Expats are showing interest in buying
Dubai property to become an owner in the most luxurious city of the world. The
high living standard, cosmopolitan culture and sub-tropical climate attract
them to make this city, their second home to live. Tenants look around two to
three weeks before their move in date at a property in Dubai. Dubai
has become a hot spot in international real estate market due to mega
developments.
Initially foreigners were not
allowed to purchase properties in UAE and Dubai. But soon after announcement of
freehold Dubai property law in 2002 professional real estate investors and
foreigners started taking interest to invest in real estate market of UAE.
State government invested huge money to build infrastructure of this city in
order to make it less dependent on oil. Now you can buy and sell Dubai property
owned by you with minimal regulations that are easy to follow and understand.
Buyers and sellers of property in
Dubai should have complete knowledge about the rules regarding land
transactions, including issues related to ownership transfer. As a potential
buyer or seller, you can assess the market by reviewing the land transactions
on a weekly or monthly basis. To buy or sell
Dubai property your agent or developer should be accredited and licensed
with the Real Estate Regulatory Agency (RERA), part of Dubai Land Department,
which is the sole government entity responsible for registration,
organization and promotion of real-estate investment in Dubai.
From government registration to
the proximity of your child’s school, there are many factors that you need to
take into account when renting a home. Use this handy guide before you sign the
lease on your new home. Tour different areas and ask around among friends and
acquaintances to help you find your ideal area to live in. This will also help
you understand what you can get for your budget in different areas. To rent
Dubai property, check that you can afford the property you are
interested in. Include rent advances, brokerage fees, moving costs, down
payments for gas, DEWA and telephone and internet connections, existing
payments, transport costs, food, socializing and other regular expenses.
Expatriates can purchase freehold
property in Dubai either off-plan or on the secondary market. You can
search the government listed eMart to look for property listings to
buy or sell. Most real estate companies also have websites while the daily
newspapers also list buy and sell Dubai
property. Most off-plan property requires you to pay an upfront deposit of
10-15% and the balance in installments. While off-plan is cheaper because the
property may be partially built or not yet built, it is also important to
ensure that the developer is RERA registered with a trust account
(escrow) for the designated property.
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