In the fourth quarter of 2021, the number of search queries made by foreigners on real estate in the UAE increased by 47%. Experts believe that during 2021, housing in such elite projects as Downtown Dubai and Palm Jumeirah, will become more expensive. Perhaps, now is the right time to buy a villa or apartment for affordable real estate prices in Dubai.
However, lots of potential investors are deterred by stories about private cases of fraud in the local real estate market. To make the purchase successful, experts advise you to follow several recommendations:
- Inspect the accommodation in person
Do not save on air travel and buy real estate in absentia, as it is much less likely to fall for the bait of scammers.
- Choose a reliable real estate agent
Buyers in any country should remember how important it is to choose the right real estate agent. In Dubai, you need to check whether the company has a state license. A list of accredited brokers can be found on the website of the Real Estate Regulatory Agency (RERA).
- Find out the exact area of the property
When buying a villa, specify whether the size of the entire plot is indicated in the ad or only the part that is occupied by the building. It matters because the amount of utility bills depends on the area.
In ads for the sale of apartments, sometimes they add to the living area not only the area of balconies and terraces, but also the area of the common hall. As a result, the declared size of the apartment turns out to be twice as large as the actual one.
- Ask what are the maintenance costs
There is no real estate tax in Dubai, but there is an annual fee (real estate fee), which is 5% of the rental value of housing. This cost is determined by the RERA organization.
- Choose only well-known developers
When buying off-plan real estate, it is always risky, so it is important to refer to the most reliable developers in the UAE.
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Taylor is a freelance SEO copywriter and blogger. His areas of expertise include technology, pop culture, and marketing.