Living in Dubai – Find your Home
Dubai is synonymous to luxurious living, it has everything to live an uber-cool lifestyle. Renting as well as purchasing a fast car is easy, whilst finding a posh villa in the quiet suburbs as well as an ultra-modern penthouse on a skyscraper is just as easy. If your budget’s a little tight, then there are condos and condotels or serviced apartments. The city has something to offer every type of expat and local who call this place home. So, if you are looking to find a home in Dubai read further to find out more about this city and the types of residence it offers.
A question that you should first answer before picking a home in Dubai, buying a house in Dubai as a foreigner is as easy as renting one. There are specific areas where foreigners can choose freehold properties. In the other areas, foreign nationals can buy a house with the choice of leasehold ownership of the land. Dubai is among the top-rated cities in the real estate segment.
Given that the real estate in Dubai is known to bring good rental yields and resale value, it makes a great investment. There are flexible payment plans offered by various developers in this city for its properties. You would also be able to temporarily rent a house and invest in an off-plan property to move in after a few years. Rent to own is another trend where you can choose to temporarily rent the property and then take up ownership after a set period.
Whether you are renting a house or buying one, here are the most common types of property choices offered in the various districts –
- Villas
- Townhouses
- Penthouses
- Condos / Apartments
- Serviced apartments
Buying a property as a foreigner
For buying a property, there are plenty of off-plan projects available. These are cheaper than the ready to move properties. You also have the flexibility to decide the best mortgage for your home.
With increasing demand in Dubai real estate, there are plenty of new projects. There are several that are nearing completion as well. Therefore, whether you need a property for immediate occupation or one for a potential investment, you can take your pick.
Here are a few points to remember if you plan to buy a house in Dubai –
- Ensure that you know which areas offer freehold properties and which ones offer leasehold.
- For the locals in Dubai as well as for those whose spouses are a citizen of the UAE, finding a property for sale anywhere in the country is an easy task.
- Besides the cost of the property, you would end up bearing other expenses like the real estate agent’s commission, registration charges, transfer charges, and more. There would also be the processing fee of the mortgage plan you choose. Make sure that you accommodate these components in your budget.
If you are buying a property to let out, then there is the option to choose a Property Holder Visa. This allows you to stay in the city for a short duration in order to personally supervise the property construction and completion.
Finding your ideal home to buy
Start by choosing the optimal location. Each neighborhood in Dubai offers a variety of perks. Consider the location of your place of work and the proximity to schools. This ensures that you can save time on your daily commute.
Parking a car out in the open is not an option in Dubai. Therefore, when you buy a property pick one that comes with a dedicated covered parking space.