After enduring a three-year oil price decline and a global pandemic slowdown, the Dubai real estate market presents all the signs of a stable recovery. Dubai registered 55,651 real estate deals worth AED 135.4B (USD 36.7B) in November 2021, which increases 88.39% compared with the year 2020. According to the property portals, this is the maximum sales indicator since 2014. New residential projects in Dubai like Six Senses Dubai branded residences currently attracting numerous prosperous investors.
Dubai Real Estate:
Real estate buyers are attracted by visa improvements, new 100% business ownership regulations, and the successful vaccination, among other initiatives by the government. Not overlooking the world Expo 2020 which has detailed more than 6.3 million attendees since its launch, according to Gulf Business. As a result of the encouraging outlook, the current year also looks optimistic for property investments. Let’s check out a few tips for Dubai real estate buyers in 2022. What investors can expect in the future of the real estate sector in Dubai.
Few tips for Dubai Real Estate Buyers in 2022:
Work on your budget:
Don’t just look at the price of the property but contemplate the total cost of acquiring Dubai properties containing legal charges, deposits, and maintenance fees. If you need finance, consider mortgage expenses and determine how much you can pay for the monthly instalments through the repayment period. For those desiring luxurious apartments in Dubai, the most suitable option is W Residences Downtown Dubai.
Know why you want to purchase:
A property that you purchase for personal use is very dissimilar from a property that you would rent out. In turn, it is very diverse from retirement or second home. If you are purchasing for investment purposes, make sure you know what the market value is and the rental yield you can supposed produce while acquiring Dubai properties.
Figure out what you desire to acquire:
Do you wish to buy an apartment or a villa? Would you like to live by the sea or in the city? Are schools, public transport, restaurants, and malls are significant to you? Answering these questions will assist you to make better choices while purchasing Dubai properties. If you want to buy a villa with luxurious amenities, the Six Senses Dubai Residences will be the best option.
Choose the area that serves your requirements:
If you are searching for a healthy return on investment then look at Dubai properties in established areas such as Dubai Marina that are famous with renters and where demand is durable. If you are searching for appreciation, then look at Dubai properties in the area such as Dubai land, where home values are increased by over 30% in recent years.
Choose a reputable developer:
While purchasing a home in Dubai, confirm that the developer has an escrow account. Also, look at the developer’s previous record. Have the developments been delivered timely and within budget? Are shared areas well-maintained? In this case, a Six Senses Dubai residence is a project by reputable developers a joint venture of Select Group and Emirates Strategic Investment Company.
Work with a professional brokerage:
Check out the broker is registered with Real Estate Regulatory Authority (RERA). When searching for a real estate agent; make sure they have a license. Ask for their adviser card and check if they have documentation from RERA.
Find out about hidden extras:
Service charges wrapping maintenance of shared areas such as gyms, parks, pools, and other shared amenities can either be a fixed rate or liable on the size of the property. If you decide to buy a large property, this could become a major cost. Also, ask residents what the water and electricity (DEWA) bill for a similar property would cost. Other additions would contain agency fees and mortgage registration charges.
Know the law and regulations:
Many laws to regulate the real estate market are introduced in recent years. These are relevant to mortgage caps, off-plan property buying plans, and transfer and transaction charges. Stay up-to-date with the latest guidelines to make knowledgeable selections while purchasing Dubai properties.
Understand the buying procedure:
When purchasing Dubai properties, you can either buy off-plan from a developer or purchase them from a private seller. When buying an off-plan property, ex-pats will require providing a completed reservation form, their passport, and a reservation deposit along with other documents.
The real estate market in Dubai is rapidly growing with new developments and facilities. The Six Senses Dubai is a luxury project at Palm Jumeirah estimated to be complete in 2024. Moreover, many other developed properties attracting investors like W Residences Downtown Dubai offers luxurious apartments.
