It is a big decision on whether or not to buy a property in Dubai. You probably have so many questions like … When is a good time to buy property in Dubai? Where is the best place to buy in Dubai? Is it a wise investment? What is needed to buy a property in Dubai? How do I get a mortgage in Dubai?
ezEstate is here to help and we have put together a checklist to ease the process. There are three very important steps before starting your property search in Dubai:
You want to find an area which is convenient for you and your commuting time to work and/or school. In Dubai, traffic can be quite hectic; therefore you want to find a home which is close to your everyday commute or easily accessible to public transportation. We also highly suggest that you drive around the various areas that you are considering during peak traffic times to get an idea on how your commute will be like. You also may want to consider the following:
We highly recommend finding an Agent who specializes in the area you are looking in. An Area Specialist will be able to give you a proper Market Analysis which will help you make an informed decision.
You are now ready to look for property!
If you are looking for purely investment reasons, the most important thing for you is the Net Rental Yield. To calculate the Net Rental Yield you will need to know:
1. How much rent you can get for the property
2. Annual service fees for the property
3. Occupancy rate
Your experienced Real Estate Agent can help you identify the right property that fits your expectations. Ideally, you would want a rental property to have a Net Rental Yield of over 8%. Currently in Dubai, the average Net Rental Yield is about 6%.
When looking for a property to call home, there are a few factors you might want to consider during your home search. Some of the important factors are:
Once you have decided on the above and communicated your criteria to an experienced Real Estate Agent, you are ready to view property. When viewing property, keep the following in mind:
Once you have found the perfect property, ask your experienced Real Estate Agent to submit an offer to the seller with the price and terms you want. When that offer is negotiated and both parties agree on price and terms, your Real Estate Agent will put together a contract, also knows as a MOU, which will outline all of the costs and responsibilities for buyer and seller, including deposit to be paid by the buyer which usually is 10% of the property value by check in the name of the seller but held by the broker.
Once the MOU has been signed by all parties and the deposit submitted, you will now enter the purchasing phase.
Gather the following documents:
The following must be attested by the UAE Embassy:
Your Real Estate Agent will complete Form F which is RERA's approved Purchase Agreement between buyer and seller.
At this point, the selling process normally takes about six to eight weeks and will vary depending if you are a cash or financed buyer.
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