Dubai is considered a cosmopolitan city. It is also one of the most visited destinations by people across the world. It is a place where expatriates from around 200 countries live. The expatriates form more than 80% of the population of Dubai. Many expatriates who come to work here buy real estate in Dubai with time. The property market in Dubai attracts buyers and sellers from a number of countries throughout the year. There is a wide range of options available to prospective property buyers in the city. The demand for property is increasing substantially with each passing year. Are you one of these potential buyers? If so, read ahead to know tips you must know before you buy a new residential property in Dubai.

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1. Location

Location is of prime importance and probably the most important factor that is to be considered when you plan to buy a residential property in Dubai. So, how do you decide on the location? You did decide on what exact purpose are you going to purchase this property. Knowing this answer and informing your realtor about it will help the realtor to shortlist the best properties according to your liking. If you want to buy a property in Dubai to put it on rent, then select a residential property in developed areas like Jumeirah Beach Residence, Palm Jumeirah, and Dubai Marina. Alternatively, you can select a residential property in Dubai South where many properties are coming up. For affordable and medium-range properties, look out in Jumeirah Village Triangle, Dubai International City, and Discovery Gardens. 
 

 2. Master Developer

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In the long run, a lot depends on who the master developer is of the residential property you buy. A good master developer will maintain the whole property well. An example of known master developers of Dubai is Damac Properties and Nakheel. The former has properties like Akoya Oxygen to its name while the latter has Downtown Dubai and Dubai Marina to its credit. Buying properties in these sites would be a wise decision. The master developers are responsible for the construction and continued maintenance of the community. 

 

 3. Project Developer

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The company that builds residential property or villas is known as the project developer. Project developers are responsible for the construction and maintenance of the building. Enquire about this factor from your realtor. If you buy a residential property from a property dealer without a good work reputation, the possibility of selling it at an appreciated value might not be feasible at a later stage. 

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 4. Building Maintenance Company

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All properties have a building maintenance company that looks after the maintenance of that building/ villas. Choose a property that has a good brand of maintenance company attached to it. Once again, your realtor should be able to give you the complete information in this regard. Subsequently, when you visit the property you are thinking of purchasing, you can see with your own eyes if the property is well maintained or not. 

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 5. How old is the Building?

There has been the rapid building of properties since the start of this century. If you are looking to buy a residential property in the near future you might select one with an off-plan venture. Alternatively, if you want to buy a residential property at the earliest, then buy from the properties that are built and ready to move in. According to rules in Dubai, the developer is responsible for the maintenance of the building for a period of the first ten years. Hence, if you buy a property that is more than ten years old, you will be responsible for the repair work of the property. Preferably, you should buy a house that is recently constructed. 

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 6. Price of the Property

Considering that you have shortlisted a few properties, you need to evaluate the price of the properties and select the one best suited for you. You can use the services of an evaluation firm as well for this purpose. In case you are taking a mortgage for purchasing the residential property, the bank will evaluate the price of the property. Your realtor will also have mediums to have the property evaluated. This is an imperative step as you don’t want to overpay for the residential property. 

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You can either pay in cash/bank transfer for the property or take a loan. The banks offer a number of options in loans; home loan for UAE nationals, loan for UAE residents-expatriate, a home loan for UAE non-resident. There is another option known as a pre-approved loan. In this type of loan, the bank has pre-approved the loan with a certain amount. You can select the residential property for purchase within that limit. No matter how you plan your payment, Dubai is a prospering market in terms of real estate and there are hundreds of thousands of buyers on the lookout for buying property in Dubai to call their home.