There are many luxury villas or high end properties in Dubai. The slump in the real estate market did not affect high end buyers and many are still interested in investing luxury homes that are fully furnished. The main reason for their continuous interest is because the most of prime properties in Dubai is not too much expensive compared to the same properties offered in the other parts of the world.
Dubai is a charming living place that has never lost its power. It has remained a great place for tourists and investors due to its modest crime rates and world class facilities. The cost of living in the city is also lower compared to some other places that offer the same luxury. If you are planning to enter the Dubai real estate and buy a property, you must find a good real estate agency to ensure that your investment will be worth it.
Things You Must Know about Dubai’s Real Estate Market
Prior to invest in Dubai’s real estate market you must be aware of its status and progress to ensure that you will not be risking a lot of money in the long run. Here are things you need to know.
According to real estate analysts, although the property market in Dubai has declined its prices in 2012, it has slowly petered out and it expected to increase in the next few years. Dubai is still one of the fastest developing cities throughout the world, so owning a property means you will be a part of its growth.
- Foreigners who wanted to live in Dubai may obtain a residency visa through its developer. However, as a real estate residency visa holder you must be reminded that this type of visa will not allow you to work or invest a business in the city.
- If you are planning to purchase a condominium units, villas and apartments, make sure to ask your agent if the seller provides a one year free maintenance in case you will encounter issues when you first transfer in the property. Check also if the real estate you are buying has a 10 year warranty on its structure to ensure that you can own a high quality investment.
- When you buy a property from another owner, you must be prepared to pay for the transfer fees so that the ownership of the property will be transferred to your name. Covering the transfer cost depends on your agreement with the seller and the buyer
Buying a high end property is a risky investment, so you need to be cautious in choosing for a real estate agency to trust. However, in Dubai this will not become a real concern. Property owners are more concerned in finding a buyer to sell their high end property at a reasonable profit. If you are a buyer make sure you can guarantee your seller that you are capable of paying for the amount they require because most of them are very keen that even a small defect on your ability to pay will put you out of their list.