Dubai, the city that is so elegant in appearance, has a lot of popularity among foreigners. It is successful in numerous sectors.
Dubai, one of the most elegant cities in the world, is a favorite among most foreigners. The city is highly successful in various fields. It is an international center of trade, and its economy is multi-faceted. Dubai, being a developed city, boasts top-class infrastructure. It is also replete with numerous attractions to invest in; hence, Dubai is home to a large number of aliens.
Dubai is a good destination to invest in one way or another. You can invest in business related to Dubai. You can invest in finance or technology and others.
The best kind of investment to do as a visitor, however, is real estate. It suits foreigners because investing in real estate requires minimal effort but maximum returns.
Real estate investment also serves more than one purpose, you can rent out the apartment. You can live and work in Dubai but keep your investment.
For this, you will have to invest in flats in Dubai.
Types of flats you can invest in
Apartments are just about anywhere in Dubai so you can pick any area that you prefer. They differ based on where they are situated. You also get apartments with different sizes, price, facilities available and how near they are to what you want. There are, nonetheless, two general types of flats that people can buy. They are:
Completed Apartments
This type, as the name indicates, is fully finished. When you require an apartment to move into at a moment’s notice, that is what you do. Completed flats can either be furnished or unfurnished. This implies that your flat could come with furniture and some appliances. Furnished flats are more expensive but they are convenient than unfurnished flats. It’s up to you. The benefit of buying a completed flat is that you can move in immediately. You can also rent it out right away if you prefer.
Off-plan apartments
These are apartments which are not yet completed. They typically include completion dates that have been approximated. Buyers may see the plans of the building to establish whether or not they want to own that. You can buy this if you are not in immediate need to use your flat. The advantage of buying this is that it costs less compared to completed apartments. Because of being cheaper, off-plan apartments offer more room to appreciate in price.
Both types of apartments are found everywhere in Dubai. They both have advantages. Hence potential customers have to do their homework before they buy.
Don’t use these when acquiring real estate in Dubai
Dubai property market is big. You have to get value for money you spend. You may be inexperienced in the Dubai investment market. The following are some mistakes you should not make if you are going to buy property in Dubai:
Omitting research
Before you buy a flat in Dubai, pay attention to the current real estate trends. It is important to understand if the period that you have chosen to buy is ideal. You must also make a decision as to when and how you want returns on your investment. If you want quick returns like rent, then you should not buy an apartment that is still under construction. Further, weather at times affects the real estate price volatility in Dubai. Learn more on the official website – Emirates. Estate
Not employing specialists
There are plenty of scams to deal with and foreigners are vulnerable. You must use licensed property agents, an attorney and even a property examiner. Hiring experts will guarantee you receive the best price. You can buy any type of property with no concern, you won’t be tricked.
Poor budget preparation
The cost of a property is not your sole expense when you invest. There are other ways you have to consider. For example, you will have to register your property and will have some service charges. You will also have to pay for the service of any specialist you hire e.g a lawyer. Opt for a flat where you’ll be able to pay all the costs involved comfortably.
Not considering the intention of the purchase
Why are you buying the flat? If you’re an expat, buy one close to where you work. If you’re going to rent it out then you should consider what a potential tenant would be searching for. The intention you have in mind for the flat should be the same as the flat you’re buying.
Popular locations among Expats
As a foreigner, it is important to have a community of fellow foreigners. Although the natives are friendly, you would rather get friends who have the same experiences as you. Having a friend who can relate to what it’s like to relocate to a new place may help you feel home faster. Following are some neighborhoods expats prefer to move to;
Dubai Marina – Advantages are: Contemporary amenities, lively lifestyle, convenient transport, and proximity to Dubai attractions.
Palm Jumeirah – Advantages are: Nearby best schools in Dubai, amenities, luxurious and private lifestyle.
Downtown Dubai – Advantages are: Pedestrian, near the Burj Khalifa and Dubai Mall, lively lifestyle, near healthcare centers.
Business Bay – Facilities consist of: Abode to many businesses and corporations, easy transportation, active life, and water frontage restaurants.
Al Barsha – Facilities consist of: Reasonably priced apartments, home to Mall of the Emirates, proximity to high-end medical facilities, and close to the city center.
Invest in the Most Trendy Emirate
There are about 2.72 million expats residing in Dubai. This does not include the millions of people that swarm Dubai for traveling. They all have something in common and that is housing demand. There are certain tourists who desire an apartment where they can rent short term. Expats desire to buy their unit, or rent a unit long term. This is to show that there is always demand for housing in Dubai. Invest in Dubai flats so that there will be a steady flow of money without even sweating.