Do you know the right way to choose a property in a developing neighborhood in Dubai?
Dubai is one of the fastest-growing cities in the world. In the metropolis, upscale neighborhoods, communities, and amenities with distinctive architectural styles are constantly being built. Getting lost in all these offers is not always easy. But what do you need to look out for when evaluating a new property? When there is such an abundance of homes, what are the red flags? What are the red flags that should be noticed when buying a new property? We, at KORE real estate agency, are able to answer any questions you may have regarding the Dubai real estate market.
Is it imperative to choose an agent and a concept for your property?
It is imperative that you pay attention to the concept of location development when choosing a property to ensure that you do not make a mistake when selecting one. Buying a home in a large development project is a more cost-effective option than buying one in a separate building. Also, you must choose a developer who has a positive reputation and a portfolio of successful projects.
Potential buyers are better served working with a professional consultant from a real estate agent rather than with developers’ representatives: the latter are paid by the developers and rely on them, which means they are biased because they work for that developer. A broker from a third-party agency is not subjected to a conflict of interest due to the fact that they are tasked with selling not just a specific property, but a specific property that is suited to the needs of their clients.
Buying a property in Dubai now is a smart move. This is both a safe investment in a stable economy and an opportunity to obtain a UAE residence visa. Further, it is an investment in a stable economy with rising housing prices in the emirate. As a result of the latter, residents and their families will have access to high-quality healthcare and education in the UAE. A residency status, for instance, will make submitting the necessary documents for obtaining a visa from another country very simple.
As a result of the extremely high inflation rates that are currently occurring in many countries, this is a reasonable decision. Real estate is considered a very safe investment. It is a very attractive opportunity for conservative investors to buy homes at an early stage of construction. This allows you to fix the price of a property that will be ready to move into in 3-5 years.
The optimal strategy for buying an off-plan property
As far as long-term construction in Dubai is concerned, there are no problems: the status of the property does not play a major role in the decision-making process. A successful developer’s strategy is very important to understand. Despite the high demand for a project, this does not guarantee that the project will meet quality standards. Much depends on the developer’s strategy. For example, they are able to keep track of the number of units that will be available in a project, and artificially stimulate demand for those units. Due to this, you should not buy the first option that appears simply because sales in the project are high. You must always consider your own goals and opportunities.
Buying a project is most beneficial when the main infrastructure is ready. Generally, the third or fourth phase of a project is the most appropriate time to invest. This is due to a better understanding of the results and examples of buildings, but prices are not yet high.
Pay attention to less-developed areas
Location plays a crucial role in the real estate market. Having a good location can help sell or rent a property that is far from the center, even at a favorable price. These projects, however, can also turn into successful autonomous communities when they develop infrastructure. Therefore, additional factors should be considered, such as if there are any interesting attractions nearby, such as lagoons or unique views, and which developer your project is with.
Including the location on the city map, the development plan and the developer. A wise choice would be a large developer working in a promising part of the city, close to central transport interchanges and developed infrastructure. However, according to experts, you should avoid projects with too short construction terms. It takes more than one year to develop a project with a variety of amenities, so overambitious plans are likely to be a red flag.