When moving to Dubai, most expatriates look for an apartment or house to rent. However, you can readily consider buying a property in the emirate straight away or after you have lived in the city for a while. Given that Dubai has become one of the most appealing places for real estate investment in the world, it is worth considering this option. It is a good idea to look at the Dubai property market and the financing options before making a final decision.
You can purchase any kind of property in Dubai. The most suitable choices for residents are the houses and apartments situated in residential complexes. You can expect to find all amenities you can expect inside the property and in the complex, such as internet and cable TV as well as shops, children’s and sports playgrounds. You can opt for anything from one bedroom apartment to five bedroom house.
The real estate prices in Dubai have fallen dramatically since 2007. The low levels are expected to remain, at least until the end of 2010, even though the price level has risen by 2% on average during the first quarter of this year. Apart from the economic plunge, the large supply on the property market also puts a downward pressure on the prices. There are thousands of new units that will flood the market by the end of 2010. This means that the downward pressure on the prices will remain.
The low prices are good news for real estate buyers. However, you have to keep in mind that the dramatic fall has affected and is affecting primarily low-income and mid-income housing. The luxurious properties in lavish complexes such as Dubai Marina and Burj Khalifa are still expensive. The price you will pay for a property is also determined by other factors, such as location, infrastructure and surrounding environment.
Overall, now is a good time to buy a property in Dubai, especially if you plan to live in the emirate. If you intend to purchase real estate for investment purposes, you have to determine carefully when the investment will pay off. The employment market in Dubai is now on the rise and this means that the demand for rents will also increase gradually over the following years. However, given the large and growing supply on the property market, it might be difficult for you to sell your apartment of house at a good price in the future.
Real estate financing is readily available in Dubai and the terms and conditions are now more favorable than before. It is also possible for you to get a home loan from a bank in our own country. In most cases, your Dubai property will be the only collateral required. However, you might have to present another estate as collateral as well, given the instability in the real estate market and in the economy as a whole. Thus, you should check carefully your financing options before deciding to buy real estate in Dubai.
The property purchase procedure in Dubai does not differ from other countries in the world. You will have to find a real estate agent and choose a property. Then you have to sign a contract, make the payment and register your new home with the local authorities for residential tax purposes.