Why And How One Could Purchase Flat In Dubai With Ease
The process of flat purchase is not a single step process; in fact, it’s a multi-faceted process. A buyer can purchase flat either for living purpose or as an investment. Dubai is a cosmopolitan city as People from more than 200 countries live in Dubai because of the better career as well as business centers. Since the introduction of Freehold Decree in 2002, Dubai has become a popular destination for investing in real estate industry. Increasing population, high rental costs as well as consistently growing real estate industry with numerous big property projects in the pipeline has increased the number of buyers who want to purchase flat in Dubai. Moreover, the process of flat purchase is quite simpler in Dubai as compared to any other country; this is another reason that buyer want to purchase flat in Dubai. On basis of various surveys, Dubai has been declared as the most preferred location for real estate investment.
Dubai is one of the most happening cities in the World which is known for its innovativeness. Once a buyer has decided to purchase a property next step involves the decision regarding the type of property that buyer wants to buy. This decision further depends on the factors such as budget, personal requirement as well as location. Buyer on basis of these factors can select from various options like villa, townhouses or a flat purchase.
Advantages of flat purchase in Dubai
A buyer may decide to purchase flat in Dubai because of the following reasons:
- Dubai offers a wide variety of apartment towers with modern constructions that too at centralized locations. In case the buyer wants to purchase flat in Dubai in a quiet environment, then a variety of flats are there in outskirts of the city or even in more rural settings.
Buyer may want to purchase flat in Dubai because of all the modern building facilities such as Sauna, gymnasium, swimming pool, club facilities and many more. Moreover, some of these facilities are even free for residents.
- Security is another major factor because of which a buyer may want to purchase a flat in Dubai.
- Availability of convenience stores: Most of the apartments either have a convenience store within a building or within a short distance.
- Low maintenance cost: Flat purchase in Dubai have low maintenance cost as compared to villas.
- A buyer may want to purchase a flat in Dubai as an investment option. More and more people are coming to Dubai because of better career opportunities; hence this opens the gates for rental opportunities for buyers. Rental rates are quite high in Dubai; hence a buyer of a flat can earn rent as an additional source of income.
How to purchase flat in Dubai
Once the buyer has decided to go for a flat purchase, next question is how to purchase flat in Dubai?
Flat purchase in Dubai is a step by step process. However, it is quite simpler as compared to other cities in the World.
- The first step involved in answering the question how to purchase flat in Dubai is deciding the kind of flat/ apartment which a buyer wants to purchase. Dubai is known for its innovativeness in real estate projects. Every other day new and better projects are launched all over the city. Buyers have a wide variety of options to choose from. Various methods through which buyer can select best flat purchase are as follow:
- Online search: There are number of sites available online which provides details about the various kinds of flats available for sale in Dubai. However, before selecting the real estate site or online agent, the buyer should do a thorough research and then decide the firm from which buyer wants to purchase a flat in Dubai.
- Contact real estate agent: Another way of deciding how to purchase a flat in Dubai is by using traditional method of contacting an agent. An experienced and knowledgeable real estate agent who has a good idea about the real estate in Dubai will act as a guide and will make the process of flat purchase quite simple and easier.
- Attend property fairs: The real estate industry of Dubai is a growing industry. Property fairs are quite popular nowadays. In these fairs, various developers present their current as well as upcoming projects. Before confirming the decision of purchase a flat in Dubai with any developer, a buyer should always check the credentials of developer by checking his registration and license number with the RERA.
- Financial Arrangements: Second and the most important step in purchase a flat in Dubai is making financial arrangements for the property. A buyer should be certain that the flat purchase chosen by him is well within his budget. Buyer should be either financially sound or should have a good credit score so that buyer can apply for the required amount of loan amount to purchase a flat in Dubai. Cost of flat involves the purchase price, the deposit, fee of a real estate agent or any other professional involved as well as transfer fees. Flat purchase is very important as well as a big financial decision, hence hiring professional or seeking professional advice is highly recommended.
Sometimes to purchase a flat in Dubai, a buyer may decide to get a mortgage. Mortgages in Dubai are quite complex. Obtaining mortgages for purchase a flat in Dubai is quite a complex and tedious process and it involves lots of paperwork. Moreover, mortgage rule keeps on changing in Dubai, hence it becomes very important for the buyer to keep himself up to date with the upcoming changes.
In case of buyer decides to purchase a flat in Dubai which is an off-plan property, the buyer must submit a reservation form. This is a detailed form which includes personal information, payment pattern as well as all the other sales related terms and conditions. After this buyer who has decided to purchase flat in Dubai pay the agreed reservation deposit. Buyer should check the sales and purchase agreement thoroughly. It is a legal contract hence, it is always better to consult a lawyer before signing the document.
The last and final step in the purchase of a flat in Dubai is the transfer of the deeds. This involves full payment of the purchase price. Depending on the completeness of the project transfer takes place either at Land Department Office or at the developer’s office.
Buying property is a lifetime decision for most of the people. Flat purchase involves high investment hence it is always advisable to reach out to a professional for advice. If the buyer is looking to purchase a flat in Dubai, then Déjà Vu Properties is the best option. Déjà Vu Properties is one stop solution for all the queries related to how to purchase flat in Dubai? Representatives at Déjà Vu Properties are experienced, well qualified as well as highly knowledgeable. They have up-to-date knowledge of the real estate industry of Dubai. Planning to buy a flat, just log in to Déjà Vu Properties and be free of all the tensions.
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