Crucial steps before buying real estate
There are many expats in Dubai, and many of them are considering investing in real estate both those who work and live here and those abroad. These 5 things will help you make the most of your real estate investment:
- Reason for purchase: there are many reasons for making a property investment. It can be for personal use, or it can be a rental investment. Buying a property to use as a primary residence is one of the most common reasons and is most advisable.
- Find out about the project: before investing, find out about the property market and rental yields. If the property is off-plan, find out about the location and surroundings where the property will be built, the developer and his work, and the completion rate. As the property is not yet built, you need to think ahead to avoid disappointment at the end of construction.
- Finding the right agent: To maximize your chances of success, surround yourself with qualified professionals, such as an experienced real estate agent, who must be RERA-accredited and hold a valid license. It has to be an experienced agent who knows all the legal intricacies. They need to understand your needs. Their expertise will help you avoid potential pitfalls and make a solid investment. Don’t hesitate to ask for references and check their reputation.
- The buying process: the real estate agent will accompany you every step of the way, from negotiations and administration to the handover of the final property. But it’s important to understand all these steps and not just rely on the real estate agent.
- Golden Visa: visa regulations have been updated by the UAE Cabinet. It states that the golden visa can be obtained if he owns one or more properties worth not less than AED 2 million for real estate investors. The property can be off-plan or completed, and can be mortgaged with certain local banks.
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