Dubai is an ultra-luxurious city and it has always been a fascinating point for people around the globe. Situated in the gulf, it is a modern and magical city that captivates everyone into its beauty and allure. In recent years it has gained much popularity and is increasing at an extremely fast pace.
With its popularity, the real estate sector is also experiencing rapid growth, transforming the city into a highly sought-after global destination. With a blend of top-notch housing options at extremely affordable rates as compared to the market, and meticulously crafted modern amenities, Dubai is increasingly becoming a favoured choice for both young working individuals and families.
Buying property in Dubai can be an exciting and great investment opportunity for those interested to invest. Whether you are looking for a new home or a property for rental income, Dubai's real estate market offers a range of options. This guide will walk you through the process of purchasing property in Dubai, providing you with clear and concise steps to help you make informed decisions.
Research and Planning
Before diving into the property market, it is important to do research about the neighbourhoods and understand the city. Familiarise yourself with the different areas in Dubai, property types, and current market trends by either doing your own research or asking a professional or the one who may know about it.
In the meantime, make your budget and lay out how much you want to invest or can invest in a particular property and what type of property suits your needs. There are thousands of apartments, villas, and townhouses available therefore, you have to make up your mind before making the move. Planning ahead will help you narrow down your options and help ease the overall process.
A villa or apartment in Dubai is a big investment, so you will need to choose carefully. Looking at developer’s websites like Aizn Developers can give you a good idea of what is available. While you have to be on the ground to inspect everything but for initial steps it is better to just check and analyse what you need and you are getting.
Once you have shortlisted the properties that you may want to invest in, arrange viewings to get a firsthand look at the options. Pay attention to the property's condition, location, amenities, and anything that you may need or it lacks something essential. This step will help you make an informed decision about whether the property you are trying to possess even meets your needs or not.
The Legal Side
Having a reliable realtor or an accredited developer you can trust is absolutely paramount when you are buying any property in Dubai or anywhere else in the world. They can help you through all the process step by step, whether you are buying for yourself or are investing to get high returns.
Individuals of all nationalities have the opportunity to invest in property within Dubai, granted that the chosen property is situated in specific regions authorised by the respective government of the respective states. It is not a requirement to hold full residency status to engage in property acquisition. This means that even if you are residing outside the UAE, you can still purchase property either for rental purposes or as your personal dwelling during your visits to the country.
Extra Charges
In addition to the property's purchasing cost, it is important to factor in a range of supplementary fees and expenses which includes:
- NOC Fees: The No Objection Certificate (NOC) cost varies from AED 500 to AED 5,000, contingent on the property's value. Ordinarily, these fees are covered by the seller to the developer. There might be an additional fee from the developer, but this is essentially a refundable deposit. Once you furnish the new title deeds and the developer updates their records, this deposit is returned.
- Estate Agent's Commission: Typically, this amounts to about 2% of the purchase price.
- Transfer Fees: Roughly 4% of the purchase price constitutes the transfer fees, accompanied by an extra charge of up to AED 5,000, which is payable to the Dubai Land Department.
Moreover, there is the requirement to prepay your annual service charge to the developer.
Top Spots For Buying Property In Dubai
Dubai is a great place no matter where you drop your pin but some of the top sites include Downtown Dubai, Dubai Creek Harbour, Dubai Marina, and Palm Jumeirah. The city has countless developments offering high-quality apartments that are highly sought after.
Just between the lanes is The Aizn’ Grand Glow; Aizn has been working on this project recently and they have now completed it. Grand Glow has extraordinary villas in safe, comfortable communities with plenty of amenities and wide open spaces, perfect for families who want a more secluded and peaceful environment.
It also offers a great opportunity for those seeking to invest for great yields on investments. If you are interested in buying a property in this beautiful landscape of Dubai then visit their website to learn more and get a chance to own a piece of heaven.