Buying a property in Dubai? Tips and advice before you proceed
Dubai’s real estate market is a major hotspot for top-end residential properties available for long-term investment or ready-to-move-in. As one of the most regulated and transparent sectors in the region, coupled with recent developments, quality of life, and the huge potential for return on investment, expats are keen to invest in the housing sector which is in turn boosting the home ownership rates in the country.
Dubai offers loads of properties for future investment. These include villas, condominiums, apartment buildings and family homes. This wide selection means that you are not forced to settle for properties that may not suit your budget or preferences.
Nomad Homes, a real estate start-up, provides an end-to-end buyer experience for properties across Europe and the Middle East. They are an innovative company that is evolving in Dubai by acting as a marketplace for buying and renting properties, as well as developing breakthrough technologies to better enhance and improve the overall customer experience. Tymour Fisher, UAE General Manager for Nomad Homes, lists the various factors to consider for first time home buyers:
One of the most important elements to consider before investing in real estate in Dubai is location. Individuals looking at flats or luxury homes should research the best locations for future real estate investment. There are multiple communities in the city, which have a number of facilities that will allow for a high-end lifestyle.
For single young expats, preferred locations include Marina and Downtown. Families are mostly drawn to the villa communities in places like Mirdif, Emirates Hills, Silicon Oasis, Motor City, Arabian Ranches.
It is a challenge to decide on a particular location when there is such a huge array of options to choose from, each with their own appeal. To get the best return on your investment, make sure to research the developer as well and ensure that they have a good reputation before signing a certain contract or committing to buy the property. This way, you will confirm that you have made a sound and profitable decision.
Before you buy property in Dubai, consider how long you plan to stay overall. This is important as it will act as a basis for you to evaluate the total amount that you can derive from your potential return. However, if you are not sure how long you want to stay in the UAE, it is advisable to rent a ready-to-move property which can be put back on the market to gain rental yields.
The future of Dubai real estate
Buying property as an expat may sound like a complex procedure, riddled with obstacles that could cripple individuals. Nevertheless, the Dubai Land Department and the relevant legislators have made sure that buying a property in Dubai is smooth and quick.
Whatever the reason may be, for most expats, UAE becomes a second home. In such situations, it makes no sense to rent a property for a long-time period. It would be best to consider buying a property in the UAE, either to move-in to or to rent out as a landlord. The main emotional driver for first-time home buyers in the UAE, is the confidence that this country is not only one of the safest places in the world, but also one of the best countries to live in.
The market is currently booming, especially with the prevalence of the Expo 2020 and with loads of property constantly emerging in the market. Due to that, it can be hard to find the right options and often, there can be fake listings or duplicates. This is where Nomad Homes takes the reign. Nomad will eliminate those fake listings and duplicates altogether and provide clients with a dedicated advisor, guiding them through a more seamless process. They will ensure quality services and a reliable relationship between client and advisor. By changing the approach of traditional real estate agencies, Nomad Homes has simplified the client’s search for the perfect home and made it an enjoyable and hassle-free experience that makes buying a new home a great new adventure.