There are lots of reasons why you might want to move to Dubai; work opportunities are plentiful and leisure time can be spent in the countless shopping centres, beaches, restaurants and outdoor and indoor activities on offer.
Whatever the reason for your move, whether its for work or retirement, it’s important to understand the property market in the country before you start your search.
If you have already considered buying property in Dubai you may know about the Freehold Law of 2002. It now means that expats can buy and sell property without any restrictions, with absolute ownership on the building and the land that it sits on. Legal rights include the property going to an heir upon death and renewable visas for owners and their families. To purchase here you will need the minimum of a quarter of the value of the property for your deposit, plus associated fees – another 6-7%. If you can overcome these financial barriers you can make Dubai your home for many years to come.
Freehold property is always the most attractive for expats because there are less restrictions as to what you can do with it. As well as freehold property there are long term leasehold property where you will buy the lease, typically over 99 years.
If you are going to make a property transaction you should purchase through an agent or developer who has been approved by the governing body, RERA.
Finding the right property is important. Traffic is an important consideration to make. The roads in Dubai are busy at the best of times so travel can prove lengthy and problematic. If you are going to commute, it’s a good idea to try the route to make sure you can get to work on time. The second consideration is to choose the right area. Some of the most popular areas in Dubai include The Greens, Dubai Marina, Downtown, Palm Jumeirah as well as the plethora of villa communities that vary distance wise inland from the sea. Parking may not be a consideration but it should be a priority. In the summer, temperatures can easily reach 50 degrees so if your car is left out in the heat it won’t just deteriorate but it will be incredibly uncomfortable to walk to, and (initially) drive.
Top tips for buying property in Dubai
If you’re looking to buy in Dubai, here are some top tips:
- Decide what type of property you are looking for, whether it’s an apartment, house or land to build you own property
- Use the internet to research the area and property that you would like to buy
- Work with an agent, but make sure that the agent has a RERA license
- Check that you are eligible to buy land as some areas are not available to ‘expats’
- Ensure that you have the minimum 25% deposit (under AED 5m) sorted (plus fees) before you start to look for property – better still, speak to a good mortgage broker or take a look here for more information