Buying Property in United Arab Emirates - Dubai

Furthermore both international and local mortgage lenders are making it easier to borrow to finance a property purchase in the UAE and all in all Dubai is at least as attractive as it ever was for foreign property investors. This means that it's high time to draw up a list of the dos and don'ts of buying Dubai property to prevent false assumptions, poor decisions and costly mistakes being made.

First things first, while Dubai has a reputation for having a transparent and trouble free property purchase process that does not mean it is safe to enter into any form of property transaction without the aid and support of a competent and trusted real estate consultant.

Not all builders and developers in Dubai have the same reputation and not all build to expected standards. Enough property has been completed in Dubai by the majority of large constructors for those looking for an investment in Dubai property or a second home in the UAE to have examples of completed work to look at. Try and get as good and broad a perspective of a developer before committing to purchase from one of their off plan projects - while this is not an exact science as standards can change, it is as good a basis for making a decision as any!

The terms and conditions that mortgage lenders enforce vary from lender to lender and country to country. Many think that by entering into a mortgage contract they 'only' run the risk of losing the home on which the mortgage is based if they default - this is not always the case. Often the larger the financial institution the less scrupulous and customer caring they are too!

Think about what could happen to your dream home in Dubai when you die - sorry - grim topic but an essential one to consider when you bear in mind that the laws of succession differ from country to country and are affected by many issues such as whether you still have finance outstanding on the real estate etc.

And finally - there is no such thing as a no-risk investment - and while some believe putting money into property as an asset class is the closest thing you can get to risk free investing, that is most certainly not the case. Dubai is emerging market that has never had to suffer economic, social or political change on a large and significant scale and where no investor, market analyst or expert can predict future growth patterns. Though at the moment property prices and rental yields are continuing to rise.

Brought to you by: Provident Real Estate Dubai

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