How to Reduce Risks in Real Estate Market in Dubai?
Buying a property either ready or off plan property in Dubai, especially for foreigners who aren’t familiar with the place, its laws, and the inner workings of the real estate market in Dubai involves many risks. Let us check some ways to reduce the risk when investing in property in Dubai
- Do adequate research: foreigners coming to the country to invest in property should exercise due diligence to do proper and thorough research on the home they are buying. The different factors that make up a great property: location, price, payment plan and the likes must be well understood. A home is a big investment, so one should be careful to know where and what is in it
- Get an experienced and certified agent: A real estate agent with experience and knowledge about UAE, Properties and how to navigate the market is a must-have. They significantly reduce the chances of getting involve in a scam deal, help foreign investors save a lot of money, and provide them with the best deals available. The agent you hire must be certified and registered with RERA (Real Estate Regulatory Agency).
- Have some savings: sometimes the buying process doesn’t go according to plan. Having the extra saved somewhere can help the investor buffer against the unexpected and avoid making rash decisions.
- Read the offer thoroughly before signing: Many investors just Google the meaning of the terms of the contracts and believe that is enough. Saving costs is a good thing, but keeping costs at the expense of property investments is foolish when you can use the services of a professional, an investor, whether buying city walk apartments or Arabian ranches villas, should read the contract terms carefully and ask their real estate representative if they don’t understand some of the fine lines
5. Don’t be get emotional: As most leading real estate brokers in Dubai say, buying a property is not an emotional investment. Just because you like the house as an investor doesn’t mean the tenants will. Buy properties that meet the needs of potential tenants, not those you are emotionally attached to as an investor. Be aware that the UAE terrain varies and should be considered with its specifics in mind when purchasing a property