Many of you may have a desire to invest in a luxury property. When it comes to luxury property, you have multiple options at hand. You can think of an apartment, a cottage, a skyscraper, a house, a villa, and many more. If you are in favor of spending some days of your vacation amidst a rustic environment, then the villas in Dubai are waiting for your arrival. The Dubai real estate properties are not just exotic, but tailor-made to suit your needs.
We ask you to go for the villas of Dubai for specific reasons.
- First of all, you get them customized according to your requirements.
- Secondly, you have wonderful real estate agents inDubai to guide you from the top to the toe of the process.
- Finally, and the most important point, buying one square foot of property in Dubai will cost you much less than buying it in other countries.
Investing in any property requires thorough speculation. So, you have to consider some factors that determine your purchase. After all, you don’t want to regret buying a villa in Dubai. Want to learn the factors to consider to buying villas in Dubai? Here they are.
1. Consider the type of property
Every country has different types of properties. The legal rules and regulations of the property vary according to its type. Similarly, Dubai has two types of property ownership – freehold and leasehold. When you purchase a leasehold property, it means you have the right of only the villa and not the land for 99 years. But if you want, you can renew the lease after the tenure. However, a downside of the leasehold property in Dubai is you need to ask for permission from the freeholder for repairing and remodeling work.
On the other hand, if you are a foreigner planning to invest in villas in Dubai, the government of the country has designed and authorized freehold ownership since 2002. To get the benefit of this freehold ownership and invest in a villa in Dubai, you must be 21 years old. Under freehold ownership, the government of Dubai gives you complete access to both your property and land.
Besides, the freehold ownership gives you the benefit of selling, leasing, and renting your property as per your will. So, if you want to gather some extra income, agents of Dubai real estate for rent. Having a freehold property in Dubai is a boon as it automatically gets transferred to your family in your absence.
2. Check the credentials and reputation of the developer
To be honest, these are some clever business tactics that proprietors use to pull customers. Here, your primary task should be to prioritize the reputation of the developer. The more skilled, experienced, and knowledgeable the developer is, the better service can you expect.
Besides, choose a developer who is registered under a regulatory organization. To understand if your developer is the perfect one, you can look for word-of-mouth publicity and online reviews of the developer. If needed, you can connect with the local brokers to get hold of the best developer in the respective area.
3. Check the amenities and facilities
Every property has a set of facilities and amenities that are sure to differ from another. Similarly, your choices and preferences will also play a vital role. If you have to make both ends meet, you have to keep on researching and learning about different properties. This can be a tedious process. So, if you think you are not a perfect fit for this, or if you don’t have the time for this, you can rely on the expert real estate agents in Dubai.
4. Consider the legal fees and documents
When you are determined to invest in a villa in Dubai, know that you have to go through a series of legal steps. The legal part of purchasing a villa in Dubai is an essential component that requires some important documents and a certain amount of fees.
To explain the legal process elaborately, here are the four essential steps:
Step 1: Pre-sale agreement
This is the first step that happens even before signing the documents. In this stage, you negotiate, discuss the terms and conditions, and set a comfortable payment method.
Step 2: Memorandum of understanding
After you agree to the terms and conditions of the agreement, the developer will ask you to sign a memorandum of understanding. Here, you need to submit a Form F to the Registration Trustee office, signed both by the buyer and seller in the presence of a witness. This will validate your property purchase in Dubai legally.
Step 3: No Objection Certificate
Now is the time to transfer the ownership. Here, you have to apply for a No Objection Certificate. Generally, the developer takes responsibility for this certificate against a certain amount as a fee.
Step 4: Property transfer
Finally, to keep a record, you have to submit some documents to the Dubai Land Department. These documents include:
- A copy of the signed contract or agreement
- A copy of the no-objection certificate
- A copy of identification documents
- A copy cheque issued to buy the property
5. Look into the price appreciation and capital gains
One of the key merits of investing in properties in Dubai is its affordable rate. Not all of you have the capacity to spend millions on a property. To give shape to your dreams and make them a reality, Dubai has a price appreciation feature.
Therefore, investing in the villas of Dubai is a profitable deal, provided you get in touch with the best real estate agents in Dubai. Even if you don’t have much knowledge about property purchases in Dubai, these agents are here to help you to the core. So, if you are planning for a settlement in Dubai shortly, connect with the agents of Dubai real estate properties.