Dubai is vastly popular for its lavish lifestyle. Owning a villa in Dubai has become a golden opportunity for real estate investors. Whether you wish to invest in a villa in Dubai for vacations, for residence, or to rent it out to have an additional source of income, the advantages are endless. Before you start searching for the perfect villa for sale in Dubai, you should be aware of 5 things in order to make the correct decision. You must consider the following before buying a villa in Dubai.
The very first thing that you must question is the purpose of buying a villa in Dubai. You should know if your purchase is for vacation purposes, renting, investment, or for residence. This one question will help you in identifying the ideal villa community to suit your purpose. Additionally, you can become aware of all the legal conditions before making an investment, once the purpose is identified.
Buying property as an expat
Many people are unsure if they can buy a property in the United Arab Emirates (UAE) without acquiring its citizenship. To make it clear, no individual is eligible to gain citizenship according to the changes in government policies. With that said, it is now possible to buy property in specific areas of the UAE as an expat.
Leasehold vs. freehold property
You must understand the difference between leasehold and freehold before you buy a villa in Dubai. Leasehold is available in the particular areas where the expats can buy property in the UAE, while on the other hand, freehold is the property that can only be owned by the citizens of the United Arab Emirates. Therefore, if you are an expat, you can only get a leasehold property.
Property market trends
This is one of the most evident things to be considered before purchasing a property. You must look at the current market situation and forecast the future market trends in order to make a smart purchasing decision. You must measure the R.O.I. that you can avail from the villa, in the case you plan to rent it out in the future.
Various fees and charges associated with buying property
Like everything else, the property comes with hidden fees that may seem initially obvious. You can take help from a real estate agent to better understand the hidden charges.
Once you have gained a complete understanding of all the things mentioned above, you are all set to acquire a villa in Dubai. In case you are looking for a short-term solution, you can look for a villa for rent in Dubai until you are financially stable to invest in one.