The market for freehold Dubai properties is still in its infancy and, as such, will undergo many changes in the coming years. When you look at a property for sale in Dubai there is financial and legal information that will help you arrive at a decision about whether or not to take the plunge.
Your individual circumstances and taste will determine which home in Dubai is right for you. However, you should be armed with as much knowledge as possible in order that the deal proceeds smoothly and you avoid the pitfalls associated with buying Dubai properties.
Financing the purchase of Dubai properties
How do you plan on financing your purchase? Most people require a loan to buy and before you start looking at property for sale in Dubai you should find out how much you can borrow. You should also think about what impact this will have on your finances and what you can afford to buy.
You can elect for either a Dubai mortgage, secured on your home in Dubai, or a UK mortgage, secured on assets at home. There are advantages and disadvantages to either method of financing the purchase of Dubai properties. Do your homework and evaluate which option is best for you in your hunt for a home in Dubai.
Legal services and documents concerning property for sale in Dubai
Do I need a lawyer when I am viewing property for sale in Dubai? What other legal services in Dubai are required when purchasing Dubai properties? Anyone new to the market for Dubai properties should seek professional advice before signing any legal documents when buying a home in Dubai.
As with major purchases anywhere, buying Dubai properties is not without risks. Professional advice is always best to help you avoid problems caused by inheritance and currency issues.
What else do I need to know about Dubai properties
The property market and legislation in Dubai is unlike almost anywhere else in the world. The system of freehold ownership of Dubai properties has only been in operation since 2002. Allowing foreign owners to register their properties is an even more recent inception.
Property for sale in Dubai is generally of the highest order. A few large construction companies are responsible for building Dubai properties and foreigners are not allowed to own land. This means buying a plot, acquiring planning permission and building your own home in Dubai is not possible.
If you are to be receiving a pension in Dubai then there are steps you must take to ensure you can receive it in the city and do not lose out.
Taking professional advice is the best way to keep yourself right at all stages when buying Dubai properties. Buying a home in Dubai is not something you should rush into and you should bear this in mind when viewing property for sale in Dubai.