Here’s some of our best tips and tricks, along with some cool hacks, to show you how to buy property in Dubai like a pro!
Whether you are purchasing your new home in Dubai or looking to invest, buying property is a major decision with many repercussions.
Accordingly, it makes perfect sense to research how to do it in a way that perfectly aligns with your short and long-term goals. So read on to level up your real-estate investment process!
1. Find the Right Fit for You
If you are wondering how to simplify buying a house or flats in Dubai, start by defining exactly what you are looking for in a property.
Your requirements will be heavily influenced by your lifestyle, whether you are looking to live in the property or use it as an investment, and your budget, among other factors.
Besides, it should be stated that there are no one-size-fits-all “needs”, so it’s really about finding the right place for you.
Here are some of the basic requirements that are useful to define. Our filters include all of these to help you find your perfect match.
- Completion status (off-plan vs ready property)
- Property size
- Amenities included gardens, covered parking, built-in wardrobes, etc.
- Budget
- Location
Moreover, if you are planning to live in the property, its location will dramatically impact your experience, as it may affect things like your commute time. That’s why we’ve added a map to our app that automatically calculates commute times.
2. Find a Proficient Real Estate Agent
Find a real estate agent that is knowledgeable and an expert in their communities. This is especially crucial if you are new to Dubai and need someone to help you decide which communities to buy properties in based on your preferences and goals.
One of the things to look for in an agent is someone who can give you a thorough breakdown of the ROI of different properties. This is important if you are looking for how you can invest in real estate in Dubai in a way that better mitigates your risk.
Get help from one of Property Finder’s verified and skilled SuperAgents.
Super Agent
Property Finder’s Super Agent feature lets us highlight agents that offer the best quality customer service. As you search for properties, you can select the Super Agent filter so that you can only see listings added by Super Agents.
3. Do Your Research on the Developer
Even if you have an excellent real estate agent, it is still a good idea to do your own homework on different developers.
Especially since purchasing a property is a long-term commitment, do your best to find reputable developers that are known. Make sure they have a good reputation for delivering off-plan properties on schedule and maintaining their properties well over time.
Once you’ve settled on your preferred developers, you can search for their properties through Property Finder’s Keyword Search.
4. Assess the Property’s Value Appreciation
Whether you’re buying an apartment or a villa in Dubai, it is crucial to know what its future prospects look like in terms of it’s appreciation (the increase in the asset’s value over time).
Even if you are buying a property to live in, it still serves as some kind of investment, as some time down the line, you may wish to sell the property to relocate or upgrade.
Accordingly, you want to make sure that the property’s value is giving clear indications of increasing. To help with that, we have several features on Property Finder that give you objective data to help you assess different properties.
First off, the Price & Trends Graph that is on each listing on Property Finder shows you the price of that property over a 1, 2, and 5-year period and compares it with the local area.
This not only shows you if an area’s real estate values are on the rise but it can also flag issues with specific properties or buildings.
For example, if the property’s value is not rising in line with the neighbouring properties, this could signify issues with that particular property.
Moreover, as an investor, it is crucial to have an idea of what the average rent for the property could be to assess your ROI (return on investment). That is why we have a Rented For table, that lists the most recent rental prices for similar properties.
Now that you know these hacks for how to buy a villa in Dubai, check out some of our listings on Property Finder.
5. Get the Most Bang for Your Buck
When buying anything, the price tag tends to blind us from looking deeper into the deal. If something is really cheap, you might impulsively go for it without taking the time to ask why it’s so cheap.
To get around this, we added a few more insights that will give you a bit more context to assess if you’re actually getting a good deal or not.
Below each Property Finder listing, there are two insights that compare the size and cost of the property to similar properties. That way, you know if the price tag is worth it.
Take the below insights as an example. The property costs 32% more than similar properties while also being 6% smaller than similar properties in that same community. Essentially, you’re paying more money for less space.
In such a case, it would make sense to look for a better deal unless you’re absolutely enamoured with the property.
Additionally, to know if you’re getting a bargain or being overcharged, it’s crucial to know how much similar houses or apartments cost in Dubai. So check the Sold For Table below each listing which includes the selling price for similar properties.
6. Do the Math
Budgeting is one of the most critical parts of home buying because no matter how mesmerised you are with a home or how you’ve already imagined how you’re going to furnish it (including the reading nook on a window sill), it is all going to come down to one question: can I actually afford this?
To avoid the heartbreak of realising a property is out of your budget after you’ve already fallen in love with it, use the Mortgage Calculator under Property Finder.
This will help you determine how much you’ll need to buy a house in Dubai, from deposit to monthly mortgage payments.
If you think it fits your budget and you’re sold on the place, head to Mortgage Finder to get Pre-Approved in a few simple clicks!
7. Move Fast
One of our best tips for how to buy premium real estate in Dubai is to act fast. The real estate market in Dubai is incredibly fast-paced. Oftentimes, once a developer launches the sale of primary properties, properties on that development can be sold out within days.
Once that happens, it’s hard to estimate when or if these properties will be back on the market. This leaves you with fewer options as you are then forced to look into the secondary market.
That is why we recommend you move fast. If you’ve done your homework to define what you want, it will be easy to spot when a property meets your criteria. When you do, do not hesitate!
FAQs
Yes, foreigners can buy property in specific areas designated for foreign ownership in Dubai, such as Dubai Hills Estate.
These areas are defined by the Ruler of Dubai and include popular locations like Palm Jumeirah, Downtown Dubai, Dubai Marina, Arabian Ranches, and Jumeirah Beach Residence.
To know more about how can foreigners buy property in Dubai, click here.
In the UAE, including Dubai, some of the most commonly used apps are communication apps like WhatsApp, social media apps like Facebook and Instagram, and entertainment apps like Netflix and Spotify.
With all these awesome tools and tricks at hand, now you know how to smoothly purchase property in Dubai and own your dream home! Check out the hundreds of thousands of properties on Property Finder now!
If you’re ready to make your move, check out this guide on the legal procedures involved in buying property in Dubai.
