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Investing in Real Estate

The ultimate guide to buying an appartment in Dubai

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The kind of flexibility and profitability that Dubai real estate market offers is hard to find elsewhere. Dubai is known for its luxurious standard of living. Situated in a country that is ranked number 11 in the world’s list of the most business-friendly countries. It is a city where people from all over the world migrate for better jobs. The economy is booming and so is the real estate market, irrespective of the prices have been dropping, this place has always been an attractive one. There are not many countries that make it so easy to buy a property as a foreigner, as UAE does. So even if you are not a local, living in Dubai or any other parts of UAE, you can still buy a property and resell it when you like or rent it out. You can enjoy the perks of owning property without having to worry about property tax. So if you are planning to buy an apartment in Dubai here are a few things to remember so as to make the process a hassle-free.

Be clear about why you need an apartment

There are plenty of luxury villas in Dubai. So if you have brushed aside the villa option and if you are specifically searching for apartments make sure that you weigh the pros and cons of the different types of real estate properties. For all those looking to invest in a property that is situated in the heart of the city, one which is located close to the place of work, an apartment might be a better choice. And if you are looking for a ready to move in furnished property, again, an apartment is what you need. Villas and townhouses are mostly situated in the outskirts and not many of them come furnished. Whatever be your choice of property type you would find plenty of options in each category on the www.fazwaz.ae website.

Should you go for off-plan apartments?

To begin with, the major decision to make is, whether you need a ready to occupy an apartment or an off-plan property. The former is an option, which if acquired one can move into it immediately. But if you are looking for investment the latter would be a less expensive choice. For both cases, you should pick a reliable real estate company that can give you genuine property listings.

Understand the financing process

Unlike most parts of the world in Dubai, the mortgage tenure cannot exceed more than 25 years. The down payment requested is also 25% to 35% in most cases. This value can be varied based on the price of the property. Make sure that you have enough cushioning placed after the monthly mortgage installment in your income. Plan a mortgage in such a way that the monthly installment value is not more than 35% of the monthly income, which is a nice rule of thumb to start your calculations.

Choosing the right mortgage provider and getting a reliable home valuation, would ensure that your money fetches the best value property.

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