If you’re thinking of buying in Dubai, the process might be daunting, especially if you’re new to the market and there are plenty of factors to consider.So we asked some industry gurus for their best advice.
Be prepared to compromise
“Be open to suggestions when seeking a property to buy in Dubai,” suggests Joshua Pargin, Senior Consultant at Nomad Homes. “No showing is a waste of time as it allows you to narrow your search to the right home for you,”he says.”Most of the time, the first house you look at is not the one that you buy – and that’s fine. There may be some things you cannot compromise on, such as a specific commute time, but you can find that other elements become non-essential.”
Look out for fake listings and view properties before you visit
“It is critical for home buyers to be aware of fake listings and to ensure that the listings they are viewing are authentic and available,” says Scott Bond, Country Manager, UAE at Property Finder. “A viewing before you visit is now possible thanks to innovations in technology, and it should be the first step you take before seeing your potential future home.” If it’s through a 360-degree tour, video tour, or interactive floor plan, you can get an in-depth view of the setting, region, and property floor plan to decide if it’s worth your time to visit.”
Location
“Dubai is a fast-growing city experiencing remarkable urban sprawl,” says Peter Smithson, Sales Director at Belleview Real Estate. “It is clear from studying other towns and their respective property values that location is the most important deciding aspect of capital appreciation.” “It is better to buy the worst property in the best area than the best property in the poorest area,” says an old property proverb.
Get a comprehensive understanding of the costs
“Before viewing houses, find out what the true cost of the purchase will be, including fees and a necessary downpayment,” says Arran Summerhill, co-founder of the Holo digital mortgage platform. “The UAE may operate differently than your home country, and it is suggested that you get an in-depth knowledge of the entire process and schedule, including what will be required and when.” Then, before going out viewing, gain a pre-approval. You don’t want to fall in love with a possible first house just to find out that you can’t afford it.Also, given the market’s pace, you must be ready to make an offer soon as you find your dream house. You will be able to achieve this if you have a permission in place.”
Affordability and lifestyle
The major thing to think about for people who are new to the Dubai property market, according to James Perry, Managing Director of haus & haus, is affordability. “Do your homework and figure out which areas you can afford to buy in.” Once that is established, it is critical to evaluate the areas that are in your budget and then evaluate commute times, if that is the distance to your job or the local school if you have children. If money is not an issue, those two factors become what the person is looking for in terms of home type, specific communities, or lifestyle choices,” Perry says. “For example, if somebody loves to go kayaking in the early hours they might look to purchase an apartment on the Palm Jumeirah to promote that pastime.”
