Planning to buy property in Dubai? Well, who doesn’t want to?Dubai is a business hub and tourist’s favorite destination for a reason. Its infrastructure, highly advanced facilities, and interesting activities for visitors and investors make it a great spot.
Since the Dubai government pulled the law and allowed foreigners to buy property in Dubai, it’s a golden opportunity to invest. So, from an investment perspective, Dubai is a prime real estate market where all sorts of properties, including residences and luxury properties, are up for sale.
A lot of people are looking to invest in this city with an expectation of generating passive profit. Not just investment, but you can buy property for your residential purposes as well.
But, there are a couple of things you should know before planning to buy property in Dubai. For instance, you have a sound knowledge of how many types of properties are up for sale and where to get the real estate services. In addition, what are the things you should look after before hiring a real estate company.
No worries at all. In this post, we have covered everything that will be of great help for you in buying properties.
Types Of Properties
Before investing your hard-earned cash, check out the type of properties so you can chalk out a better investment plan and make a wise decision. There are three types of properties in Dubai which are:
- Freehold
- Common hold
- Usufruct
Let’s read further about these types to buy property in Dubai that will help you save and make more money.
Freehold: Freehold properties are one of the rapidly developing properties in Dubai. This type of property is commonly purchased by foreigners who want to invest in UAE’s real estate or want to buy the place for residential purposes.
Freehold can be owned outright but has few restrictions. The owner of freehold properties is free to sell, renovate and rent out whereas they can pass the property to successive generations.
Common hold: The only difference between freehold and common hold properties is that common hold are mainly residential and non-residential units in apartments. Common hold property can be purchased by individuals and they can sell, rent and transfer it as an inheritance.
This property type is like units in apartments so one has to pay the maintenance fees and the other charges. These buildings are usually owned by real estate agencies and property developers.
Usufruct: Out of all, Usufruct is one of the most common types of properties in Dubai. Basically, it is referred to as a lease for long-term investment. But, the owner cannot change or design the property in any way.
The duration of the lease depends on the nature of the property. For instance, the lease agreement can be up to 10 to 100 years for residential ones and up to 50 years for commercial purpose. You can rent your Usufruct property without giving any commission to the original owner but if you add any changes to the property you will not get the reimbursement for it from the original owner after the dismissal of the lease agreement.
As we have covered the general details about the property types, here are some other aspects you should consider before purchasing space in Dubai.
Buy Property In Dubai For Personal Use
Dubai has become a huge real estate market, and has become a home for many immigrants who come for employment. There is no doubt that Dubai is such an expensive city but things have changed now. As the Dubai govt. has relived certain restrictions on property ownership, it has become convenient for foreigners to buy properties for residence.
We have a suggestion for you. If you are looking to buy property in Dubai for personal use, make sure to choose a location that is close to a hospital, restaurant, shopping center, etc. Living in such a developed city would be an amazing experience for you.
The demand for Dubai property is growing in the rapid pace from last couple of years. Dubai real estate has successfully captured the attention of both foreigners and expats. Foreign investors mainly invest in Dubai to enjoy high rate of return. On the other side expats buy property in Dubai so they can experience splendid infrastructure and luxurious life style.
There are many reasons to invest in Dubai properties. But most importantly the significant steps taken by the government made the overall buying process uncomplicated. Apart from government policies the peaceful and calm life in Dubai is impossible to find at other part of the world. Therefore all these factors motivated to take interest in Dubai both from investment and living perspective.
So if you are planning to move to a location where you can find all the amenities and services near your house purchasing home in Dubai is a wise decision. To get in touch with a real estate firm in Dubai. Time homes real estate is always serving to help you out choosing the comfortable place.
Properties for Investment
Investing in the real estate business is a very profitable business. The real estate market in Dubai has attracted many foreign investors who want to yield enormous profits. That’s the reason why many foreigners or expatriates prefer to buy property in Dubai.
You can make it more advantageous by conducting thorough research of the market because purchasing property in the UAE is not a piece of cake.
Designated Areas In Dubai
With a world-class infrastructure and secure environment, Dubai has opened its gate for foreigners and expatriates to invest in the real estate market. In Dubai, the government has allotted specific areas to purchase. We have shared a list of those designated for your ease.
- Arjan
- Barsha Heights
- Bluewater
- Business Bay
- Culture Village
- Discovery Garden
- Downtown Dubai
There are other places too where you can consider buying property in Dubai and enjoy a luxury residential experience.
Always Seek Professional Help
When you buy a property in a country other than yours, it’s very important to be aware of all kinds of scams and frauds. It’s common that scammers to fabricate a fake brokerage company and con the newcomers. So, If you have made up your mind to buy a property in Dubai, make sure to avail the services of trusted brokers and real estate agents. Check out their profile and track record for your safety and then proceed further.
Last But Not the Least
Dubai has always been a center of attraction for travelers, businessmen and workers. From interesting and fun activities to gigantic profitable businesses, Dubai has everything a human mind can desire.
Whether you are an individual who wants to settle down in Dubai or an investor who is looking to expand business, Dubai real estate market got you covered. But, before purchasing the space, scout out the location and neighborhood. You should be careful about these two things as locality and neighborhood impose a great impact on people.
Besides, don’t rush in making a decision. Make a proper budget plan, discuss your requirements and budget with the broker and then check out the options that are affordable for you. Don’t push your limits to buy an expensive living space because it will only harm you financially and nothing else.
