The
sluggish property market in the entire Middle Eastern region has affected every
Emirate in varying intensity. While property investors are having their fingers
burnt, there has been a silver lining to the dark cloud. Many genuine buyers,
who’d kept away citing the sky-rocketing prices during the boom period, are now
beginning to show interest in purchases again.
So
if you are one of those wise people who have been waiting to purchase that dream
Holiday Villa in Dubai, then here
are some tips to help guide you in your dealings. For a promising market, such
as this, won’t stay sluggish forever
Avoid Speculation:
One of the key mistakes that investors made in the recent property bust was to make speculator purchases. There were reports of people trying to outbid others in an attempt to get ahead in property draws. Prices that were already on a rise were sent spiraling out of control by investors that were pouring good money into bad transactions. So, unless you have several compelling reasons, it’d be wise to stick to offers of ready-to-move-in properties
One of the key mistakes that investors made in the recent property bust was to make speculator purchases. There were reports of people trying to outbid others in an attempt to get ahead in property draws. Prices that were already on a rise were sent spiraling out of control by investors that were pouring good money into bad transactions. So, unless you have several compelling reasons, it’d be wise to stick to offers of ready-to-move-in properties
Go Visual:
Sure, anyone can create a swanky website and splash a lot of money on the promotions. But, the reality could be quite different. A holiday home is quite a commitment and involves a large sum of your hard earned money. While the initial research may be conducted online, it does help to pay a personal visit to the shortlisted properties and choose the best one yourself.
Sure, anyone can create a swanky website and splash a lot of money on the promotions. But, the reality could be quite different. A holiday home is quite a commitment and involves a large sum of your hard earned money. While the initial research may be conducted online, it does help to pay a personal visit to the shortlisted properties and choose the best one yourself.
Credibility:
A
developer that cares for their property long after they have handed it over to
the residents speaks volumes about their credibility. Reputed developers
usually tend to use materials of a high quality and do not cut corners. A great
way to check for this is by asking for references of current home owners. You
could also do a background check on the developer with the local authorities
like the Real Estate Regularity Authority (RERA) or the Lands Department. This
comes handy when dealing with anyone other than a Tier-1 developer.
Unnecessary Loading:
Property
taxes in Dubai are often calculated on the total area of the plot. It therefore
makes more sense to pick up a 5000 square feet villa that’s located in a 10000
square feet plot rather than one that’s located on a bigger plot. Apartments
too are not spared from this malaise and an apartment purchase also includes a
certain component that’s added on for all the common areas (balconies, landing
areas, etc.)
Research Extensively:
There
is plenty of help available on-line available for all those who are willing to
make the effort. Forums, for example are a rich source of information to help
you with your purchases. One can easily uncover the real picture of a
particular property or area by asking the right questions. Utilities costs,
transport facilities and other ground-realities, they can all be found out
online.
So,
good luck with your hunt for your dream purchase. Remember, if that dream villa
still seems out of reach, a holidayapartment in Dubai might just fit the bill!
