Get The Best Real Estate In Dubai And Live The Life Full Of Your Dreams2 Jan 2019
A property for sale in Dubai could come with all the perks of living a life of luxury. Many expats have chosen to retire in the booming city full of sights and scenes. One might think that it would be very complicated, but the Dubai Land Department and Government of Dubai have made it possible since 2002. In fact, things can go smoothly depending on the process you choose.
BUYING OFF PLAN PROPERTY IN DUBAI
One of the processes you can choose is to buy an off-plan property. That means, the structure has not yet been built. However, if you buy the property from a developer you will get a lower price. In fact, as the structure is getting closer to being finished, prices tend to go higher. Here are some of the pros and cons of choosing an off-plan property.
- You will get your dream home for a cheaper price
- Relatively shorter processing times
- There’s a chance you get a piece of prime property at a very low price
- It will take time for the structure to finish. Some off-plan properties take 2 to 3 years to complete
- The project could face delays or even cancellation
- There’s a degree of market risk, where the ultimate value of the property is lower than what was projected
To help you weigh up the pros and cons, you can choose a good property management firm that will guide you with the process. Read on to see other ways to get a property in Dubai.
BUYING FROM THE SECONDARY MARKET
You have the option of buying a property that’s already been constructed or completed. It’s quicker, in the sense that you don’t need to wait for the property to be constructed. However, the process is relatively complicated, and you will be spending more compared to an off-plan property.
- A physical property exists for you to personally inspect
- You can make an offer to the seller and negotiate a good price (list price versus sale price and appraised value)
- You can apply for a mortgage to help get the property
- A RERA-registered broker can make the process significantly easier
- The complicated process can be lengthy
- The seller might not agree to your offer
- There are fees you have to pay, which can increase the cost of acquiring property
- You might be denied a mortgage
ALWAYS GET A RERA-REGISTERED BROKER
The Dubai Land Department encourages would-be buyers to always get a RERA-registered broker. Dubai government vets these brokers so you are assured of a safe, legal process of getting your property. If you want help in getting the best real estate in Dubai, Zawaya Property is not only RERA-registered, it is also the real estate arm of Noor Bank. They can help you with brokering a deal, off-plan sales, property management and valuation of properties. You’re always in good hands with Zawaya Property: Your Property Optimiser.