If you are considering buying or selling property in Dubai for the first time, there are several factors to take into account. The process can be confusing since you are a debutant, but this guide could be an excellent starting point to help you work around those shenanigans that come with this delicate enterprise. Be it a property for investment or your apartment that you want to sell, there are certain things you should keep in mind.
In this article, you will learn about buying or selling property in Dubai, filled to the brim with opportunities and great investment options.
- Why are more people currently investing in Dubai?
- What is your main motivation to invest?
- Study the market
- Marketing: Cornerstone of the Process
- Build a Team
- How can Connect Legal help you help buy or sell your property in Dubai?
1. Why are more people currently investing in Dubai?
When we talk about Dubai it is inevitable to mention some of its amazing features. Having many of the most formidable skyscrapers in the world or the overall aura of wealth and elegance. All of this turns this location into one of the real titans in the world when it comes to Real Estate. It is an industry bound to keep growing systematically in the next few years.
Some of the reasons to consider selling property in Dubai can be the following:
- Prices of properties have reached a certain balance and a natural growing point. The best time to start investing in real estate is now.
- The Real Estate Regulatory Agency, which takes care entirely of property-related affairs, has established measures in order to build a solid and fair market that can rival destinations abroad, turning Dubai’s market into one that can be considered crystal clear and fairly attractive.
2. What is your main motivation to invest?
Before you make up your mind about what it is that you want to invest in or what to put out in the market, the first thing to do is to set up a clear purpose in your head. Whether you decide to buy for your own use or for work-related reasons, or if you want to sell and reinvest, etc.
The first step will always be clear. What is your drive for buying or selling property in Dubai? What is your motivation? Keep in mind that is precisely that motivation that takes priority over things like the cost of the properties, the location within the country, or the best time of the year to make a deal.
When you are buying a property for personal reasons, there are many factors to consider, and that will inevitably become a part of your motivation. Are there any good schools nearby? Hospitals? Is it close to your workplace? There is a wide variety of reasons. Establishing your motivation is paramount. On the other hand, if your purpose is to invest and improve your income, you must study the market and take into account all of the variables that may affect it. Hiring a real estate agent with experience in the field will definitely be helpful in any of the previous cases.
Figuring out when is the best time or where to buy or sell is good, but you must start up by asking yourself why.
One of the biggest factors to keep in mind when buying or selling property in Dubai is the location. The property in itself represents an asset but depending on where it is placed the element of desirability comes into play. A good location will build up demand, and the demand will automatically increase the price.
For home buyers, choosing to live in an area that is close to their workplace, with nearby education centers with the best reputation is logical, but investors will negotiate Dubai’s prime locations faster. A very smart move would be to do research to find out which are the best features of the different communities that catch your eye and compare them to make a final decision. The same idea can be applied when you are a seller or an investor.
Knowing your community and its main qualities. Digging deep to find out which they are and how you can exploit them will guarantee you to acquire listings and sell or rent at a fast pace.
Some of the best bets when buying or selling property in Dubai are the development areas of the city such as Dubailand, Dubai Hills, Dubai Creek Harbour, to name a few, as well as their subdistricts.
Their popularity is skyrocketing thanks to their suburban ambiance, with broad avenues and beautiful public parks. They also have space for real estate expansion. In addition to that, these communities are only about 15 minutes away from the two airports of the city.
4. Study the market
Staying updated on the market trends is key to understanding the general flow of it. Depending on the property types, buyers will hunt for some more than others. To put it in a simpler way, apartments are in less demand currently whereas villas constitute a hot item.
When it comes to buying or selling property in Dubai, this is one of the main points. Analyzing each and every one of the aspects of the properties you want to acquire or put on the market is the smartest thing to do. It will provide you with a wider outlook, thus turning your decision-making into an easier process.
4.1. How to study it
Even if you have a number in mind at which you would consider buying or selling property in Dubai, you have got to ask yourself if that digit is realistic within the city’s market. Check the different websites to know how the flow of the market is moving in your and other areas. As a seller, it would be a great move to look into them and find out other properties that are in the price range you are listing yours. This is to know which options are available for the buyers considering that number. Signing up on websites to receive more real-time information about the market indexes will keep you updated on the prices as well.
