit tougher than simply choosing a property in this area and buying it. There are many nuances to consider for investors, especially if you have never invested in an overseas market before. In this article, you will be guided through the steps you should take before buying a home in Dubai.
Research the Market
Before looking for a Property for Sale in Dubai, it's important to research the market and familiarise yourself with the different areas and neighbourhoods. This will help you identify which areas are likely to see growth in years to come and will help you make the best choice on the property type you buy, the area and the price range.
Consider the Long Term
Property investments are typically long-term investments, and Dubai is no exception. Consider the long-term potential of the property you buy and the area it is located in before making a purchase. Will it increase in value?
Work with a Reputable Real Estate Agent
If you have invested in real estate before, this is a no-brainer. And it becomes a bit harder to spot a shifty estate agent if they are located overseas. A reputable real estate agent who works in Dubai will help you navigate the market and find properties that are likely to perform well in the long term.
If you aren't sure which estate agent to choose when buying your property, always be sure to research the local area where you want to buy a home or even ask other landlords who have invested in property in Dubai.
Be Prepared for Fluctuation
It is safe to say that, due to ongoing issues around the globe, the property market in Europe and the USA is fluctuating in value in 2023, with many people who have bought properties in the last year noticing a decrease in value already. And, like many of these property markets, Dubai's property prices can fluctuate and will likely do so. So, try to be prepared for this and consider it as a normal part of the investment.
Be Aware of Additional Costs
When investing in property in Dubai, be aware of additional costs such as service charges, land department fees and other miscellaneous expenses.
As mentioned before, if you are working with a reputable estate agent, they will be able to break down any additional costs that you may need to pay to help you decide if it is worth investing in this area of real estate or not.
Study Laws and Regulations
Dubai has specific laws and regulations regarding property ownership and investment, so it is important to familiarise yourself with these before making a purchase, especially if it is your first time investing in a property overseas.