What to Keep in Mind While Buying a Property in Dubai?

The Arab world was once an unpopular place for Real estate investment for foreigners as there were several laws that severely restricted foreign ownership. However, in 2002, the Arab government decided to allow freehold ownership to non-GCC residents, which simply means that they allowed foreigners to have full ownership of the property and land for the first time in a designated land. The government permitted that the foreigners could buy, sell, rent or lease properties, which made the Middle East, especially Dubai, an immensely popular destination for real estate investments.

If you are planning to buy property in Dubai, then you might have just simplified your hectic task, as purchasing a property in Dubai is simple compared to several countries in the world. Below mentioned are some essential tips for buying an Off plan properties Dubai.

1) Read and understand the contract carefully

In Dubai, the purchase of property is accompanied by legal documents that may be Sale and Purchase Agreement (SPA) or Memorandum Understanding (MOU) between the buyer and the seller. These documents outline all the terms and conditions defining the responsibility of a Buyer and Seller in completing the transfer of the property title/ownership from the seller to the buyer. Make sure that you stand by the responsibilities outlined in the agreement and do not sign the documents unless you understand and agree all the terms and conditions mentioned in the documents.

2)Carefully Understand the purchasing process in Dubai

You can buy property in Dubai either 'off-plan' from the developer or 'resale' from a private seller. When you purchase 'off-plan' from a developer, you will have to submit your passport along with the reservation form that outlines the terms and conditions of the deal.

3) Seek Advice of the Specialist

If you are buying a property in Dubai for the first time then it is highly recommended that you seek legal advice to help you with the purchasing process. This process is not mandatory, though. However, it is advised to do so as this can undermine any potential future risks. Many of the companies registered under Dubai Land Department have their in-house property lawyers and Escrow facilities to ensure transparency and safety, both for the seller and buyer.

These tips are sure to act as your checklist when buying a property in Dubai and following them will ensure that you are taking an informed decision.

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Created on Apr 2nd 2018 04:23. Viewed 364 times.

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