Buying a Property
Thinking about a truly perfect dream vacation, Dubai is probably the first destination in our minds to be a wonderland with many picturesque beauty spots and a retreat of choice.
Dubai is a fantastic area to live and work for several reasons, including its high standard of living, the absence of property and business taxes, the amazing lifestyle it offers with its incredible malls, shopping centers, high-end restaurants, and exclusive beaches, as well as its desert landscapes and rich culture.
Nowadays, the real estate market in Dubai is filled with various offers for investors in both the off-plan and ready property sectors. Dubai’s secondary real estate sales sector has experienced growth on a scale not previously seen as record-breaking transactions are being reported by the government week after week.
On the other hand, the off-plan real estate sales sector has experienced a phenomenal growth in transactions as waterfront and beachfront townhouses, villas and apartments are being sold by almost all the leading real estate developers in Dubai with flexible terms and payment plans.
An Investor's Checklist when
Buying a Property in Dubai
Are you working with the right broker?
As one might know, the real estate industry in Dubai is a lot different as compared to other countries, it is critical that you work with a reputable real estate agent in Dubai that you can trust, who is also registered with the Dubai Real Estate Authority and Dubai Land Department. Make sure to ask for an agent’s real estate license before proceeding to give any of your requirements when you intend to purchase.
What is the potential return on my investment?
When you buy a piece of real estate, the last thing you want is for its value to decrease over the course of time. Is there a possibility that the value of the property will decrease over time? Do you intend to retain this for the rest of your life or sell it after a certain number of years? Depending on your use of the property, you should never forget to ask this question to the real estate broker you are working with to set your expectations before your purchase. Typically, the average rental return one can expect on a property is between 5% to 10%.
Are foreigners permitted to have 100% ownership
of property in Dubai?
In the past, only citizens of the United Arab Emirates were allowed to legally own property in Dubai. On the other hand, in 2006 the government approved Regulation No. 3, which established defined regions in which non-citizens are permitted to own property. In these places, the purchase of property with freehold ownership by non-locals is permissible. Major freehold estates may be found in most areas of “new Dubai,” including Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, and Emirates Hills, amongst others.
How much time does it take to purchase a piece
of real estate?
When you buy a piece of real estate, the last thing you want is for its value to decrease over the course of time. Is there a possibility that the value of the property will decrease over time? Do you intend to retain this for the rest of your life or sell it after a certain number of years? Depending on your use of the property, you should never forget to ask this question to the real estate broker you are working with to set your expectations before your purchase. Typically, the average rental return one can expect on a property is between 5% to 10%.
What are the amenities in the location?
In the past, only citizens of the United Arab Emirates were allowed to legally own property in Dubai. On the other hand, in 2006 the government approved Regulation No. 3, which established defined regions in which non-citizens are permitted to own property. In these places, the purchase of property with freehold ownership by non-locals is permissible. Major freehold estates may be found in most areas of “new Dubai,” including Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, and Emirates Hills, amongst others.
When will I get my proof of ownership?
When you buy a piece of real estate, the last thing you want is for its value to decrease over the course of time. Is there a possibility that the value of the property will decrease over time? Do you intend to retain this for the rest of your life or sell it after a certain number of years? Depending on your use of the property, you should never forget to ask this question to the real estate broker you are working with to set your expectations before your purchase. Typically, the average rental return one can expect on a property is between 5% to 10%.
What are the extra charges when buying a property?
In the past, only citizens of the United Arab Emirates were allowed to legally own property in Dubai. On the other hand, in 2006 the government approved Regulation No. 3, which established defined regions in which non-citizens are permitted to own property. In these places, the purchase of property with freehold ownership by non-locals is permissible. Major freehold estates may be found in most areas of “new Dubai,” including Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, and Emirates Hills, amongst others.
The Springfield Advantage
When you buy a piece of real estate, the last thing you want is for its value to decrease over the course of time. Is there a possibility that the value of the property will decrease over time? Do you intend to retain this for the rest of your life or sell it after a certain number of years? Depending on your use of the property, you should never forget to ask this question to the real estate broker you are working with to set your expectations before your purchase. Typically, the average rental return one can expect on a property is between 5% to 10%.
As an award-winning real estate brokerage firm, Springfield has collaborated with all the leading real estate developers in the Dubai, including Emaar, Meraas, Dubai Properties, DAMAC, Nakheel, and SOBHA to name a few to maximize the opportunities that best meet the requirements of investors. This allows us to provide investors with the best possible returns on their investments.
As an award-winning real estate brokerage firm, Springfield has collaborated with all the leading real estate developers in the Dubai, including Emaar, Meraas, Dubai Properties, DAMAC, Nakheel, and SOBHA to name a few to maximize the opportunities that best meet the requirements of investors. This allows us to provide investors with the best possible returns on their investments.
As an award-winning real estate brokerage firm, Springfield has collaborated with all the leading real estate developers in the Dubai, including Emaar, Meraas, Dubai Properties, DAMAC, Nakheel, and SOBHA to name a few to maximize the opportunities that best meet the requirements of investors. This allows us to provide investors with the best possible returns on their investments.
As an award-winning real estate brokerage firm, Springfield has collaborated with all the leading real estate developers in the Dubai, including Emaar, Meraas, Dubai Properties, DAMAC, Nakheel, and SOBHA to name a few to maximize the opportunities that best meet the requirements of investors. This allows us to provide investors with the best possible returns on their investments.
Frequently Asked Questions
