Dubai is known for its luxurious lifestyle, mesmerizing natural beauty, famous restaurants, grand shopping centers, and many other fascinating things. Basically, it is the one destination where people dream to live.
From an investment standpoint, Dubai is a top real estate market, offering a range of properties, including residences and luxury properties. However, purchasing a luxury property in Dubai is one of the most significant financial decisions anyone can make.
Since the Dubai government modified the rules and allowed foreigners to own homes and apartments in the city, many people have considered making an investment. Dubai offers thousands of properties for future investment. However, there are many other things to consider before purchasing a property in Dubai.
To learn about the most important things, read the following blog. First, let's talk about the different types of properties in Dubai.
There are primarily three types of residential properties that foreigners can purchase in Dubai. All of these properties belong to a different style of home or land. However, before purchasing a real estate property in Dubai, you should perform a comprehensive market analysis.
1) Freehold Properties:
Due to its tremendous growth, it is now easier than ever for foreigners to purchase property in Dubai. Freehold properties are most frequently sought after by foreigners who want to invest in the UAE or buy a home in Dubai. Freehold properties are available to UAE citizens and can be inherited, rented, and sold if required.
Additionally, rather than houses or apartments, freehold properties for sale in Dubai have linked to undeveloped areas of land. This gives purchasers the option to build the property as per their choice.
2) Commonhold Properties:
The second type of property that the investors can purchase is commonhold property. These properties comprise the building's primary condominium, apartments, and non-residential units. When you purchase a commonhold property, you gain the true right to buy, sell, or rent a property for the purpose of inheritance.
These types of properties are similar to freehold properties. However, due to the fact that commonhold properties are quite similar to apartments, the owners are required to pay maintenance fees for both the property and its common areas. Typically, a real estate developer or property developer owns these properties.
3) Usufruct Properties:
The third and the most common real estate property in UAE is usufruct property. This is primarily considered to be a long-term investment lease. The property's occupant has no authority or right to make any changes to a usufruct property. Leases for usufruct properties have a life of up to 100 years.
1) Identify your objective:
Before purchasing a property in Dubai, buyers must understand the purpose of their investment. This will enable them to choose the right type of property.
You can ask yourself questions like: Are you an investor or an end user? What is your investment time frame? What kind of return on investment are you anticipating? Based on the responses, you can make judgments about a variety of factors, including whether you want to purchase a ready-built home or an off-plan property, among many other things.
If there is one aspect of your property that you cannot change or alter, it will be the location of the property. So, always purchase a home in Dubai that is close to all the amenities that you or your family might require.
Choosing a property near a school, shopping mall, clinic, and outdoor play areas is essential if you have children. Some good options include MBR, Al Barari, or Dubai Hills. If you're a single working professional, look for a property close to your place of employment or with quick access to public transit, such as in Business Bay, Dubai Marina, or JLT. Consider the location where you and your family will live comfortably.
If you have your budget all set up before searching for a property, it won't be difficult to choose a home within your price range. However, to determine whether the asking price is fair or whether you might be overpaying, make sure to bring a knowledgeable real estate agent with you.
If you're looking for professional real estate agents in Dubai, get in touch with Unique Zone right away. We will help you find luxury properties for sale and rent, including villas and apartments in the UAE. In addition, we will help make your home-buying process easy and hassle-free.
Another essential consideration before purchasing is to focus on things that can be more expensive and difficult for you once you acquire the house. Amenities that are easy to repair or update shouldn't be included in this.
Instead, consider both indoor and outdoor facilities, such as the quality of the furniture (if it is fully furnished), the lighting, the type of flooring, a garden or a private pool, etc. You can also consider having access to sports facilities like a gym, tennis court, basketball or volleyball court, or even a squash court.
5) Size And Style:
Before choosing a luxury property for sale in Dubai , carefully consider your current and future size requirements as well as the usability of the floor layout. Select the home considering every factor you need for the future, whether an extra room or washroom, or a pool. The climate in Dubai is perfect all year round for having a private pool party.
a) Is buying property in Dubai a good idea?
UAE is renowned for its investor-friendly practices. In Dubai, investments are exempt from annual property taxes, income taxes, capital gains taxes, rental revenue taxes, and VAT (VAT).
b) Can I live in Dubai permanently?
You can get a five-year visa if you invest in real estate in the UAE worth at least 5 million AED.
c) Is it a good time to buy property in Dubai in 2022-23?
The year 2022-23 is the best time to acquire residential properties in Dubai because the prices are at the lowest and the ROI is more attractive.
Above are some of the important factors that you should consider before purchasing a luxury property in Dubai. If you're also looking to buy the property in Dubai, get in touch with Unique Zone right away. We are well-versed in finding luxury real estate properties in Dubai and making the home-buying and selling process easy and hassle-free. To know more, call us at +971 52 439 7257 .
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