Things that you should keep in mind before you consider buying a villa in Dubai.
Closing a property deal in Dubai is definitely one of the most significant investment decisions that you are going to make during your whole life span. As a matter of fact, many people would like to have this chance so that they can enrich their financial portfolio with such a quality asset.
But there are some precautions that need to be taken in each and every investment one does. Here in this article we will share with you some of the hot villas up for grabs in Dubai’s real estate stock and along with that tell you the main do’s and don’ts when surfing in this market.
We are doing this because such queries have been asked a lot from many potential buyers & investors about the main things to be knowledgeable about before buying a villa in Dubai.
Buying a Villa in Dubai
Dubai is a part of the GCC state United Arab Emirates. It was established on the 2nd of December, 1972 by the late Sheikh Zayed bin Sultan Al Nahyan. It is governed by his highness Sheikh Mohammed bin Rashid Al Maktoum, the vice president, minister of defence, & the prime minister of the UAE. Following his brother, Maktoum bin Rashid Al Maktoum, continues through his wise leadership on the way of turning Dubai into one of the world’s most prominent business centers & a top investment destination.
Authority In The Emirate
His Highness Sheikh Mohammed bin Rashid Al Maktoum ascended the Dubai’s throne around 13 years ago back in 2006. He presides the government of Dubai which is the main executive authority in the emirate that governs the city. Dubai government has 30 different departments that control the main integral matters in the city including safety & security, roads, health, education, court, finance, & the one mainly related to property market i.e. the land department.
What Is Dubai Land Department?
Dubai Land Department (DLD) is the executive entity entailed to both regulate & monitor the real estate market activity within the emirate’s bounds. As per the law no. 7 issued in 2013 by his highness Dubai ruler, the department’s main role is the registration, organization & promotion of real estate investment in Dubai. It does its job by implementing the international standards in this vital sector in order to create a positive & attractive investment ground for real estate sector from all across the world.
Dubai is popular on a global scale for being a mixing pot mingling between various nationalities from different areas around the world. Being a top business hub on the globe, the emirate grabs professional executives to work in its sophisticated facilities & business centers, in addition to join the world’s famous companies that have launched their venues in the city. Its population is 2.7 million, out of which about 88% are expats. About 71% of the emirate’s total population is from Asian ethnicities including Indians, South Asians, Pakistanis & many others from different origins.
Back in 2000, i.e. around 19 years ago, Dubai authorities made it accessible for foreigners to buy properties within its bounds but only in certain areas known as freehold areas. Dubai freehold property areas are found in Um Hurair, Al Barsha, Emirates Hills, Jebel Ali, Al Gouz, Ras Al Khour, Nad Al Shiba & many others.
As of now full ownership isn’t permitted in all Dubai localities. There are some other areas where properties can be given only on lease for periods of time ranging from a period of 10 to 99 years. There are many leasehold areas in Dubai like Deera, Discovery Garden, Jumeirah, & many others. So, as a buyer, you need to check 1st the area of your future property whether its a freehold or leasehold area.
Reason Of Investment
You really need to make your mind before going on a property search in Dubai’s real estate market in order to define the purpose or the reason behind your purchase. If you are looking for investment, then you should consult your agent as there are certain areas considered to be perfect for property investment. They are characterized by high rental value, high capital growth rate per year & they are surrounded with many amenities & commercial centers. On the other hand, if you are looking for a house to live & settle in Dubai. Then you ought to look for convenient areas suitable both to you & your family’s requirements. You should check 1st the locations of the best schools, hospitals, recreational centers & many others.
Dubai provides its residents & investors with a very high growth prospects. As it is growing on a really high pace to double, even triple, it’s old urban size. The city at present is witnessing many large-scale infrastructure & real estate projects under construction like Dubai South city, Al Maktoum International Airport, and many others. With more world renowned events to be held in the city like Expo 2020, it’s bound to see huge developments in hospitality, commercial, & recreational real estate arenas.
Real Estate Finance In Dubai
Another important thing you need to know before buying a property in Dubai is the real estate finance system in the emirate. Financing services for property buyers is available, but it is restricted only to banks & companies authorized by the United Arab Emirates Central Bank. Most home loans in Dubai are offered at a rate ranging between 3 to 4 percent. To get a mortgage, the creditor must check the investor eligibility in order to check his financial capability of paying back the debt. This is determined through a number of factors like; the minimum salary, minimum length of service, the company which the buyer works for, and many others.
As promised in the beginning of this article, we will make your decision of buying a villa in Dubai for grabs easy.
The Aldea, The Villa, Dubai
- Type: Villa
- Price: AED 3,700,000
- Bedrooms: 4
- Bathrooms: 5
- Area in sq. ft: 3751
Mirabella, Jumeirah Village Circle, Dubai
- Type: Villa
- Bedrooms: 3
- Price: AED 1,250,000
- Bathrooms: 3
- Area in sq. ft: 3300
Saheel 1, Saheel, Arabian Ranches, Dubai
- Type: Villa
- Bedrooms: 5
- Price: AED 3,989,999
- Bathrooms: 6
- Area in sq. ft: 4849