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By Chris Carson
Are you thinking about buying Dubai real estate? Are you pondering about entering the Dubai property market in 2012? If you answered yes in any of these two questions, then here are 10 things that you will need to know if you want to enter the Dubai real estate market.
1. Although the Dubai property market in 2012 had hit a rough patch for the last few years, the declining prices of properties will finally peter out this year and increase in the prices is expected to go up this 2013. That said though, Dubai is still considered as one of the fastest growing cities of the world and owning property here means that you can get experience that growth first hand.
2. If you are a foreigner and you would like to live in Dubai, you need to avail of a residency visa. A Dubai real estate residency visa can be acquired through your developer. However, do note that this type of visa will only allow you to reside in Dubai, it will not give you the authority to work and do business in the country.
3. In 2012, it is being forecasted that for the rest of this year, tenants will have a better position in renting spaces as the price of rents will decline. This is true for both living spaces and office spaces. The decline in office space prices will be beneficial to Dubai as a whole because the Dubai property market in 2012 will become more enticing to multi-national firms compared to other Middle Eastern countries.
4. When buying villas, condominium units and apartments, make sure that the contract you are signing to buy the property indicates that there is a one-year clause for free maintenance in case there are issues that arise when you newly transfer in that property. Also make sure there is a defect guarantee on the structure for at least 10 years, to ensure that the real estate that you are buying is of high quality.
5. For 2011, the residential sector of the Dubai real estate has seen an improvement of 64% in terms of sales. On the office market front, almost 58 thousand square meters of brand new office spaces were entered.
6. If you are buying a property from a previous owner instead of a developer, make sure you ask what the original price of that property is when the initial buyer bought it. This will allow you to see if the price they are charging you now is well within the average of the current Dubai property market in 2012 rates.
7. When buying real estate in Dubai from another owner to you, make sure you are prepared to cover for transfer fees, unless the owner says based on your agreement that he or she will cover this. The transfer will allow you to transfer the ownership of the property to your name. Transfer fees reach up to 7% at times. Thus it is better to make sure the transfer fees are covered by the original owner. This is a standard percentage in the Dubai real estate world.
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Source:
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