No doubt, first, you need to determine your reasons for buying property in Emirates. Either you’re getting lured by living tax-free, planning investment, or it’s a luxurious charm of Dubai, moving here is an opportunity considered by several people. However, finding the right apartments for sale in Dubai that meets all your requirements can be a tumultuous process. It will become more hectic for those who have the least knowledge of Dubai’s real estate market. Thus, it is always a better approach to consult a highly experienced and proficient real estate agent.
Moreover, before finalizing any deal, you need to consider various things.
Tips to Buy Property in Dubai
Here read our essential checklist to know all the factors to buy studio, holiday & ready apartments in Dubai.
Hire Real Estate Agent
You ought to consult real estate agents in Dubai as they are well aware of the locations and property regulations. They can inform you whether the area is perfect for property investment and living. They also know regions with a high capital growth rate per year, high rental value, and amenities available.
Check Amenities Available in and Around Apartment
If you are looking for apartments in Dubai to live and settle in this high-class city, then knowing what facilities available in that building is a must. You should look for convenient areas fitting you and your family’s requirements. After all, there are a lot of daily necessities for living.
You can live more conveniently when facilities like swimming pool, gym, nearby schools, hospitals, stores, and others. Also, even if you are looking forward to renting it later, your tenants will stay for longer only when they feel comfortable to live there.
Survey the Property
When you are about to buy studio, holiday & ready apartments in Dubai on the secondary market, from a private seller, it would be prudent to survey the property thoroughly. You need to check the upkeep of a property.
So, in this as well, real estate agents in Dubai can assist you in evaluating the premises. The surveyor can alert you regarding any future risks, for instance, high-maintenance costs for villas.
Signing the Deed
Once content and settling with the property – buyer, seller, and their agents have to meet at a trustee office on a mutually decided date. Once the officer verifies and approves all the documents details, he will submit a transfer of title request to the Dubai Land Department (DLD).
Know Buying Process and Fees
After signing a transfer deed for buying apartments in Dubai, you will have to pay the following property acquisition fees:
- A manager’s check to pay Purchase Price.
- A manager’s check for a 4% DLD transfer registration fee.
- Pay Dh 2,000 registration fee if the real estate property price is less than Dh500,000. And Dh4,000 registration fee if the property price is equal or more than Dh500,000.
- Additional 5% VAT.
- AED 580 as Title Deed fee.
- 2% brokerage commission for real estate agents in Dubai.
After successfully receiving the keys for your new home in Dubai, the next vital step is to get utility registration at DEWA (Dubai Electric & Water Authority) office.
Thus, it is crucial to examine the payment plan and have a clear comprehension of the real estate market in Dubai. It helps to decide that the proposed payment plan fits your financial expectations.