How to buy Property Buying in Dubai
Early people led a very simple life. They used to reside in tents situated in deserts. There was no technologyat that time. They make use of camels for transportation purposes which took a lot of time. The time has changed a lot. Now the world’s tallest building resides in Dubai, The BurjKhalifa. People these days dream to reside themselves in the most modest and smartest cities of the world and having a house in Dubai is a bumper for many.
When it comes to civilization, Dubai is divided into two parts i.e old and modern Dubai.
There are many types of houses to look around. Here’s a look at some of the old types of houses:
- Bedouin Tents : Thick fabric was what it made a Bedouin tent, so it was easy to assemble and take it to pieces.
- Mud brick houses: Houses of these types were made up of mud, as the name suggests and had some portions of clay and excretion of camels.
- Dhows: This was a boat house! Earlier people used to live in these when their occupation includes a lot of travelling.
But Bedouin tents are still a popular tourist attraction .
There are many restaurants and hotels which offer Bedouin experience. If one wants to enjoy a royal Bedouin experience, one may enjoy at an average cost of Rs. 8000/- to Rs. 13000/- per night.
But the new Dubai is made up of sky scrapers, luxury apartments, bungalows and villas.
An average 2 BHK apartment may cost an individual AED 850000 to AED 900000 at prime locations like town square. These apartments are usually out of the reach of an average income earner in Dubai .
If we talk about a penthouse including 4 Bedrooms, 5 Bathrooms and spread up to 4500 sqft will cost appx. AED 6000000.This tells us, one needs to be money minded to Buy Home in Dubai.
Buying or renting a property is a rigorous job including stepwise procedure.
- Carefully note down the rental amount or the selling amount. Go through the conditions required. If property is rental, how many cheques would be required in a year and so on.
- Make a list of deals which match your requirements.
- Visit the property and if you are allowed to take pictures than take one.
- Note down its distance from public facilities like bus stop and railway station.
- Check the security.
- Parking area.
- Make an offer and negotiate with the seller on number of cheques and duration of disburse payments.
- Reserve the apartment by a refundable security deposit.
- Draft the contract in written and legal form.
- Once the contract is drafted, sign it .
- Once all the requirements are fulfilled, documents are to be submitted to Dubai Electricity & Water Authority
There are many hidden costs like agency fees, Ejari Fees, Dewa deposit, Housing fee, security deposit, etc.
So, pondering over the topic we could find that buying a property in Dubai is a costly affair whether we talk about apartment or villa or bungalow or anything else.
Comparing to it rental property is one which could be given preference by the average income earners while keeping in mind the above precautions while making an agreement.