When it comes to making investments, making the right decision is as important as making the investment in its whole. Particularly if you are interested in buying a property in Dubai, if you are not careful you might have a problem of making the right choice. Certainly, Dubai is a world of its own when it comes to investment opportunities especially in terms of real estate.
If you are not careful you might have a problem of making the right choice.
The country offers some of the most luxurious properties in the entire world and making the right call is vital if you want to get the best out of your investment. So, we have considered a list of some important things that you need to know before you buy any property in Dubai.
Why are you investing?
As simple as that sounds, this is a very important question that will go a long way to determine the where and type of property that you buy. Whether you are buying for personal use or for rent, it is important that you make up your mind as regards the reason why you are investing in the property. Dubai has so many luxurious apartments in so many communities. Likewise, the prices of apartments in these areas varies depending on a number of factors that includes accessibility to major amenities like recreation centers, shopping malls, airport, port, schools, and many more. While the city presents you with a lot of luxurious options, certain areas are more expensive and offer more ROI than the others. Apparently, you’ll have to sort that out with your agent before you go on with the investment.
Property fees and charges
While you have decided to invest, you also need to take into consideration how much money you are willing to spend. Dubai has so many luxurious locations and the prices of properties in these areas vary as well. Properties in locations like Palm Jumeirah, Dubai Marina, Jumeirah Lake Towers, Dubai Hills Estate, Arabian Ranches, and a few other locations rank among the most expensive properties in the city. Also, you need to consider all the fees like Trustee Registration Fee, Agent Fee or commission among others.
Freehold or Leasehold?
If you are thinking about getting a property in Dubai then you need to understand the difference between these terms. Dubai has dedicated some areas as Freehold and some others as Leasehold. Before now, if you are an expatriate, you cannot own a property in Dubai. However, the government has created a dedicated area called freehold where anyone from any part of the world can freely own a property. On the other hand, the Leasehold area is just as the name implies. In these areas, you cannot own a property. Rather, you are free to lease any property of your choice for as much as 99 years.
