Buying your apartment can be an accomplishment for sure. It is something that perks up your life and gives you satisfaction. Moreover, when you want to buy an apartment in UAE, the feeling is excessively different.
UAE is a centre of dreams, economy, popular culture, development, trade, and much more. In other words, Dubai is life. People have so many intentioned to visit there from tourism to shopping, business to employment and investment.
Anyone in UAE for a little long time, most probably for employment, business or residence, prefers to buy an apartment. Purchasing an apartment there is no problem or tricky at all. It is as simple as anywhere around the world only when you know certain things before getting it.
Your Status vs Your Options In UAE Real Estate
If you consider your status here is the money in your account, you are very wrong. Remember, in every state or city all around the globe, and there are different rules and laws when it comes to real estate. Everyone has to operate according to these rules and regulations; otherwise, something can go wrong.
Coming to UAE, the real estate laws here split the properties and potential investors into two different sections. For properties, there are options of leasehold and freehold. In addition, for the investors or buyers, there are options for locals and ex-pats.
Local OR Expat
If you are a resident of the UAE, you can buy an apartment or any real estate property as a local. You will have the right to purchase property anywhere in UAE easily. However, in case you are an expat or foreigner, the rules will be different. The areas where you can buy the apartment or any real estate property will be limited.
Leasehold
There is no doubt that UAE real estate law lets everyone buy the property of their choice. However, it limits the areas of access for the locals and foreigners in the UAE. If you are a local, you can buy property anywhere in UAE without any restriction. However, foreigners can have leasehold property in certain states or areas in UAE. They are unable to hold absolute property rights but get a lease grant for the property.
Freehold
Freehold in UAE refers to complete ownership of any property or apartment. You can own the apartment as yours. All the cities and towns in UAE have specific places or areas that are freehold for the expats. Therefore, if you are an expat, you need to search for such specific freehold areas.
Identify Your Purpose In Buying An Apartment
The next big question you need to answer before buying or even searching for an apartment in UAE is the purpose. Your motive to invest in an apartment reflects on your buying decision and process a lot. In UAE, there are specific options and conditions in each matter to help you make a perfect decision.
If you are buying an apartment for residence, it is essential to note down some essentials. The apartment should be located in a comfortable neighbourhood. Access to life essentials such as hospitals, markets, schools, and utility options should be easy. It makes your life easier and helps you manage day-to-day chores. Moreover, do not forget to consider its future worth and built. The apartment should meet your residential expectations and necessities—the number of rooms, fixtures, accommodation, architecture, and many other things. If you think you can have a comfortable experience in the apartment, you can buy it.
For investment – when buying an apartment in UAE for investment reasons, your stakes are different. Right now future of investment should be a preference in the list. You need to know how much the apartment will be worth in the future.
There is no doubt that investing in property is never a failure but always study the future scope. The property has to reward you right in time. Consider the property value factors such as its location, building, fixture, condition, future planning, and developer’s reputation. If there is development in the surroundings, then your investment will be multiplying.
Have An Area Researched
Whether you are buying an apartment for living or investing in, area research is a must. Before coming up with your final decision, you need to ensure whether the area or location is good for you or not. Check out the condition of other properties there, related sites, builder reputation if you are investing in under-construction apartments, and much more.
It takes time, but you should give it maximum time for sure. Time here will save you money and bring the best results. Ideally, you can ask real estate agents and the people in the neighborhood about the area and its impact. Do consider its market value in the previous years and all the official documents. Do not forget that leasehold and freehold zone checking is much if you are an expat.
Enquire Everything About Project Or Building
In UAE, it is common to find apartments in buildings. Many developers out there work on different projects and sell apartments. They sell them either after finishing or during construction. You are open to both options. However, here you must inquire about everything about the project or building. It does not matter if the apartment is finished or under construction. You need to know about the developer’s reputation, rate of successful projects, work quality, paperwork, and much more.
Clarity Of Deal
One of the integral factors to judge whether your apartment deal is legit or not is its clarity. If the agent or seller is offering you clarity in terms of fees, charges, paperwork, and other stuff, it means you can rely on them. Don’t make your United Arab Emirates property purchase without a clear deal including all of the details worked out ahead of time.
The Bottom Line On The Best UAE Apartments
Do not forget to crosscheck everything from papers to record, fees to charges, and payment options on your property purchase. All these things are essential to determine whether you are up for the UAE apartment deal or not.