Owning a house is everyone’s wish whether it is a simple apartment or a luxurious Villa. Every house has its own appeal and aura which attracts a buyer to purchase it. People take complete care of it and even pass it on from one generation to another.
From tall buildings to spacious malls, Dubai is all about luxury and glamour. High rise buildings and skyscrapers further add to this luxury with the famous Burj Khalifa standing high as a symbol of Dubai’s true power. Dubai is truly a land of opportunity where one can make a name for himself/herself. Housing sector in Dubai is very lucrative due to limited formalities and lenient laws which make the whole process of buying and selling houses in Dubai very easy.
One can buy home in Dubai by taking the help of local property dealers, or they can log in onto an online property portal in order to buy a home in Dubai. These online portals help a buyer to search and buy their dream house. People can choose from various luxurious villas which have extensive architectural designs and are surrounded by stunning gardens or golf courses further adding to the overall beauty.
Online property portals and dealers provide certain tips and steps for buying a home in Dubai which makes the buying experience completely hassle-free. These are as follows:
- Purchasing a house according to needs and affordability:
It is important for anyone, whether a local resident of Dubai or any individual who is relocating to Dubai, to look for a property which fulfils their needs and wants. Moreover, a buyer must buy a property by keeping his/her affordability i.e. home should be within the budget of the buyer. This makes the whole buying process seamless and ensures better screening of properties.
- No requirement of a residency permit for buying property in Dubai:
Overseas customers can even purchase a villa and use it as their holiday home in Dubai. However, one does not have to attain a residence permit for buying a house. UAE laws have permitted foreign customers to purchase in Dubai.
- Freehold vs leasehold properties:
Overseas Customers should be aware of freehold and leasehold properties and the locations where such properties are available. There is certain area where homes or villas are given on a freehold basis i.e. properties where are accessible by foreign customers. There are other areas where properties are available on a lease basis i.e. for certain period varying between 10 and 90 years. Buyers should keep in mind such options while buying a home in Dubai.
Customers can avail home loans ranging from 3 to 4 per cent for buying a house in Dubai. Banks and finance companies provide such loans after deep analysis of the buyer’s financial capability and security provided against the loan.
- Memorandum of understanding is signed between the buyer and seller. Along with it a no objection certificate has to be attained from the developer of the estate where the property is situated.
These steps and tips must be kept in mind while purchasing a residential property in Dubai. Various online portals like My Villa can help with this process. It is a pioneer in the housing sector where people can buy and even rent properties without any hassle.