Real estate in Dubai – 5 tips before buying
Buying real estate in Dubai is no longer out of reach, but instead extremely affordable and easy. In 2021, the highest number of real estate transactions in Dubai in the last 12 years was recorded and it continues to grow, with more and more new and attractive properties appearing in the luxury real estate market.
DUBAI IS CHARACTERIZED BY ITS STRATEGIC LOCATION. Located at the crossroads of three major continents – Europe, Asia and Africa – this global city serves as a crossroads for international trade, with easy access to world-class ports and airports, attracting both businessmen and individuals.
Dubai is currently one of the best cities for real estate investment. Some of the reasons why Dubai outperforms all other cities in the world include the lifestyle that residents lead, year-round sunshine, low crime rates, connectivity with the rest of the world and social diversity. Expats should not be intimidated by the prospect of moving to this city as all these factors make the city easy to acclimatize and fall in love with. Read more about the reasons why you should invest in Dubai in our article on the subject.
Given the big changes in the real estate market in Bulgaria in recent years and the rapid rise in prices, it is safe to say that prices here are comparable to local prices. Nevertheless, in order to get a good deal, it is worth preparing before buying real estate in Dubai.
What you need to consider before buying real estate in Dubai
Purpose
First of all, it is important that you figure out for yourself the purpose for which you want to buy a house. Will it be solely for residential purposes on your part or for investment. If the purpose is for investment, what kind of investment? Is it for long-term or short-term rentals? If your goal is for long term rentals, these tend to be people who prefer the more suburban areas of Dubai. Whereas short-term renters are targeting central areas close to attractions.
Location
Different neighborhoods may offer different amenities and prices for properties for sale. Look carefully at the location, such as access to public transportation and shopping, proximity to schools or universities. When buying an apartment in Dubai, you should also pay attention to security: look for properties with security measures such as 24-hour security, CCTV and secure entrances/exits. Also check if the building has good access control and fire safety measures.
The preferred central areas for Bulgarian investments are Business Bay, Downtown, Dubai Marina, JBR, The Palm.
Peninsula Four Summary
Volta Apartments
Upside Business Bay
And the neighborhoods farther from the central area are JVC – Jumeirah Village Circle, and JVT – Jumeirah Village Triangle.
Binghatti Tulip
Lilium Tower
Hadley Heights
Finance
Getting your finances in order is a key factor when buying a home. You need to consider the price of the property and any additional costs such as transaction costs, registration fees, etc. Talk to professionals such as financial advisors or loan specialists to get all the information you need about mortgage terms and other available financing options.
Transaction costs depend not only on the price of the property, but also on various factors such as: registration fees (1% of the total price), transfer fees (2%), commissions, and applicable taxes such as Value Added Tax (VAT). In addition, if you take out a mortgage loan to finance the purchase, this also incurs additional costs.
Legal aspects
When it comes to buying property in Dubai, it is important to note that all transactions must be done through an authorized real estate broker or agent.
In terms of the documents required for a successful purchase, you will generally need proof of identity (such as a passport) and proof of address, such as a utility bill or bank statement. Depending on your situation, you may also need additional documents such as a marriage certificate, trade license, etc. Therefore, it is always best to consult a professional before embarking on such a major investment venture.
There is not much difference with Bulgarian legal aspects, you can read more about them in our article, but they still have their differences and it is useful to familiarize yourself with them in advance.
Home insurance
When looking for home insurance in Dubai, it is important to compare policies from different insurers and choose the most suitable one. The best way to do this is to research different companies online and check their ratings and reviews. You should also look at the sum insured, deductible, exclusions, special conditions and other benefits such as discounts and additional coverage. It is important to read the policy documents carefully to understand what is covered and what is not included in your plan.
Dubai is the first largest city and second largest emirate in the United Arab Emirates. A metropolis known for its luxury shopping, ultra-modern architecture and vibrant nightlife. Buying real estate in this city has never been more affordable – contact us to find the perfect property for you!
