Can I Buy a House in Dubai?
Indeed, owning an apartment in Dubai is one thing that many people crave. Most people want to have a landed property in this commercial nerve as a home while some others are strictly interested in investment. The question, “Can I buy a house in Dubai?” is always on the mind of most visitors and expats alike.
If you have always thought of owning a property in Dubai as an investment, you will most probably be letting it out to accommodate tenants. It is therefore relevant to inquire into the type of property that will generate the maximum rental return.
Take, for instance; a one-room apartment will generate a higher rental return than would gigantic mansions, as such if you have been thinking, “How can I buy a house?”, you first need to reflect on this. It might appear a better option to go for mansions and duplex, but it is a wiser business choice to opt for an apartment.
Should you be reflecting on the question, “Can I buy a house in Dubai,” delving straight into the factors to consider before buying a house in Dubai, we present to you some important details about Dubai market.
What are the Available Options for Someone Who Enquires, “Can I Buy a House of my Own in Dubai?”
It is possible to purchase a house in Dubai however, it is advisable to buy from a developer or go through an estate agent. It is also necessary to do some preliminary findings and ascertain the reputation of the developer as well as that of the estate agent, albeit, most of them can be trusted to a reasonable level.
If you are going for a developer, it is possible that the new building is even yet to be developed, as such, there is the need to check in at presentation centers and if possible, show homes to have a picture of what may come.
“When can I Buy a Home?”- Age Requirement
In case you want to know the prerequisites when wondering, “Can I buy a house in Dubai? It is imperative to know that you must be more than 21 years old. Then, the next thing to do is to advance an offer verbatim to the seller. Upon acceptance of this offer, you will proceed to form a sales contract which would be consented to by the two of you, after that, you make a deposit.
The buyer will get the money, while the seller ascertains that the property is not having lesser interests that negate the letters of the agreement reached. The buyer then makes the final payment, the sale is closed and the deed then exchanges hands.
What Types of Homes are Available?
Are you still bugged with the question “Can I buy a house in Dubai” or “where can I buy a house in Dubai?” It is important you know that there are three basic kinds of property you can purchase in Dubai, and these are the freehold property, common hold property, and the usufruct property.
Freehold properties are usually construed as the choice type often sought after by investors. This is most likely because freehold property entirely becomes yours afterward. You can re-sell it, rent it out or pass it on to heirs at will.
Usufruct properties, on the other hand, refer to one that is leased out for an extended period. You have the freedom to act as you may with this type of property, save destroying it. Under usufruct, the property can be rented for as long as 10 to 100 years depending on the property type and contractual terms.
One third of the properties in Dubai are under the common hold which comes as condominiums in some other places. Under this arrangement, you have can buy, rent out, sell the property or even pass to it down to heirs as would in freehold. Nonetheless, it is jointly held by the developer, and the owner and they share maintenance fee for the property.
“Where can I buy a house in Dubai?”- Essential factors to consider
It is pertinent you have a picture of what Dubai traffic is. To be candid, traffic in Dubai is quite riotous, and in fact, plying some roads can be hectic. If upon purchasing a house, you will need to traverse the city center, it is advisable to evaluate the distance and if possible, test-drive before closing in on any property.
- Select the right neighborhood
Location is another central factor you need to consider before buying up a house in Dubai. Be it an investment or residential house, the task of selecting a satisfactory neighborhood is just important to you to want to enjoy your stay in Dubai. If you have been wondering “where can I buy a house in Dubai” you need to know that by choosing the right neighborhood, you will enjoy basic amenities in your house and you will be far from a boring and lackluster hood.
- Consider parking
Another important factor to consider if you are thinking “can I buy a house in Dubai” is whether or not the house comes with a covered car park. That may not be a big deal should you be buying up a “ready-made” apartment. However, it is necessary because of the heightened summer temperature that makes cars parked under the sun uncomfortable to drive and cause untold damage to them.
“Can I buy a House?” – Final Thought
Lastly, if you have always asked yourself “can I buy a house in Dubai?” , here’s a summary of what you need to consider: Firstly, choose the property type, search for available properties, link up with an agent or a developer, select a property, pay for it, conclude your transfer deed and pay the tax on it. Then the house becomes yours.
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