The Dubai property market has been one of the most active real estate sectors in the last decade. The Dubai market has gone from strength to strength ever since Dubai freehold property laws were passed when foreigners were allowed to buy property within the emirate.
Since then, the country has been boomed and become one of the fastest growing economies, even during the financial problems which we are faced with. World class and daring architecture has taken Dubai to another level when it comes to buildings and real estate. With its all year round sunshine and incredible quality of life, its no wonder foreigners are calling Dubai their home by buying property. Whether you want to buy or rent a 1 bedroom studio flat or a townhouse or villa on the Palm Jumeirah, there are properties for everyone. For those people that made the initial ‘high risk’ investment in the ‘early years’ (2001 onwards), they have made significant returns on their assets with some even moving into the rental market which also seems to be booming.
What makes buying a property in Dubai so easy is the simple process. Some of the early developments were a learning curve for even the developers but the quality and workmanship of real estate seems to be of a high standard.
The added benefit of buying a property for sale in Dubai is that buyers of properties are given a residency visa as part of the package. We would recommend that you check this with the developer who you are purchasing from but this seems to be the norm. This residency visa is also transferable to the new owner if you ever do decide to sell your properties.
There are many property developers in Dubai but it is a good idea to purchase from a recognised developer who has a good reputation. Make sure you do your homework and due diligence as this will put you in good stead if anything goes bad. Find out about the developer, how many projects they currently have pending, how many they have completed etc. Some of the developers are government owned so these are a good investment but they can be expensive, companies such as Nakheel (government owned) and Damac (independent) are renowned but quite dear compared to the others.
The best way to maximise your investment is to buy an off plan property in Dubai. Because you are buying these at the start of the buying cycle, these properties tend to appreciate as they get built. Once they are completed they will be worth a lot more as a resale property. Another way to obtain a bargain property is to find and locate distressed properties which buyers want to get rid of. These may be because they cannot afford to keep up the repayments or because they have been hit by the credit crunch in some way. Whatever the reason, chances are you will find a bargain.
There are many property agents in Dubai and these can be found by either going online or by purchasing newspapers or local press which should list property agents and the kind of properties they have for sale.
Remember, its best to go out there and due plenty of due diligence and ask questions.