Are you thinking of buying a villa or apartment in Dubai? We asked the experts for their necessary advice…
If you are thinking about buying in Dubai, the process can be daunting, especially if you are new to the market and have so many factors to consider. That’s why we turned to some industry experts to give us their best advice.
Be prepared to commit
“When looking for a property to buy in Dubai, it is good to be open to suggestions,” he advises. Joshua Pargin, Senior Consultant Nomadic Homes. “Not seeing it is a waste of time as it allows you to narrow your search to the home that’s right for you,” she adds. “Most of the time, the first house you look at is not the one you buy, and that’s not a problem. There may be things you can’t commit to, like a certain travel time, but you may find that other things become non-necessities.”
Be on the lookout for fake listings and view properties before visiting
“It is important for housing seekers to be aware of fake ads and make sure the ads they are seeing are authentic and available,” he says Scott Bond, Country Director, UAE in Property Finder. “A viewing can now be arranged in advance thanks to advances in technology, and should be the first step you take before visiting your potential future home. Whether through a 360-degree tour, video tour or interactive floor plan, you can get a complete view of the place, the area and understand the layout of the property to make a decision on whether it is worth it. take the time to see it.”
Location, location, location
“Dubai is a rapidly growing city experiencing urban expansion at an unprecedented level,” explains Peter Smithson, Sales Director Belleview Real Estate. “You only have to look at other cities and their respective real estate values to clearly see that location is the biggest determining factor in capital appreciation. The old real estate saying goes, ‘it’s better to buy the worst property in the best area than the best property in the worst area.’”
Get a comprehensive understanding of costs
“Before viewing properties, find out what the actual cost of the purchase will be, including fees and the required down payment,” he says Arran Summerhill, co-founder of digital mortgage platform, Holo. “The UAE may work differently to your own country and it is recommended that you fully understand the full process and timeline, what will be required and when. Then, be sure to get pre-approved before you head out to see it. You don’t want to fall in love with your potential first home and discover that you can’t get the necessary financing. Plus, at the speed the market moves, you need to be able to offer as soon as you find your dream home. Having a current approval will allow you to do this.”
Affordability and lifestyle
For those new to the Dubai property market, the main factor to consider is affordability, advises James Perry, CEO of House House. “Do your research and know what areas you can afford to buy in. Once that’s clear, it’s also important to look at locations within your budget and then check travel times, whether it’s the distance to your work or the nearest school if you have children. If money is not an object, those two aspects become what the person is looking for in terms of property type, specific communities or lifestyle preferences,” adds Perry. “For example, if a buyer loves kayaking in the morning, he could try purchasing a property on Palm Jumeirah to support that activity.”
Image: Getty
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