Off-plan real estate offers created by developers in the UAE who are the authors of various construction projects in Dubai drew the attention of buyers to purchase a property in this emirate.
Dubai is the perfect place to invest in real estate because of the allure of a sophisticated lifestyle, a tax-free environment, expectations of positive capital growth, and being part of the world’s fastest-growing city.
In previous years, Dubai has been a famous market for luxury housing. It is the second-largest and most populous emirate in the UAE. It has seen massive construction and created numerous residential and commercial projects such as Palm Islands, Dubai Waterfront, The World, Burj Dubai Resort, Business Bay, and Dubai Marina.
Although the cost of property in Dubai has risen in recent years, the picture is not complete due to high demand and limited supply. Property buyers should be knowledgeable that when purchasing freehold property in Dubai, there may be additional costs that they are unaware of or must pay, so here are a few examples.
You can find a suitable property due to the enormous growth potential of the Dubai property market. However, it should be noted that Dubai is one of the most culturally and vibrant places to live on the planet, so the cost of living must be considered.
According to Ax Capital, the lower end of Dubai real estate investment costs begin around £ 20,000. It may be appropriate for you if you are on a tight budget, but I believe Dubai will provide a high return in the future. These homes will be comfortable and pleasant to live in, giving you an authentic taste of life in Dubai.
• Lawyers and legal fees
While this is an added cost, it saves you a fortune in the long run, and we think it’s a significant expense. When buying a home in Dubai, keep in mind that the laws and restrictions in your real estate contract will need to be verified and interpreted by a professional to prevent investors from falling into loopholes. Real estate law is also constantly evolving, so consulting an attorney before you buy can save you a lot of trouble once you’ve made a purchase. As in any other real estate market, make intelligent decisions when purchasing your home in Dubai.
• Developer fees
Yes, you may have to pay a fraction of the real estate’s value to the local developer, just like you would a property broker. You can buy a home from the developer or from sellers who have purchased from the developer, and the housing is not complete yet. This payment is usually due upon completion of the property. If you are looking to buy a still under construction property, be sure to check the additional costs.
• Maintenance costs
It’s an expense that annoys and shocks Dubai real estate buyers, but they forget that they would have to pay the same kind of fees if they were at home. Maintenance costs cover maintaining the common parts of a real estate project in good condition and should therefore constitute an expense for the owner. There have been instances where the developer has tried to overcharge residents for the development, even charging annual maintenance costs equivalent to some home rentals. If people buy a home to avoid paying rent, you should make sure you do not have to pay almost as much for the service after the purchase.
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