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What To Consider While Purchasing A Property In Dubai

Buyers

Dubai over the years has turned out to be a must go destinations for investors. Initially, most investors believed places like Spain, but this has changed due to Dubai's rapid growth and excellent market especially in the real estate business. Dubai is uniquely located in the desert with a cosmopolitan climate that you won't get elsewhere. It is, however, vital to note that over the years, the price of mortgage properties has risen to close to over 20% since 2013. Research is hence necessary if you are planning to get a mortgage deal in Dubai.

Dubai is no doubt today's international property attraction. Although there is fear of prices surging which could cause property bubble, there is no likelihood that of slowdown since demand is even exceeding the supply. We shall hence give you a guide to ensure that you get the right mortgage deal since buying a taking a mortgage in Dubai requires a lot of money especially if it is a first or second house. The research will help you reach a much better and pocket-friendly decision.

Get To Know The City Of Dubai

Every good investor must be conversant with the area they want to invest. This is to see the market. Dubai has two main areas; the Bur Dubai and Deira. Bur Dubai consists the older parts of the city while Deira has the famous Dubai Creek. Consequently, it is the considered the business hub of the town. While investing there in property, getting a mortgage deal in Deira would be much costly than in Bur Dubai. However, both have an excellent market opportunity for most mortgage seekers or home seekers want a less noisy place. Consider then the area that suits your target customers needs and wants.

Select Your Ideal Home

Finding new home in UAE depending on the kind of home you want, mortgage deals in Dubai tend to vary depending on the home type. Many investors and buyers prefer apartments while others go for villas. The homes can either be single or two-story. While selecting the ideal home and to get the right mortgage deal, consider why you need the house first. Is it for investment or yours to live? Is the area secure? Is the yield vital than growth? Go for an accredited buyers representative since they are professionals and will help in identifying your needs and locating the property. Importantly, they have no conflict of interest, they will look for the correct property, they go ahead to get the right mortgage deal price, and they will help in the transaction process to the last stage.

Familiarize With The Purchase And Property-Owning Procedures

Property owning was initially restricted to UAE citizens and nationalist of the Arab Gulf Cooperation Council before its revision and reconstitution. However, there is no federal law that identifies freehold tenure meaning the value of Dubai freehold relies on the country’s international trading credentials rather than an enforceable law. But in 2002, Dubai government allowed foreign freehold ownership of property in the city. However, it is restricted to areas designated by the ruler. Property owners could get benefit from their respective properties. Freehold under this law will give property owners an opportunity of having absolute rights over their properties in Dubai. This change in property rule has brought in many investors to Buy Apartment in Dubai. These investors are looking to Find Home UAE which are available on freehold and not on leasehold. Hence you ought to be aware of developers selling leasehold titles as they will be valid up to the end of the timeframe given in the lease agreement. Ensure then to check if you’re getting a mortgage deal on a leasehold or freehold title.

Get To Know The Property Purchasing Procedures

Finding New Home in UAE is very easy because of the easy property purchase paperwork. The paperwork is mainly straight to the point purchase agreements. It is then vital to consult a lawyer before signing a secured a mortgage deal since ones a document is signed it becomes legally binding from then.

Purchase Financing

There are many options that you may consider to finance the property of your dream. You may opt to pay in cash which is allowed in Dubai. However, it may be hard for you to raise such a significant amount hence the need for an alternative payment is necessary. A mortgage deal is an applicable option. You can get a local lender, or if you are from the UK, then lenders from the UK are allowed in Dubai. Consider remortgaging as an option since the release of equity in a UK home gives you options for cash purchase of your second home without needing a second mortgage deal. It is important however to note that it is only feasible for those who are owning their first home outright.

 

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