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Buying Full-Completed House in Dubai: Easy Guide
For most people, Dubai is a dream come true. You’ve got people coming here from all corners of the world. Some visit Dubai because of the warm climate, Arabian Gulf, and futuristic buildings; others ‒ for business purposes. Low taxes or even the absence of them drive an increasing number of expats to the area.
Most people come and go; yet, a small fraction of them fall in love with Dubai and decide to stay here forever. For people with a burning desire in their hearts and a decent sum of money in a pocket, here is a step-by-step guide to turning your dream into reality.
Make a Detailed Budget
Before starting your search for a property, the best thing you can do is to calculate your budget. You won’t get too far without mapping out your finances. That’s why understanding your budget and making smart financial moves is crucial.
The first thing that comes to mind when planning to buy a house is a mortgage. As the study shows, 89% of people aged 23 to 38 want to have their own house, and 67% of them won’t be able to afford it for the next 20 years.
With this statistic, it comes as no surprise that people resort to taking out a mortgage. Following simple rules and understanding all the risks can save you trouble in the long run. For example, sticking to the 28% rule is a smart way to manage your budget. It says that you should avoid any type of mortgage that requires you to pay more than 28% of your monthly gross income. It’s easier to calculate this ratio when you have a fixed-rate mortgage.
You should consider contacting a real estate agent or a financial advisor. They will take into account all your circumstances and arrange a mortgage deal that suits you the most.
Don’t forget that purchasing a new property comes with extra expenses. It might be one-time things like paying for an agent, or ongoing expenses, such as utility and maintenance services.
The ideal scenario is to have about 15% more than the price of the house you are looking to buy. Don’t go for the property you won’t be able to handle; otherwise, you will catch yourself skating on thin ice.
Types of Living Property
Dubai is the place where you will find some of the most luxurious apartments and villas in the world. The property in Dubai is not just fancy-looking but modern and comfortable to live in.
Dubai offers the best price-quality ratio when compared to other big cities. For example, the average cost per square foot in Dubai is $350; meanwhile, in London, you will pay $1000 per sq. ft.
It’s difficult to wrap your head around the fact that Dubai used to be nothing but a desert. For the past 30 years, professional engineers and designers have been working tirelessly on the magnificent city Dubai is today. There are three main types of property assets in Dubai:
· apartments
· villas
· townhouses
Apartments
Apartments are by far the most popular and affordable type of real estate asset in Dubai. From modest and minimalist studios to five-bedroom sophisticated penthouses – Dubai will find a fit for all. Prices for apartments are ranging from $76,000 (studio) to $12,395,200 (5 bedrooms).
Villas
There are all kinds of villas in Dubai. From community to compound ones, they are a perfect choice for a family. Villas offer a greater sense of privacy, lavish gardens, and large living areas. Prices range from $168,000 for a one-bedroom villa to $15,800,000 for a nine-bedroom top-of-the-range villa.
Townhouses
Townhouses provide almost the same living conditions as villas. The only difference is that they are usually attached. It means that you will be sharing a wall with your neighbor. Despite this little inconvenience, you will enjoy all the advantages of independent property at lower prices. Townhouse prices start at $170,000 and can go as far as $5,000,000.
Choose Real Estate Platform
The next step is choosing a real estate platform. It should have a big database, enough information about each property, and lots of sorting options. There are a bunch of those services, and each one offers a decent amount of options. One of the top platforms that have the best prices and a massive variety of property types is Metropolitan Premium Properties.
Metropolitan Premium Properties is a popular real estate company in Dubai. It offers its customers various services such as buying/renting property, property management, citizenship programs, etc.
You will find all kinds of properties that were mentioned above and even more. There are thousands of options available on the website, and each property has a detailed description and photos. You can sort the available options by price, type, location, amount of bedrooms and bathrooms. You can also view prices in AED, USD, or EUR.
Legal Process
Dubai’s government and Land Department are loyal to real estate investors, as everyone can purchase property in designated areas (leasehold or freehold). The absence of stamp duty in the UAE is a real cherry on the cake.
Though there is a minor restriction on buying property for foreigners, freehold districts include some of the most prominent areas like Dubai Marina, Palm Jumeirah, and Downtown Dubai.
Here are the legal steps you need to take to buy property in Dubai:
· establish a buyer and seller agreement;
· sign the agreement of sale;
· apply for a no-objection certificate;
· arrange the transfer of ownership with the Dubai Land Department.
Completing those steps on your own will require a lot of time and effort. You can save your time and nerves by finding a real estate agent. Agents at Metropolitan will take care of all the paperwork and other mundane stuff for you. You can choose to purchase a property in order to establish a business in Dubai or for personal purposes.
Conclusion
When it comes to buying property, you want to take as few risks as possible. Things like planning your budget, finding the right platform, and following legal rules are vital parts of the process. Adhere to them, and your home-purchasing journey will be a walk in the park.
