What Are the Essential Steps You Need To Take Before Buying Property for Sale Dubai?

With the change in the law and policies of buying or renting real estate property In Dubai the demand for  property for sale in Dubai is increasing day by day. There are many constructions going on in Dubai to meet this increasing demand of real estate in Dubai. Today, not only locals but also many foreigners want to buy Dubai properties as they like to live here because of its natural beauty. So, if you are one of them then you need to take some essential and straightforward steps.

• Mostly foreigners or overseas investors don’t know about which place is best suitable for their investment. They have restricted knowledge about the beautiful places of Dubai where they can buy any property. So, first you need to make some extra effort or research about the best places in Dubai.
• It is not essential but if you are new in Dubai then it could be really helpful for you to find a good real estate agent. He will surely guide you about the property, set meetings with owner, and gives you advice and all related information about the property.
• Dubai is one of the best places that provides you different lodging options for you stay like, apartments or flat, homes, villas, etc. you should know what’s right for you according to your need, suitability, and budget.
• Also you should fully aware of what is the legal procedure of buying property for sale in Dubai. If both the parties agree on a price then don’t forget to sign final contract in front of notary legal attorney.
• If you are not aware of the Dubai legal process then you should hire an independence lawyer who is expert in Dubai real estate sector. You should sign any document related to purchase of property in front of your lawyer or real estate agent. 
• Before entering into any legal process just make sure that the amount you are paying for your property must include extra expanses and all the property taxes.
• If you are foreigner and want to buy any property in Dubai then you should use a foreign currency specialist as well. It is important have a specialist so he can set rates for future transactions and guard against currency changes. 
• Also you can easily search on internet about your favorite property in Dubai. There are so many different online websites that offer your quality and best services for your convenience. Also you can take the help of different magazines to keep up to date.
• Don’t forget to ask the people around you about the property rate.

If you follow these steps then it will surely help you to find a suitable place for yourself.

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Making a profit from property

There are two ways of making a profit from property in Dubai. You can look for the high rental returns or the long term appreciation in the value of your property. A word of warning, if you are looking for a quick return then you will be disappointed, those days are gone in Dubai and all investments should be viewed as a mid to long term investment.

Taking the first option; looking for a high rental return. This is a popular option in Dubai thanks to many reasons.

·         You have very low purchase prices

·         Very high rental prices

·         An extremely high expat community of 80% driving the demand for rental properties

When looking at a buy to let property take into consideration the location, how established is the community, is it convenient to the business districts, the demographics of the local residents and of course the average rentals being achieved. It is highly recommended at this stage to discuss your plans with a property consultant who is specialized in the area you have chosen.  At this moment in time there are 4 communities worth considering, Dubai Marina, Palm Jumeirah, Downtown Dubai and Emirates Living.

If you follow these guidelines and take advice from a property expert you should be looking at a net yearly return of 7.5% on your investment.

When looking at looking at the long term appreciation you need to consider all of the same criteria as the buy to let property but also look at who the developer and what have they completed before, what facilities the building has, the view from the property, is it convenient to commute to the business districts.  Again if you get the above right you should see a healthy annual growth in the region of 5%.

The final piece of advice is to remember this is an investment, so make the decision with your head and not your heart. You will see property that you fall in love with but remember you are not living there and all that matters are the numbers. Done correctly a well thought through investments in Dubai will still generate a great return.

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