9 things you must know before buying a property in Dubai

Owning land in Dubai is one of the most critical investment choices you can make. The enticing opportunity will make it easier for you to enrich your investments with Dubai’s premium properties, such as Madinat Jumeirah Living. There are many things you can evaluate before embarking on this plan.

Location in Dubai

Dubai is situated in the United Arab Emirates. The UAE was founded on 2 December 1972 by the late Sheik Zayed bin Sultan Al Nahyan and is a component of the Gulf Cooperation Council.

Dubai is ruled by His Highness Sheik Mohammed bin Rashid Al Maktoum, Vice President, Minister of Defense and Prime Minister of the UAE.

What is the Dubai Land Department?

The Dubai Land Department (DLD) is the executive body responsible for overseeing and controlling the operation of the real estate industry within the boundaries of the Emirates. According to Law No 7 released in 2013, the key role of Dubai ruler of the Department is the registration, organisation and promotion of real estate investment in Dubai.

Demographic structure

Dubai is considered to be a melting pot, combining a plurality of nationalities from various parts of the world. As one of the biggest industrial centres, the Emirate invites professional executives to work in its advanced services and business centres. Major Global Company has established regional offices in Dubai. Approximate population is 2.7 million and about 88 per cent of the population is expatriate. The bulk of the total population of the Emirate falls from Central Asian ethnicities.

Freehold areas

In 2000, the Dubai authorities made it available to foreigners to buy lands within its territory, but only in those areas known as freehold areas. Dubai Freehold Property Areas are located in Umm Hurair, Al Barsha, Emirates Hills, Jebel Ali, Al Gouz, Ras Al Khour, Nad Al Shiba, and several others. This list continues to expand with the growth of the population.

Leasehold areas

Full ownership is not allowed in all areas in Dubai. There are some places where properties are leased out for terms ranging from 10 to 99 years.

There are several leasehold areas in Dubai, such as Deera, Discovery Garden, Jumeirah, and many others. So as a purchaser, you need to search for the location where your potential property is situated to find out if it is a freehold or a leasehold area.

Reason for investment

Before preparing a property search in Dubai, you need to set your target and identify the intent or the reason for your buy. If you are searching for an investment, you can consult your agent because certain places are known to be ideal for the investment of the land. They are distinguished by high occupancy value, a high rate of capital development each year and are surrounded by many attractions and shopping malls.

Dubai’s future

Dubai has a very high potential for its residents and developers, with a high rate of growth, doubling, and even tripling, relative to its previous urban scale. The city is currently experiencing the development of a variety of major infrastructure and real estate ventures, such as Dubai South Area, Al Maktoum International Airport and several others.

Real estate finance in Dubai

Another significant thing you need to know about before purchasing a property in Dubai is the real estate financing structure in the Emirate. Financing facilities are available to property buyers; however, they are limited only to banks and companies approved by the United Arab Emirates Central Bank.

Most Dubai home loans are provided at a cost of between 3% and 4%. In order to secure a mortgage, the borrower must review the investor’s qualifications to determine his financial ability to repay the loan.

Research the area and the developer

Investors ought to be very cautious about the position and form of property. There are some items you have to verify about the developer track record, the Land Department checks, the location is chosen, etc.

Nowadays many investors who deal with us prefer to acquire top real estate names in Dubai, as these developers deliver the highest degree of trustworthiness, clarity and professionalism in the conduct of transactions.

If you are looking for a reliable property in Dubai, you might not be able to find a better option than Emaar Beachfront.