Property investment is among the most reliable long-term investment options, particularly if you’re planning on investing in Dubai real estate market. Also, its prospering economy, a luxurious lifestyle and the ever-increasing demand for rental properties from the large influx of expatriates lowers several risk factors of your investment.
If you’re planning to invest your money in Dubai real estate, then there are a few things you must take into consideration. Thus, keep the following points in mind.
Reason Of Investment
The first thing to consider would be your purpose of investment before setting off on your property research. If you’re interested in investing only to improve your cash flow or building equity and so on, then you should consult an agent or a real estate firm to discuss the best properties. Whereas, if you want to invest in a house to settle in Dubai, then you should look for locations suitable for your family and their requirements. If you’re looking for any real estate management service in Dubai, then you should go with BSO at https://bso.ae/ for all your real estate related queries.
Know The Neighbourhoods
Dubai is a major commercial and business hub, as such the population is growing rapidly. It has numerous neighbourhoods that are very diverse and unique in their own ways. Therefore, you need to get familiar with Dubai’s neighbourhoods and their demographics so you can choose the right location instead of recklessly investing in any random area.
Following are the prominent Dubai neighbourhoods for real estate investors:
- Dubai Marina
- Arabian Ranches
- Palm Jumeirah
- Jumeriah Village Circle
Research The Area And The Developer
After choosing your property in your desired neighbourhood, don’t stop your research. You need to conduct thorough research in your chosen area to inspect important things like the security system, traffic flow etc. Even though Dubai is one of the safest places in the Middle East, you must be extra cautious before investing your hard-earned money on a property.
The next thing you should do is examine the credibility of your property’s developer through an agency. Make sure the property is constructed by a reputable developer, the building or property’s age, and most importantly its service charges. It helps if you ask for the service charges of neighbouring properties to ensure you aren’t paying a much higher price. You can also meet your developer directly to ask him/her all the necessary details about the property.
Know About Your Finance Options
The most important thing to consider would be your financing options and the real estate finance system in Dubai. Because financial services for property investors are limited to specific banks and companies sanctioned by the UAE Central Bank.
Also, not everyone has enough savings or income to pay off the complete property amount in one go. Thus, they opt for loans and if you do so, then you have to obtain it through credible financial organisations. These organisations then inspect the property and investor’s financial position before providing you with the required amount of loan.
Calculate Your Expenses
Eventually, before sealing the deal, you must calculate all your expenses. Especially the expenses related to paperwork, costs of renovating the property, annual service charges and so on. The other charges which you’ll have to account for will be the agency’s and the agent’s fee/commission, registration trustee fee and land department title deed registration fee.
Investing in property is a big decision as it considers a good amount of money. That is why you need to be careful and take as much assistance from trusted sources as you can.
Interesting related article: “Dubai a major venue for myriad events.”