How to buy property in Dubai?

Dubai is one of the fastest growing cities in the world. New areas and communities are constantly emerging on the territory of the metropolis with extensive infrastructure, numerous amenities and a unique architectural style.

In order not to make a mistake with the choice, when purchasing housing, it is necessary to pay attention to the concept of location development: it is better to buy an object in a complex development than in a separate building. It is also important to interact with a reliable developer who has a reputation.

What to pay attention to?

Location is one of the key factors. It is not uncommon for communities to be very far from the center, and even favorable prices do not help sell or rent the objects located in them. However, there are examples when a developed infrastructure appears inside such zones, and they become successful autonomous communities.

Pay attention to surrounding circumstances: whether there are interesting objects nearby or a special view, as well as which developer is working on the project.

How is a deal concluded with a developer in Dubai?

Features of transactions in Dubai – the speed of decision-making and the determination to acquire the best units in an investment-attractive object.

It often happens that complexes begin to be sold even before the official start of sales, so you must always be on the lookout.

1) First, what the buyer must do is to show his intention in purchasing the lot from the construction company.

This is possible only if you deposit an amount that varies for different developers from $5,000 to $30,000 on average and is called expression of interest (EOI).

2) Getting a unit. Before the official start or on the day, all those who have contributed EOI are offered options for purchase. If the option is suitable, the EOI amount goes to Booking and is part of the payment of the down payment amount.

3️) Making an amount sufficient for the first installment. Usually it is 10-20% of the value of the object.

4) Signing of the SPA (Sales and Purchaser Agreement) with the developer.

5️) Payment of a fee to the Dubai Land Department, which is always paid when making any transaction when buying and selling real estate. It is 4% of the total cost of the unit.

6️) The transaction took place, and now the investor can dispose of his property.

Despite the apparent simplicity, investors should contact a real estate agency in order to protect themselves from possible problems and various legal nuances.

Real estate brokers already have an extensive database of objects, direct agreements with reliable developers and experience in making deals. Moreover, experts analyze the real estate market, so they can tell the buyer where to buy real estate, depending on the purpose of acquiring real estate.