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How to buy an apartment in Dubai: key aspects

How to buy an apartment in Dubai key aspects - Makebiz

Buying a property in Dubai is a serious financial decision that allows you to live comfortably in a dynamically developing city and invest your money wisely. To avoid common mistakes and make the right choice, it is important to consider several key points. 

1. Understanding the full cost 

When buying, many people focus only on the initial price of the apartment, forgetting about the additional costs that significantly increase the total cost of ownership. Let’s highlight the main costs that should be considered at the start:

  • Fees from the Dubai Land Department (DLD). When registering ownership, you will have to pay 2,000 AED + 5% VAT if the price of the property is up to 500,000 AED. If it exceeds this amount, the fee will be 4,000 AED + 5% VAT.
  • Broker’s commission. It usually ranges from 2% to 5% of the room price.
  • Mortgage expenses. If you plan to apply for a mortgage, consider the banks’ fees for applying for a loan.

After the purchase, it is also worth considering regular expenses:

— Maintenance fees. This is a fee for the maintenance of common areas and services provided by the management company. It varies depending on the complex, ranging from 10 to 20 AED per square meter per month.

— Utility bills and home insurance. Regular bills for electricity, water, and other utilities can vary significantly depending on your lifestyle and apartment size.

— Monthly «housing fee» of the city. 

2. The importance of location

Location is one of the most critical factors when buying a property. Choosing the right place of residence not only ensures comfort, but also affects its cost in the future. Here are a few aspects worth paying attention to:

  • Traffic and transportation. Check how traffic is going at different hours of the day. This will help you understand how much time you will have to spend on the way to work or study. It is also important to have public transport such as the metro and buses, which make it much easier to get around the city.
  • The location of the house and the views from the windows. Pay attention to the surrounding infrastructure, the availability of parks, shops and entertainment venues. The views from the windows are also important, especially if you plan to live in the apartment for a long time.

To find suitable housing, it is recommended to use popular online platforms such as Property Finder and Bayut. These resources offer a wide range of options and allow you to compare prices and conditions.

3. Ready-made housing or an object under construction

The first thing a potential buyer faces is a choice between ready—made housing and apartments under construction (off-plan). Each of these options has its pros and cons.

Ready-made housing

The purchase of ready-made apartments allows you to immediately start living or renting. This is especially convenient for those who plan to move in quickly or want to earn rental income. However, it should be borne in mind that at the time of completion of construction, the price of similar premises may increase significantly. Thus, investing in ready-made housing may be less profitable in the long run.

Facilities under construction (off-plan)

Purchasing options at the construction stage is often more profitable, as such apartments are often offered at a lower price. However, there are risks involved: delays in construction, changes in the project, and, in rare cases, financial problems for the developer. However, if you are willing to wait, you can eventually get a home that will already increase in price for further resale.

It is important to note that foreigners who do not have UAE citizenship have the opportunity to purchase real estate only in the so-called freehold zones, where ownership of land and buildings is fully owned by the buyer. In addition, when buying a property in Dubai, you have the right to obtain a two-year visa or a 10-year Golden Visa, depending on the cost of the investment, which makes the migration process more convenient. We recommend contacting Makebiz visa specialists to select the most appropriate option. 

4. Execution of the transaction

When you have selected a suitable location, the next step is to complete the transaction. This process requires care and legal thoroughness.

Before signing the contract, make sure that the property and the transaction are registered with the Dubai Land Department (DLD). Request a complete set of documents from the seller or agent, which should include:

— Proof of ownership.

— Evidence of absence of maintenance debts.

— Building permits.

— Object specifications.

Use the services of an accredited agent registered with RERA (Dubai Real Estate Regulatory Authority). This will help you avoid fraud and ensure that your rights as a buyer are protected. If you are planning to take out a mortgage, go through an assessment of the property in advance to make sure that it meets your financial capabilities.

Do not forget to choose a reliable insurance company that will help protect your investment. Real estate insurance is an important step that often saves you from financial losses in case of unforeseen circumstances.

When buying apartments in Dubai, many buyers make common mistakes:

  • Underestimating the total cost of ownership: It is important to consider not only the initial price, but also taxes, fees, maintenance and utility bills.
  • Underestimating the location: choosing an area is of great importance for the future value of your property and the convenience of living.
  • Ignoring the reputation of the developer and the service company: before buying, be sure to study the reviews and reputation of the companies you are going to work with.
  • Lack of legal thoroughness: do not neglect checking documents and working with professionals.

Buying apartments in Dubai is a serious decision that requires a careful approach and a deep understanding of the real estate market. By following these rules and avoiding common mistakes, you will not only be able to purchase your dream home, but also make it profitable and safe. Invest time in market research and consult with professionals to make your purchase successful and joyful.

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