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10 Tips for Buying a Property in Dubai

On the lookout for a property? About to purchase a residential or investment unit? Ready or Off-Plan?

We’ve got a checklist to make the process easier for you.

 

1- Agent / No Agent: 

 

Are you comfortable to traverse the buying process on your own? Do you have enough knowledge of the market? Are you equipped to handle the negotiations? If the answer is NO! Partner up with a highly recommended and trusted agent. Someone who has enough knowledge & experience of the local market with a proven track record.

 

2- Timing & Duration: 

 

No matter if you’re a first-time buyer or investor; We highly recommend sitting back and taking enough time to find the right opportunity. Discuss all available options with your agent before making any commitment.

 

3- Financial Preparation:

 

Cash buyer or buying on a mortgage, you must plan for the down-payment and any other initial fee that needs to be paid once the property transaction goes through. Apart from this, you have to take into consideration other periodic payments you may have to make during the year.

 

4- Your “Must List”: 

 

One of the most important steps is to list your needs. Are you looking for an investment or your own home? How many bedrooms? Near the metro & along Shaikh Zayed road? What is your budget? Are you cash buyer or mortgage? All these points must be listed before going through the buying process.

 

5- Open Houses: 

 

For home buyers, Open houses are the perfect way to view the best units and get immediate information from the agents. 

 

6- Investigation & Professional Inspection: 

 

You must inspect the property through a professional property inspector. Some of the factors that you need to inspect are the status of electrical power, plumbing, cooling & heating system, elevators, building facilities, etc.

 

7- Valuation: 

 

Homeowners / Sellers are mostly attaching a high price to their property. So your agent should provide you with enough information about the actual unit price.

 

 8- Commitment: 

 

Discuss all the terms and conditions with your agent regarding the paying process, down payment, payment plan, etc. to make sure there are no unexpected surprises.

 

9- Actual ROI Vs Advertised ROI:

 

Before going through the legal documentation and taking the final step of the commitment, ask your agent to explain the ROI calculation. Ask questions like the service charge or expected rent based on trusted sources.

 

10- Paperwork / Legal:

 

In Dubai, beginning May 1, 2014, “all transactions that relate to the purchase and sale of property in Dubai must be documented using standard form property contracts, as per a new policy being implemented by Dubai Land Department (DLD)”, that is, Form A – contract between the seller and broker; Form B – contract between the buyer and broker; and Form F – contract between the seller and buyer.

 

We are proud to work with more than 100 professional property consultants here in our Dubai office, that come from 25 different nationalities, giving us the ability to offer a truly unique and personalised level of service to our clients every step of the way.

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Engel & Völkers
Licence Partner Dubai
  • Nakheel Sales Center, Building 7, Al Sufouh 1
    PO Box 17722 Dubai, United Arab Emirates
    ORN: 16081

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