Dubai’s property market can be a complex maze for first-time buyers. However, industry experts have shared their top five tips to help newcomers navigate this challenging terrain.
Be Open to Compromise
Joshua Pargin, Senior Consultant at Nomad Homes, advises potential buyers to remain open to suggestions during their property search. He emphasizes that no viewing is a waste of time as it helps refine the search. While certain factors like commute time may be non-negotiable, other aspects may not be as crucial as initially thought.
Beware of Fake Listings
Scott Bond, Country Manager, UAE at Property Finder, warns about the prevalence of fake listings. He advises buyers to ensure the authenticity and availability of the properties they are viewing. Thanks to technological advancements, potential buyers can now arrange a virtual viewing before visiting the property in person. This step can save time and provide a comprehensive understanding of the property and its surroundings.
Location Matters
Peter Smithson, Sales Director at Belleview Real Estate, highlights the importance of location in property buying. He points out that location is the greatest determining factor in capital appreciation. The old adage, ‘it is better to buy the worst property in the best area, than the best property in the worst area,’ holds true, according to Smithson.
Understand the Costs
Arran Summerhill, co-founder of digital mortgage platform, Holo, advises buyers to get a comprehensive understanding of the costs involved in purchasing a property. These include fees and required down payments. He also recommends getting pre-approval before viewing properties to avoid disappointment and to be able to make an offer immediately when the dream home is found.
Consider Affordability and Lifestyle
James Perry, Managing Director of haus & haus, suggests that affordability should be the main consideration for those new to the Dubai property market. He advises buyers to research what areas they can afford and then analyze the locations within their budget. Lifestyle preferences also play a significant role in the decision-making process.
Buying a property in Dubai requires careful consideration of various factors. By following these expert tips, first-time buyers can make informed decisions and successfully navigate the Dubai property market.