The consistently increasing interest of foreign investors in Dubai’s real estate industry doesn’t come as a surprise. The government’s unwavering support by regulating the market and endorsing relaxed conditions for non-residents of the UAE have swayed international buyers to buy properties in this booming cosmopolitan. While the bright prospects of investing in Dubai real estate may be enticing, the thought of investing in a foreign country might invite a plethora of dilemmas regarding the safety and maintenance of your assets. We have outlined some tips for international buyers investing in Dubai real estate to ease your worries.
ESTABLISH YOUR INVESTMENT GOALS
First things first, you need to determine your goals for investing in Dubai real estate. Take the most basic factors into consideration; are you investing for a short-term or long-term period? With your investment timeline as a foundation, you can filter the types of properties you can invest in to. For example, apartments in high-traffic areas like Dubai Marina and Downtown Dubai are more suitable options for short-term investments, whereas, off-plan properties and villas or townhouses for rental income are a better fit for long-term investments in Dubai.
CHOOSE THE LOCATION WISELY
Once you have refined your search by filtering the types of properties that align with your investment goals, it is time to find an ideal location in Freehold areas.
Dubai has a highly diversified residential and commercial area; therefore, tapping into the properties that offer maximum Return on Investment (ROI) is essential for making your international investment successful. While selecting the location for the property, overseas buyers must check if it is an “accessible” area; localities with facilities like schools, hospitals, parks, supermarkets, and public transportation are more likely to generate a higher rental income.
If you plan on turning your property into a staycation spot and letting it to tourists, you should opt for areas closer to other entertainment and recreational spots and where commuting is hassle-free.
For off-plan properties, go for projects with advanced technologies in the areas developed by the master developers in Dubai.
EVALUATE THE PROPERTY VALUE
One of the essential tips for international buyers is to evaluate the property by not only assessing its views, amenities, and size but, by calculating the ROI; this is the most fundamental factor in determining your capital gain on the given investment.
HIRE A PROFESSIONAL REAL ESTATE COMPANY
Contacting a reputed real estate company that has a good track record in Dubai’s industry is the best favor you can do for yourself. The RERA-certified professional agencies like Espace Real Estate know the nitty gritty of the market and prospective projects, as well as the legal details as per your citizenship. Recruiting Espace Real Estate for your investment endeavors will ease the process for you by finding the right property, viewing it, buying as per the laws, guiding you about financing the investment, transferring the assets, and managing your property.
GET A PRE-APPROVAL FROM THE BANK
Mostly, international investors tend to buy properties in Dubai in cash. However, many foreign buyers opt for a mortgage, which means taking a loan from the bank for a property. The non-residents need to have at least a 50% down payment ready as a maximum of 50% Loan To Value (LTV) is approved by the banks in Dubai. Getting pre-approved by the bank will give you an idea of how much loan the bank will lend you so you can filter out the properties according to the budget.
STAY UPDATED ONLINE
Many realtors now conduct podcasts, upload market report analyses and videos about the prospectus of various projects; you can follow real estate agencies online through social media platforms to keep your knowledge up to date.
CONCLUSION
Investing in Dubai real estate is a lucrative venture for many international buyers who can easily invest in freehold areas in the city. Hiring a genuine real estate agency like Espace Real Estate can make the process convenient for investors and manage your assets in Dubai.
As a truly customer-centric real estate agency, we offer a range of related services that are designed to make your property journey stress-free and successful from start to end.
