One of the biggest strengths of Dubai as an overseas land investment proposition in real estate is that it is one of the safest places on Earth today. Besides, low taxes and commendable quality of business freedom and startups. What makes buying overseas property in Dubai really challenging and a bit complicated is that the real estate sector in the city is ever-expanding. That is why it is crucial to speak to a proficient real estate agent, if possible a local agent with a proven track record. Since you are a foreigner and may not be well-aware of the local rules and customs, try and get in touch with an expert agent in your country who can act as a middleman and help you get in touch with the right people in Dubai.
When buying a property in Dubai, you must consider these factors:
- Location
One of the first points to evaluate should be the location of the property. If you wish to stay on the property, you need to assess whether the place is far from your workplace or not; whether there are good schools and hospitals. When buying the property for investment sake, then go in for places that have steady rising estate rates. For example, you can choose a luxury apartment in the heart of Arjan because the place, even though located on the outskirts of Dubai, is a new district in Dubailand. With the road network fully developed, the place till the end of September 2020 had almost 48 buildings completed, and another 37 are still under construction.
- Choosing the right developer
You have the option to choose between government-sponsored apartments and private buildings. Ensure that the developer has a proven track record. It is important to assess if the deliveries of projects have happened on time or not; the apartments’ quality, safety, and standards also need to be evaluated.
- Lifestyle choices and aspirations
Some of the most luxurious apartments with golf courses and other community living choices have come up in Dubai. Ensure that the property in Dubai matches your lifestyle choices. Sustainability is a big choice of ecology-conscious world citizens. You would wish to go in for communities that support sustainability.
- Understand procedures for buying an apartment in Dubai
- Off-plan where you buy from the developer or resale of the property when you buy from a private reseller.
- For off-plan property, you need to provide your passport and reservation form. A SPA or Sales and Purchase Agreement is drawn up to confirm the deal. Off-plan purchases are fast, and the buyer may not be present physically for the deal in Dubai.
- For a resale purchase, a Memorandum of Understanding (MoU) is prepared between the parties.
With these factors in mind and the right real estate agent, you can find the best property for purchase in Cyprus.