More and more UAE citizens and non-residents are investigating how to purchase their first home in Dubai. And most individuals who purchased today did not intend to buy a home one year ago since no one knew how the remainder of the year would go.
Before making any choice, consider the following considerations whether you purchase property for your use or investment:
Make sure that the agent is licensed by local authorities while shopping on the secondary market. You may just ask your agent to duplicate a broker card to check this box.
When you purchase the developer on the primary market, you will want to look at the reputation and track record of the developer, especially as regards quality and the ability to produce on time.
Property may be bought either by a developer “off-plan” or a private seller “resale.” When buying off-plan, purchasers must provide their passport, along with a booking form that sets out the terms and conditions of the agreement. Reservation payment is paid between 10 and 25 percent for preparing the Sales and Purchase Agreement (SPA) between the parties to the contract. Off-plan buying is usually rapid and straightforward — booking the home may take less than few hours, and the buyer may do it from anywhere. There is no need to be in Dubai physically.
For resale transactions, the buyer and the seller or their authorized agents of legal powers must, in most circumstances, be physically present at the transfer of title of the property. Depending on the complexity of the transaction and the financial structure, it may take one to two days for one to two months to transfer from the time of signing MoU to the property owner. Be careful to check the expected timeframe of the conclusion of the transaction.
Suppose you purchase property with mortgages and have a minimum down payment amount without extending this amount. In that case, it is advisable to apply for opt-out in the sales agreement or memorandum of understanding (MoU).
It compensates the buyer for the loss of a deposit placed to secure a property. If the bank appraisal of the property is lower than anticipated, the buyer has to pay the property in a more significant way. Without the opt-out provision, the buyer would lose deposit money, which is 10% of the cost of the home, if the buyer cannot make the higher down payment and opts not to continue to complete the transaction.
The critical emotional motivator for UAE’s first home purchasers is the belief that this nation is one of the safest locations in the world and one of the finest countries to live in.
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