So you have finally decided to make one of the biggest investments of your life and are now searching through the internet and teaming up with real estate agents to find villas for sale in Dubai?
Dubai has transformed over the last two decades and has grown to become a global hub for real estate investment.
Finding your dream villa in Dubai is not a difficult task – there are a lot of luxurious readymade villas available for sale which you can choose from. Apart from readymade villas, many real estate development firms also offer highly affordable and attractive off-plan projects too.
But before taking any decision, you must go through a certain checklist in order to keep your investment as safe as possible.
Let’s walk through the essentials of purchasing a Villa in Dubai.
1: Understand the Villa/Property Purchase Process of the UAE
The rules and regulations governing the sale and purchase of property are not similar in every country – every country has its own rules and policies which you must make yourself aware of.
One blog post can never be enough to explain the rules of buying a property in Dubai. However, a broad guideline can be provided.
Following are some pointers which you must make yourself aware of while buying a property in Dubai:
- RERA (Real Estate Regulatory Authority) governs the rules and regulations of the real estate sector in Dubai.
- The real estate broker you’re planning to deal with must be registered with RERA. You can verify this via Dubai Land Department’s website.
- A minimum salary of 15,000 AED is required in order to be eligible for a home loan from the bank.
- For a property under 5 million AED, you can borrow 50% of the amount if it is a first time purchase.
- For off-plan properties, a comprehensive SPA (Sale Purchase Agreement) will be required to register with the Land Department.
2: Get an independent pre-purchase inspection
A home inspection will not only allow you to settle well into your new Villa but will also assist you in planning any sort of future development of your Villa, be it adding an extra garage or installing a swimming pool in the backyard.
3: Seek professional advice
Understanding laws and rules are one thing, taking a financial risk on your own is altogether a different proposition.
Make sure you get the contract, SPA, and NOC checked by a real estate lawyer. Also get an independent inspection and assessment of the property before you buy or lease it. This will help you keep your investment safe and will save you from future inconveniences.
4: Check if the location is worth it or not
There are a lot of Dubai villas for sale but before choosing your dream villa just make sure that the price tag is relevant to the location of the property and you don’t pay more than you should.
The tips mentioned above are by no means the only things that you must look at before you buy a villa in Dubai. Research well and seek advice from your friends and colleagues before taking any final decision.
Zeeshan Shah post-graduated in MBA, is a freelance writer with a wide-ranging experience in recruitment, leadership, HR Management, and particularly in real estate. He likes guitar and traveling. Also a business coach and author at local News Paper.