important tips for real estate investment in dubai
TRANSCRIPT
Important Tips for Real Estate Investment in
Dubai
T: +971 (0)7 2035 [email protected]
www.almarjanisland.com
Because of it’s great commercial value and on-the-go competition, real estate investment in Dubai can be a slightly different business than investment in real estate anywhere else in the world.
For investors in Dubai, here is how you might go about finding some good deals:
KNOW THE PROPERTY PURCHASING PROCESS IN DUBAI
You can purchase ‘off plan’ property from a dealer
Or through a ‘resale’ from a private dealer A reservation fee draws up the Sales and
Purchase Agreement that seals the deal For off plan property, the agreement must
contain a completion date For purchasing resale property, a Memorandum
of Understanding outlines the terms and conditions of the deal
CHECK LIABILITIES ON A PROPERTY
Purchase property that is free of any debt or liabilities
Obtain an N.O.C. from the developer’s office
OBTAIN PRE-APPROVAL FROM YOUR BANK IN DUBAI
Before purchasing, make sure you are pre approved by your funding institution
Know that there will be additional costs to the purchase price of a property
Make sure you have the funds to go through a transaction
ALWAYS BE ON THE LOOKOUT Look at bulletin boards
Local papers
Legal section of the newspaper
Small independent publications
MAKE HEADHUNTERS Ask them to give you a lead if they come across
property for sale Make sure you use everyone around you
resourcefully› Property managers based in Dubai› Relocation services › Moving companies› Landlords› Tenants› The mailmen› Gardeners› Friends› Acquaintances
SELF BRANDING Join Dubai based organizations of all types Let yours fellows know that you will pay
them bounties for closed deals, if they have a role in the deal
Print quality business cards Give them out to everyone you meet, in
stacks Post fliers plentifully Put up signs telling people that you buy
real estate
THINK BUSINESS Try offering 15% less on a property
than you actually intend on paying. You never know, they might agree on it
If they don’t, you can convince them to 15% more and pay what you originally meant to
BEFRIEND AGENTS When you approach real estate agents in
Dubai, be very specific about the property you wish to buy
Ask them to give you expired listings of the property they couldn’t sell
Make friends with local lenders all over Dubai and ask them to drop a call if they have a hot deal
AMIABILITY GOES A LONG WAY
Help selling someone’s property within Dubai for nothing in return
This gesture will be remembered for a long time
Be very clear and open to sellers about the kind of property you wish to buy
AlMarjan Island has served the likes of many real estate investors. It is the kind of property that is sure to grow in value and popularity in the coming few years.
Investors better secure some property at AlMarjan if they aim for excellent investments with top notch facilities and accommodations.
As a rule of thumb, remember
You make your profit when you buy, not when you sell
We hope these tips help you buy below the market real estate properties