Guide To Avoid Common Mistakes When Buying Property In Dubai
Dubai is the largest city and also the capital of the UAE. Traditionally, it is also known as the “City of Gold”. Moving towards the Dubai Real Estate Industry it is found that its properties are comparatively cheaper than other states of the same class. Also, compared to other cosmopolitan cities of the world, the Emirate is quite reasonable to live and work in. The business, tourism, health, and real estate sectors of the city are excellent and contributes significantly towards the great influx of people to the city every year. Due to Emirate’s policies, and available investment opportunities, the city has now become a preferred place to live and work by many individuals, families, and investors around the globe. That’s why for people searching for properties for sale in Dubai to either invest or live, we present you with a brief guide so that you can make your transaction process as smooth as butter!
THINGS TO AVOID WHEN BUYING A PROPERTY IN DUBAI
Here, we have collected a few of the usual mistakes that buyers make when showing interest in Dubai properties.
- Working with Arabic-speaking real estate agencies:
If you’re a foreigner and unfamiliar with the Arabic language, then working with most real estate in Dubai can be quite challenging for you. This means that majority of the real estate agencies know Arabic only. The language barrier makes the property buying process for foreign investors more stressful as this limits you in communicating your budget, requirements, etc. to the agent. But some professional brokers in Dubai can speak multiple languages. Two examples of such agencies are Aeon & Trisl and Fam Properties. So when buying a property in Dubai, make sure to hire a broker to whom you can communicate your demands and queries easily!
- Purchasing property too quickly:
It has been found from a survey that the majority of the foreigners interested in settling in Dubai, buy property within 1-2 months after arriving in the Emirate. But it is always recommended to give a trial of living in the city and take time in searching the market thoroughly for the best outcome.
- Working with inexperienced real estate brokers:
There exist many real estate agents in Dubai who are inexperienced in working with foreigners in the buying and selling of properties in the city, again due to the language barrier. So, we recommend you contact an agent with prior experience working with foreigners for a hassle-free buying experience.
- Not paying attention to the true value of a property:
One of the most common mistakes that buyers do when buying a property in Dubai is not giving importance to the property’s real value. The two key ways to know the exact value of a property are to search the market thoroughly and take the advice of an expert, which in this case is a professional real estate broker. Knowing the original value of the property you’re interested in is very important not just to save yourself from getting robbed but also for the future resale value.
- Not explaining the property needs in detail to the broker:
To get exactly what you desire, it is very important to discuss in detail your property requirements and budget with your agent. Without any details, it would be difficult for the broker to find you the property you were looking for. It will also waste your time. So, when looking forward to buying a house in Dubai, provide all the details to your agent, so that he/she can shortlist the properties that perfectly match your needs!
- Not checking the background of the property:
Property buyers without a real estate agent don’t give importance to the background check when doing the payment, which is not a good thing to do. When purchasing a property in Dubai, it is recommended to hire a real estate agent who can check the history of the property, the status of municipal property tax, and also all the taxes related to the property that are paid or not. This should be done before any payment to save oneself from any future hassle.
- Missing the opportunity for not having a local bank account:
Many buyers tend to miss a property buying opportunity in Dubai for not having a UAE bank account. It’s a misconception that needs to be cleared. Foreigners can purchase a house in Dubai in cash and without having any local bank account.
WOULD YOU CONSIDER INVESTING IN DUBAI?
Being an experienced real estate agency, we assure you that property investment in Dubai can be your best decision ever in terms of savings and living perspectives.
This Emirate of UAE has all the essentials and much more that one could ever ask for! From the best tax policies to the best places for touring, from studios to mighty townhouses, Dubai has it all!
But before you invest in Dubai properties, it is important to understand the buying procedure of the real estate sector so that you can make your purchasing experience stress-free, exciting, and rewarding at the same time!
