Things to consider before buying property in Dubai

Undoubtedly, Dubai is a home to a thriving international community but nowadays, the circumstances do not favour sellers as Dubai Property market is apparently down. Property prices are low and this low price gives an edge to all prospective buyers. Dubai real estate is the market for long term investment but it does not guarantee high profits fir buyers. However, it means that there is a glut of properties for sale and all the prospective buyers have an opportunity to pick out the best home according to their demands at cheap price. The operative word here is “demand” that you must keep in mind before finalizing any home or apartment in Dubai. It is because many times people overlook several necessary things to consider just because the asking price is too cheap.rnIn the following article, few points are given that prospective buyers must consider before finalizing a specific home or property in Dubai.rnOverseas Investors’ considerations!rnThe living costs of Dubai are reasonably high for the region but at the same time the infrastructure is excellent with outclass amenities. However, overseas investors can only buy properties in freehold areas of Dubai and in specific developments. Properties are also available for them on leasehold basis. Mortgages are also freely available from banks and financial institutions but experts advise to buy on cash, otherwise you might end up paying approximately double the actual price of the property in Dubai. rnKnow about developers!rnIt is quite important for prospects to get the background information about the developers of property. Some of the questions you need to ask about the developers before investing a penny in Dubai real state are: ● What are their past developments? ● What was the quality of properties handed over? ● Did they deliver the previous development in time? ● Is the developer registered with RERA? ● Does the developer have an Escrow account? rnVerify the registration of the developer from the Land Department or contact different Dubai real estate agents to help you find a suitable property of the reliable developers in the market.rnKnow the difference between gross or net area!rnKnow what are you paying for before you pay. Ask your developer or real estate agent to clarify that you are going to pay for net or gross area. Developers and sellers usually give you misleading variables as they sell at gross area basis and in some cases, the net area is 10-20% less than the gross area. If you are paying for net area and the developer makes some changes in the layout or design without prior notice, you have the right to accept or reject the property. Make sure the measurements are correct before signing any kind of contract before buying a home or apartment in Dubai.rnReliable real estate firm!rnThere are numerous agents who deal in Dubai Properties but make sure you pick a real estate company that is registered with RERA and has professional property agents. If you find a company that has both of these things, still it won’t mean that they will provide you with complete information without asking and verify every property before handing it over to you but the chances of striking a good deal in Dubai increases several times when you pick a reputable realtor or company. It is your duty to verify complete information and point out every little detail before signing the contract. You may take an expert with you to verify every possible claim of the developer before receiving the keys of your home or apartment.