The Dubai real estate market is thriving, with the Dubai Land Department chief telling Emirates 24/7 that the emirate registering Dh68 billion worth of deals in the first 53 days of 2016.
Another report by a Deloitte and Meed Project’s has valued projects under planning in the UAE at $337.2 billion (Dh1.23 trillion), with the total value of projects under construction at $53.6 billion. In fact, the total value of residential projects $66.4 billion (Dh243.68 billion).
Property developers have been launching projects since beginning of the year, offering schemes such as waiver of registration fees to post-completion payment plans. In the last two years, over 120 off-plan projects have been launched.
Emaar Properties, the biggest developer of Dubai, continues to launch new projects, but here are five things that it suggests investors need to check before investing their money into real estate.
Decide on your budget
Calculate how much you can afford. Would you be better off buying a villa, townhouse or apartment? Deciding on your budget should always be the first step when shopping for your dream home.
Assess your lifestyle requirements
Are you looking for a city location? Are you a young professional living alone or feeding an entire family? Do you need schools nearby? Do you want to be close to the office? Do you want to be close to the Dubai Metro? You can never ask yourself too many questions!
Check out the neighbourhood
A home is about more than just the property you purchase, it’s about the whole community and neighbourhood you live in. Before you buy a home, make sure you thoroughly research the neighbourhood to ensure you are completely happy with it. Scope it out during the day and in the evening and be sure to check out the facilities and amenities on offer.
Location, Location, Location
Location is the most important factor in real estate, and for good reason. Before you buy a home, consider the best locations for the highest return on investment in the future. If you are purchasing a home with the aim of renting it out, will it be attractive to the person living there? Is it close to the city and the airport? Location is key.
Do your research. Is the property developer reputable? What projects have they delivered in the past? It is important that you invest your money wisely.
“With these guidelines in mind, finding a home in Dubai should be a breeze. Be sure to choose a community that best suits your lifestyle and make the most of the beautiful city we live in,” concludes the developer.