Dubai offers a luxurious and fantastic lifestyle. And it is a dream city for people all over the world.
You can regard Dubai as a paradise for an enjoyable lifestyle. You will find beautiful beaches, modern shopping malls, fabulous restaurants, designer shops, etc.
The richness of the city and its steady economic growth have attracted many foreigners to relocate to Dubai.
Despite the influx of people, the real estate market is flourishing by leaps and bounds. And you can quickly find houses for rent in Dubai.
It is also a good idea to invest in a property in Dubai, given the affordability.
But before you put money into a property in the city, you should make efforts to understand everything about the investment.
So, let us understand the various aspects of property investment in Dubai:
Types of Properties
There are three types of property options for foreigners to consider in Dubai—commonhold, freehold, and usufruct properties.
These properties usually include apartments. And as the owner of a commonhold property, you can sell or rent the property out, apart from passing it through as inheritance.
They are the standard type of property ownership in Dubai. Like the commonhold properties, freehold property owners can sell or rent the property and even pass it through as inheritance. However, bear in mind that you can purchase freehold properties in Dubai only from a developer approved by the UAE government.
You can regard these properties as a kind of long-term lease of the property. Typically, the lease lasts for between 10 and 100 years. And, you are free to do anything with the property during the lease period, but you cannot destroy it.
Finding the Right Property in Dubai
It will help if you do not purchase a property straight away, instead spend some time considering a few factors beforehand, such as:
Check Different Locations
Check out various locations in the city to find out the best place to buy property. And it is the first step in your property search.
It is essential to choose the right location regardless of whether you plan to buy a property in the city for you and your family or rent it out. If the location is not appropriate, your family might eventually conclude that moving to Dubai was not the right decision for you.
It is also essential to consider the right location even if you buy the property for renting out. You need to ensure that the area attracts tenants to impact your RoI positively.
As such, do not fail to choose the right location for your prospective property in Dubai.
Assess Traffic Levels
In Dubai, you will find heavy traffic all around. And that also causes troubles for people moving in the city. As you will find heavy traffic on the roads, it will help to look for a property near your workplace.
A parking facility is an important consideration before you buy a property in Dubai. If the property you choose does not have indoor or covered parking, you need to keep your car under the sun. As a result, the extreme heat from the sun will heat your car, and you will find it too hot when you drive it.
It remains a fact that investing in a property in Dubai can be one of the best investments in your life. But, carefully proceed so that you land on the right property.