Investment opportunities in Dubai’s real estate market are many, and include both standard homes and high-end mansions. There has been a lot of interest in investing in Dubai since since the government there relaxed restrictions on foreigners purchasing homes and flats. It’s crucial to collaborate with a reliable brokerage that can assist and advise you throughout the deal. For non-locals, buying property in Dubai may be a very profitable venture.
People from outside the UAE who want to live in or invest in Dubai are more likely to hunt for freehold homes. Freehold properties are available to citizens of the United Arab Emirates and may be leased out, sold, or even passed down down the generations. Freehold property is often associated with large plots of undeveloped land rather than just residences and flats.
This is analogous to buying a home with freehold title. Buying a commonhold property gives you the only right to transfer ownership of the property to future generations via inheritance. However, much as with flats, commonhold property owners are expected to chip in for the maintenance of the building and its shared amenities.
Usufruct properties are essentially long-term leases that may be purchased. The tenant of a usufruct property does not have any legal authority to alter or modify the terms of the usufruct. Leases on usufruct properties may last for up to a century.
Get your finances in place
Before making a short list of potential homes, you need figure out how you’ll pay for them. Keep in mind that there are other costs than the down payment to think about. These include transfer fees, agency fees, sales progression fees, mortgage arrangement fees, and mortgage insurance premiums. Speak with a mortgage counsellor to acquire all the details you need; they are professionals in the field and can explain all the costs associated with buying your first home in Dubai.
Make a list of the most important features of the property
Now that you know how much you can spend, you can start thinking about other factors, such as the number of bedrooms you’ll need, how far you want to commute to work, and whether you want a house or an apartment. Make an effort to reach an agreement. Prioritize this list since it is incredibly uncommon to find a home that meets all of the criteria.
Identify the buying process in Dubai
All aspects of selling a property in Dubai must be explained to you by your broker. This includes making an offer, negotiating the price, gathering the necessary paperwork, obtaining the necessary permissions, scheduling the transfer and handover. Do your homework and ask any questions that come to mind before making what may be the biggest financial commitment of your life.
Be flexible in your thinking and don’t immediately dismiss a property because of a little flaw; your broker may be able to help you work around the issue. It’s not easy to ignore the furnishings if they don’t suit your taste, but you shouldn’t place too much stock in things that are readily changed.
Make a proposal
Decide on what you want to offer after you’ve picked a property to purchase. If you want to make an offer, have your broker start talking to the seller on your behalf. This is the most stressful part of the process, but be assured that your Allsopp & Allsopp broker has everything under control and will keep you informed as quickly as possible.
Sign the Memorandum of Understanding
A memorandum of understanding (MoU) is a formal document outlining the terms of an agreement between two or more parties. It’s not binding in law, but it shows that both parties are committed to seeing the deal through to completion. Your broker will go through all of this with you to ensure your satisfaction before proceeding to the transfer phase of the transaction.
Progression of the Sale
The in-house sales progression team at Allsopp & Allsopp will be there for you from the time the developer issues the “No Objections Certificate (NOC)” until the time of transfer to ensure a smooth transaction. They mediate communications between the buyer, seller, developer, and lending institutions.