Are you considering purchasing real estate in Dubai? Are you considering Dubai Investment Real Estate
in 2012? If you replied yes to both of these two questions, then here are ten things you should know before investing in Dubai real estate.
1. Despite the fact that the Dubai property market had reached a tough patch in 2012, the falling prices of properties will eventually peter out this year, and prices are predicted to rise in 2013. Having said that, Dubai is still regarded as one of the world's fastest growing cities, and owning property here allows you to see that development firsthand.
2. If you are a foreigner who wishes to settle in Dubai, you must first obtain a citizenship visa. Your developer will help you obtain a Dubai real estate citizenship visa. This form of visa, however, will only allow you to live in Dubai; it will not allow you to work or conduct business in the region.
3. In 2012, it is expected that landlords will have a stronger role in renting rooms for the remainder of the year as rent prices fall. This is valid with both residential and industrial spaces. The drop in office space prices would benefit Dubai as a whole because, in comparison to other Middle Eastern countries, the Dubai property market will become more appealing to multinational corporations in 2012.
4. When renting villas, condominium units, or houses, ensure that the sales deal provides a one-year clause for free repairs in the event that complications occur after you move in. To ensure that the real estate you are purchasing is of good quality, make sure the structure has a fault warranty for at least 10 years.
5. The residential market of Dubai real estate saw a 64 percent increase in turnover in 2011. Nearly 58 thousand square metres of brand new office space were entered into the industry.
6. When you're purchasing a house from a former owner rather than a developer, make sure you figure out what the land was initially sold at before the first buyer purchased it. This will help you to assess if the price they are offering you now is well below the existing Dubai property market's average prices for 2012.
7. If you're buying Real Estate Companies in Dubai
from another owner, make sure you're prepared to cover conversion costs until the owner decides he or she can cover them depending on your arrangement. You will be able to transfer possession of the property to your name after completing the transfer. At times, transfer fees can be as high as 7%. As a result, it is preferable to ensure that the sale payments are paid by the original owner. In the real estate world of Dubai, this is a normal percentage.