4.2. What should you expect with the prices?
Experts consider Dubai a high-standard seller’s market. Prices for the properties have reflected that fact for a long time. However, every time it tends to attract new buyers, with new developments that include more flexible and competitive payment plans, as well as affordable properties.
Increasing the number of potential investors is the ultimate goal.
To provide some context to the real estate prices when buying or selling property in Dubai, with an amount as big as $1,000,000 you can purchase a small property of 270sqft. In New York, a property of 432sqft. In Dubai, you can buy for that same amount a reasonably large property of almost 1,600sqft.
Furthermore, the addition of the VAT on the property would only be 5%. This means that the investment will have a good quality-price ratio. These numbers show that Dubai is, in fact, an affordable and safe investment.
5. Marketing: Cornerstone of the Process
Marketing is of the utmost importance when you want to begin selling property in Dubai. Buyers need to see what it is you are advertising. You must develop a smart and attractive way to show them. Along with your real estate agent, you can design a way to put your property out there.
Internet portals, local newspapers, and social media are a few of the many ways you can advertise your listing.
Presentation plays a big part when marketing your property. You have to make sure photographs and videos show the best side of your property. That way you can attract lots of buyers and schedule open houses for them to attend to.
When selling property in Dubai, the first impression is key. These are a few tips that will help you achieve a great first impression:
- The property must be clean and tidy, with no clutter around.
- It should be well lit, open and airy, so as to give a welcoming feeling.
- To make it more appealing, add some decorations.
- Make reparations where they are required.
6. Build a Team
If you are interested in buying or selling property in Dubai, you must assemble a group on which you can rely. In order to cover your back and make the process as smooth as possible, you must hire the right people to build this team.
Having a friendly relationship with the real estate agent you decide to work with is important. Moreover, a professional, sincere relationship will help set the goals that you want to achieve when buying or selling.
The agent will have the internal perspective you will need. They will provide you with all the market’s statistics: prices and appraisals of properties being listed or already sold.
Having also an experienced lawyer in the Real Estate field would also be a huge help. Someone well versed with all the legal parts involved in the buying or selling process. So, with all this in mind, who exactly do you need in your team and why?
6.1. A Trustworthy Real Estate Agent
One of the fundamental things to consider when you are buying or selling property in Dubai is to seek the help of someone who knows the ins and outs of the market. The agent you hire has to be registered in the Real Estate Regulatory Agency in Dubai. This will prove that they are reliable and professional.
But what to look for in an agent? These are the main aspects you have to look for when choosing one to work alongside you:
- Do they know the area you’re interested in? If so, how well? Check out their background and confirm that they actually are experts in the location and surrounding areas.
- Create a good professional relationship with them. You will need an honest agent. Someone who can tell you exactly how the situation is, no matter the case. You must have the confidence to express any concerns and be open to looking for professional assistance when required.
If your agent fits these general criteria, then you can move on and start getting things done. You will need their orientation and their confidence as well; they know the market. Whether you are buying or selling property in Dubai, they will be your guides throughout the entire process.
6.2. Seek Advice from a Real Estate Lawyer
Buying or selling property in Dubai is a delicate process that requires the eye of someone who has experience in the legal part of the Real Estate world. Hiring a lawyer who is able to manage all those aspects of the transaction is paramount so that everything is moving in the right direction for everyone involved.
Documents such as proof of ownership, inspections, and contracts must be checked thoroughly. Having someone on your side with that experience will expedite the process for you.
7. How can Connect Legal help you help buy or sell your property in Dubai?
As mentioned above, finding a well-versed and committed real estate lawyer who is not only an expert in the market but also has the will to help you make the best deal possible is fundamental. Here at Connect Legal, we offer the most capable professionals, with vast expertise and the will to help out our customers and fulfill their goals. We are here to help you.
Make an appointment for a consultation today! Our team full of experts is all set to address your needs. Get experienced legal services in Dubai. We, the most reliable legal platform in Dubai, are here to represent clients in all legal issues.
Would you like to contact Connect Legal to obtain more information about selling property in Dubai? Contact us at +97143316688. You can email us at email@example.com, and you will talk to one of our representatives who will answer your questions.
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