Since 2012, Dubai's real estate market has made extraordinary progress. November 2013 witnessed the RPPI shoot up by a record 25.9%. Sales prices of apartments rose by 24.5% and those of villas rose by 14.9% within only 6 months.
Dubai's residential property market continues to flourish, consistently setting standards for its counterparts across the world. Currently, the western region of Dubai sees maximum development, with high concentration of foreign and expatriate purchasers. This region of approximately 25 sq km is within easy reach of Deira (the city centre) and various beaches.
If you wish to buy property in Dubai , the process is fairly simple. First, decide what type of living you prefer, whether it's a suburban master planned community or city life with shops, restaurants and activities within walking distance. Next, select the area in which you would like to live and search for a Dubai real estate agent who specializes in that area.
Lastly, browse properties for sale in Dubai until you find a home that fits your requirement and budget the best. Western homebuyers usually prefer to purchase villas or apartments within secure complexes offering leisure facilities.
Once you have selected a home that you like, place a formal offer through an agent. If your offer is accepted, pay the deposit amount between 5% to15% of the property price. As a buyer, you will also have to pay a transfer fee (4%) and agent fees (2%). Per the Real Estate Regulator Agency (RERA), the 4% transfer fee should be split between buyer (2%) and seller (2%). However, during Dubai's peak property market times, the buyers have been the ones bearing the full cost of the transfer fee. At the end of the day, always remember that everything is negotiable in real estate transactions.
If you plan to purchase off-plan property, make sure to thoroughly research the developer and project. The best place to start is to check with Dubai Real Estate Regulatory Agency (RERA) that the developer is registered with RERA, the project is registered with RERA and the project escrow accounts must also be registered with RERA. Finally, stay alert and ensure that you are entering into a freehold agreement and not a leasehold one.
ezEstate is dedicated to making real estate transactions easy. We are a Canadian business, with over 25 years of real estate industry experience. Since 2006, we operate in Dubai as an independent and unbiased marketplace that brings together buyers, sellers, homeowners, real estate companies and agents, mortgage professionals and property managers on an easy-to-use platform.
Our aim is to make it simple to find and share accurate and detailed information about real estate across the UAE.
Our state-of-the-art market tools transform the way customers make home-related decisions. We make it possible for homebuyers to connect with the most experienced real estate companies and agents across the UAE.
Select ezEstate as your one-stop property shop to find all information related to real estate in Dubai, including an extensive database of property for sale in Dubai .