When we think of the UAE, what comes to mind immediately are dizzying skyscrapers, exciting nightlife and spectacular homes. It’s the business hub where global entrepreneurs come together for work and play. It’s the place where tourists who crave glamorous vacations converge. Could this be the spot where you will establish your future home? Let’s explore.
The steady rise in property investment
The UAE has long been the business address of many expats from all over the world. Dubai has successfully cemented itself as the most critical business hub in the region. For many expats, renting a home while in the city was the practice. But owning a home can be a more practical move if you are to spend most of your time in the city and for an extended period.
In the past, foreigners were not allowed to own property in the UAE, but since 2002 the government of Dubai has allowed expats to own freehold properties. This move has helped turn the real estate market of the UAE into one of the most in-demand in the world today. Investments in real estate properties have been on a steady rise in recent years. In 2022, property sales totalled AED 240 billion, representing a 61% increase from the previous year.
Much of the growth in the property sector is driven by the strong commitment of the UAE government to make the country the centre of business on the worldwide stage. Dubai’s government has echoed this vision by rolling out its initiatives to secure and sustain the city’s position as a global business hub.
For soon-to-be investors of homes either for personal use or for rental, now is the best time to pour your capital into residential projects. Numerous property projects are available for potential investors in some of the most luxurious addresses.
You have a wide choice among prime developments. These projects are currently under construction and are still priced lower than the finished ones. But for those who would like to own homes ready to move into, there are equally outstanding properties to choose from. In short, depending on your need and capital allocation, you definitely have your pick of the most luxurious homes to meet your needs.
What factors you need to think about before buying your first property
The purpose behind your purchase is a critical factor in deciding on the location of your home in Dubai. Identifying your priorities is a significant starting point in considering the place that meets your needs.
In choosing your home, think about the location and what it offers. When relocating with your family, an address near schools would be convenient for you and the young ones. Your place of work plays a massive part in scouting for the perfect location. Will the commute for you and the children be manageable?
If you are looking into waking up each day by the sea, then a home by the waterfront would be ideal for you. The choices for location would greatly vary whether you are a bachelor, raising a family or are already enjoying your retirement.
Not far behind location would be proximity. Do your work, home and leisure needs call for you to be near malls, restaurants, nightlife and other recreational areas? Or would you instead go for the quiet of the suburbs, where you can happily trade the metropolis's hustle for the easy breeze just outside your doorstep?
Off-plan or ready-for-occupancy
In purchasing your property, take a moment to look at these options:
Buying off-plan means you can pick the prime locations as they are about to go into construction. The price is lower for off-plan properties; you may even have a hand in the design process.
Ready-for-occupancy properties are brand-new homes that enable you to move in immediately as these units are already built. You don’t have to wait for the construction to be done before the property is turned over to you. Some homeowners find it easier to visualise their future homes when everything has been built.
If you are purchasing a property to turn into a rental, a finished home can provide you with instant income.
Doing your due diligence
The UAE has one of the world's most regulated and transparent property markets. Developers must abide by stringent construction rules and regulations, from the design to construction and pricing. But it is always a good idea to do due diligence in choosing the property that will become your future home.
Allotting time and effort in inspecting everything about the choices of properties available is always a great way to assess whether you are making the right purchase.
Doing a site visit will give you a first-hand experience of what your future home will look like. You can check for flaws and defects early on, saving you the trouble of unwanted repairs in the future.
Checking the financial and legal aspects of the deal and verifying the information provided by the seller and developer will clear any confusion or inaccuracies at the get-go. Reviewing the property's title deed and verifying its legitimacy before signing any document is a must.
Choosing reputable companies
The most important aspect of due diligence happens at the beginning of your decision to purchase a home. Choosing which property developer and seller to consider requires a thorough background on the company. The Dubai Land Department maintains an up-to-date list of verified sellers and developers. You can contact the department to check on a particular company to demonstrate its standing.
If you would like to request for assistance in making your choice of properties, kindly contact any of our sales representatives. We will gladly be of service to you.