Travel to Dubai to Invest
Dubai, a city known for its elegance, is a popular choice amongst many foreigners. This place is successful in many areas.
Investing in Dubai is attractive in many ways. You can decide to invest in business around Dubai. You can invest in finance or technology and so on.
However, the best kind of investment for a visitor is real estate. Property investment is beneficial to foreigners because it requires low effort, yet yields high returns.
Real estate investment also serves more than one purpose, you can rent out the apartment. You can live and work in Dubai while retaining your investment.
To do this, you will need to purchase flats for investments in Dubai.
Types of flats you can invest in
Apartments are all over Dubai so you can pick any district you want. They are different based on location. There are also size of the apartments, the cost, the amenities available and the proximity to what you need. There are however, two main categories of flats you can invest in. They are:
Completed Apartments
This category, as the name implies, is completed. When you want a flat ready for immediate use, this is what to go for. Completed apartments may come furnished or empty. This means that your apartment may come with furniture and some appliances. Furnished apartments are more expensive but they are more convenient than empty ones. It is up to you to pick. The benefit of buying a completed flat is that you can move in at once. You can also rent it out immediately if you wish.
Off-plan apartments
These are flats still under construction. They often have dates estimated for completion. Buyers can access the plans for the building to decide if that is what they want. You can buy this if you're not in a rush to put your flat to use. The advantage of buying this is that it is cheaper than completed apartments. Because of the reduced cost, off-plan flats have more potential to rise in value.
Both categories of apartments are available all over Dubai. They both have their perks. Therefore potential buyers need to research before they invest.
Avoid these when getting real estate in Dubai
The real estate market in Dubai is big. You need to get value for the money you put in. You may not know your way around the Dubai investment market. These are some mistakes you should avoid if you want to buy property in Dubai:
Foregoing research
Before you buy a flat in Dubai, consider the current real estate trends. It is important to know if the time you have chosen to buy is best. You should also consider when and how you want returns on your investment. If you want immediate returns like rent, then you should not buy an apartment under construction. Also, weather sometimes affects the fluctuations of real estate prices in Dubai. Read more on the official website - Emirates. Estate
Not hiring experts
There are many scams out there and foreigners can easily fall prey. You need to work with licensed real estate agents, a lawyer and even a property inspector. Hiring experts ensures that you get the best deal. You can buy any property without stress, you don't need to worry about being duped.
Lack of budget planning
The cost of a property is not your only expense when investing. There are other modalities you need to take into account. For example, you will need to register your property and will pay some service charges. You will also need to pay for the service of any professional you hire e.g a lawyer. Pick out a flat that you'll be able to settle all involved costs comfortably.
Not considering the purpose of the purchase
Why are you buying the flat? If you're an expat, get one close to where you work. If you want to rent it out then you should consider what a potential tenant may want. The purpose you intend for the flat should align with the flat you are buying.
Popular areas amongst Expats
As a foreigner, finding a community of other foreigners is important. Although the locals are friendly, you will want to make friends with people who have the same experiences as you. Knowing someone who gets what moving to a new place is like may help you feel at home faster. Listed below are some districts that expats often move to;
- Dubai Marina - Perks include: Modern amenities, a vibrant lifestyle, easy transport, and proximity to attractions in Dubai.
- Palm Jumeirah - Perks include: Close to top schools in Dubai, amenities, private and luxurious lifestyle.
- Downtown Dubai - Perks include: Pedestrian friendly, proximity to the Burj Khalifa and Dubai Mall, vibrant lifestyle, proximity to healthcare facilities.
- Business Bay - Perks include: Home to many companies and businesses, easy transport, vibrant lifestyle, and waterside restaurants.
- Al Barsha - Perks include: Relatively cheap apartments, home to Mall of the Emirates, proximity to high-quality healthcare, and close to the city center.
Invest in the Most Popular Emirate
There are about 2.72 million expats in Dubai. This does not include the millions of people that troop into Dubai for tourism. They all have one thing in common and that is the demand for housing. Some tourists want a place they can rent for a short term. Expats either want to buy their place, or rent a place long term. This is to show that there is a constant demand for housing in Dubai. Invest in flats in Dubai to ensure a constant stream of income without breaking a sweat.
