How to Buy New Property Developments in Dubai: a Simple 6-step Guide
We gather and discuss 6 easy steps for successful investments in Dubai real estate market, both for ready homes and off-plan projects, to support well-informed and accurate buyers decisions.
We base this simple guide on our expertise in the real estate industry, particularly in the new property development sector, buying and selling experience, and the latest market insights in Dubai.
Step 1 – Know Your Budget
Analyse your budget and estimate the amount you can afford to buy a new property in Dubai. Regardless of the purchase type (investment, living, renting out), it is vital that the deal is affordable and does not cause any financial troubles.
Be sure to take into account the deposit funds, further payments, and other potential spendings associated with the property buying in Dubai. Honestly assess the costs and do not overreach the budget you have set up.
Step 2 – Outline the Preferences
Decide on the preferences for your new property in Dubai. Is it affordable housing or a luxury apartment? What are the property size and the number of bedrooms? Are you ready to compromise on the location for more affordable prices?
Think of your and your family needs and stick to them. For example, consider which type of property suits you the most – Dubai flats, apartments, ready homes, or off-plan projects?
Step 3 – Explore the Area and Find Support
Either find a location that you are familiar with or explore new areas. Know your timeframes and the type of purchase (Is it a property investment purchase, and are you planning to resell?) and choose the location accordingly.
Consider hiring a professional who knows the Dubai real estate: everything from real estate developers and off-plan properties in Dubai to payment plans and loan-to-value ratios. Typically, specialists will guide you through the property buying process with less hustle and help avoid rush decisions.
Step 4 – Explore the Market and Gather Data
Once you have estimated the budget and outlined the preferences, start with simple research into the real estate market in Dubai. Ambitious buyers benefit from many online services that gather essential info on properties in Dubai. Some of them are dedicated to new ready developments for sale and off-plan projects in Dubai exclusively.
Look through the key factors, including property value, number of bedrooms, price per square meter (sqm) or square foot (sq ft), and the core features of the development and the surrounding area.
Step 5 – Be Aware of the Latest Market Trends
It is little surprise that real estate markets often fluctuate, so buying and selling at the right time often make a difference to the prices and returns on investment (ROI).
For example, new real estate is booming in Dubai right now, so ambitious buyers should take that into account when deciding on buying a property.
Step 6 – Check Everything Before Finalising
Before completing a deal, check the contracts once again – make sure it covers everything from maintenance and minor repairs to the exchange of keys. Remember to consult the hired professional during each step, so you know you are on the right path, and let them negotiate better deals for you.
Do not forget about the taxes – consider consulting a property law expert. Finally, when everything sounds fine, and you have received a favourable offer, do not hold off for too long since the competition is often heated.
What's next?
Interested to learn more about new property developments in Dubai? Check out our latest property news or explore sought-after off-plan property for sale in Dubai.
