there is no denial of the fact that Dubai offers the most lucrative deals for foreign investors to invest in the real estate sector. The off-plan properties are always considered a safe way to invest and yield higher returns on investment. However, you need to consider several things before making the final move. You need to plan carefully and prepare to venture into the market in a foreign land. Here are some important tips to follow while investing in off-plan properties in UAE.
Dubai is the perfect choice to invest in the real estate sector. However, being a foreigner, you need to understand why exactly you are buying the property in UAE. Do you want to move to the city and enjoy the lavish lifestyle? Or you are buying this to let the property be on a rental? The answers to these questions are pertinent to deciding on the purchase. For instance, if you are planning to relocate to Dubai, you need to look for a property that is not too far from the city. Or if you are planning to place it for rental, you may need to consider areas where rental trends are common.
The off-plan properties take time to cover the completion phase as well as the development of the surrounding area. The completion phase may take years and a change in the exchange rate is a major possibility. That’s the reason why you need the help of an expert financial advisor to chalk out a plan for your investment plan keeping all these factors in view. Moreover, you also need to consider additional costs such as VAT which you are bound to pay during the resale of the property.
You also need to take legal advice from an expert mind to ensure there are no frauds or scams in the business. An expert solicitor can help you in many ways like covering legal aspects in the sale and purchase, protecting your interests in the contract, and ensuring maximum protection against any fraud.
Being a foreigner, your knowledge about the city is expected to be limited. But if you are planning to make a purchase, you must know about the surrounding area. Many things can be considered such as the security situation in the vicinity, tolerance of different communities, and the prevalent culture in the society. Although Dubai is relatively a peaceful city with no major law and order issues, you have to be careful anyway especially if you are planning to keep the property for personal use. Also, people from different cultures and backgrounds live in complete harmony in Dubai, yet you must know if the property is located in a community system such as Indian, Pakistani, Chinese, or others. You may want to live in the company of like-minded people or people from similar backgrounds.
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