Property in Dubai

7 Major Factors Before You Buy a Property in Dubai

Looking for your dream home? Then Dubai can be very good location packed with all the modern technological developments and a touch of Arabian culture. It provides the ideal mix of culture and modernity. Some of the most wealthiest and influential people in the world has homes in Dubai. But before you buy them there are few factors that we need to consider:

  1. Location – why Dubai? You might be wondering what is so special about Dubai, that people buy homes there. Geographically Dubai is in the center of the world! It is a thriving business center surrounded by Europe on one side and the Indian sub-continent on the other. Dubai is governed by his highness Sheikh Mohammed bin Rashid Al Maktoum who took Dubai to the top and an important business center among the world.
  2. Authority – the authority governing Dubai is also responsible for its development. The Dubai government has 30 different department who control the integral sections of the city including security, roads, health and sanitation, education, finance, legal matters and the land department.
  3. The land department – Dubai Land Department or the DLD is a government department who monitors the real estate market within the emirate’s borders. The department’s main role is registration, organization and promotion of real estate in Dubai. It is better if you can familiarize yourself with some of the land laws, before you rent or plan to buy home in Dubai.
  4. Demographics – although Dubai is a Muslim majority city, it is known for its mix of various cultures. With immigrants from all over the world, you can find Europeans, Indians, South Asians, Pakistanis, Chinese, Indonesian and many other communities. It is a very interesting mix and can provide an excellent growth culture for you and your family.
  5. Freehold areas – in the year 2000, Dubai was made accessible to foreigners who could buy, rent and sell properties within Dubai. However this is applicable to certain areas known as the freehold areas. The areas are Um Hurair, Al Barsha, Emirates Hills, Jebel Ali, Al Gouz, Ras Al Khour, Nad Al Shiba and many more. These are some of the popular places to buy home in Dubai.
  6. Leasehold areas – certain localities allow only leasing properties. A full ownership isn’t permitted. Lease periods are generally given between 10 and 99 years. Commercial properties are very much in demand when it comes to leasing. The leasehold areas include Deera, Discovery Garden, Jumeirah and more. Make sure you check these points with your property agents.
  7. Real Estate Finance System – the last but most important thing to know is the finance system pertaining to real estate in Dubai. Many types of financial services are available but all of them are authorized by the United Arab Emirates Central Bank. You must note that any other authorization is not valid for foreigners. If you pass the eligibility criteria for home loans, a minimal interest of 3-4% is usually charged on loans.

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