6 steps to owning premium property in Dubai Creek Harbour
Sponsored feature
So, you have decided to buy real estate in Dubai Creek Harbour. You are absolutely right to consider it a profitable investment and want to increase your capital by renting out your apartment or villa or simply taking advantage of rising prices on the market.
Or maybe you have decided to buy a house where you will spend your vacations, in a neighbourhood that has modern infrastructure, a warm climate and safety. All these decisions are good reasons for buying apartments in Dubai Creek Harbour. What steps do you need to perform to become an owner of premium real estate in Dubai Creek Harbour?
Becoming an owner of Dubai`s property
As a rule, the process of buying real estate abroad is quite complicated. Buying property in Dubai Creek Harbour can be performed in six steps:
- Save the sound capital.
- Decide between primary and secondary real estate market.
- Choose the suitable housing.
- Negotiate with the developer and compile the contract.
- Invest the down payment or the complete price.
- Obtain the title deed.
To have a more profound understanding of the actions performed on each step, let`s look in detail.
Save the sound capital
The availability of funds to purchase more expensive real estate in Dubai Creek Harbour will greatly simplify the process of generating income from rental housing. Luxury apartments are always in high demand. Dubai is one of the leading business centres in the world, hosting a large number of commercial organisations.
Business people often move from one country to another, so they often have to rent accommodation. Given the financial solvency of businessmen, they will choose apartments with the highest level of comfort.
It is desirable that the choice of housing by price category is based on the level of income of the buyer. It is necessary to realistically assess your financial abilities, regardless of what funds are used to purchase the apartment: on a loan or on your own. Make sure that your capital and income are stable and enough to buy property, maintain it and pay utility bills.
Decide between primary and secondary real estate market
Dubai Creek Harbour offers real estate from primary and secondary real estate markets.
If you buy an apartment right from the developer, the contract in this case is concluded at the initial stage of the construction. Therefore, the buyers will have to wait until it is ready. From this you can benefit because, firstly, you can pay for housing in instalments, and secondly, you are insured against the rise in property prices. But there is a disadvantage of this method of purchase. It may happen that the ready-made housing can be somewhat different from what you have planned yourself, or construction time may be delayed.
Secondary housing in Dubai Creek Harbour is usually cheaper than new. You have to understand that secondary property in Dubai is usually an absolutely new apartment from the owner, not the developer.
Choose the suitable housing
The real estate market in Dubai Creek Harbour is versatile and abounds with beneficial offers.
To choose the suitable housing unit, it is important to identify a clear aim and set the necessary criteria. Emirates.Estate provides buyers with the housing units of premium quality. Just go to the website, explore the variants, and find the property of your dream.
As a rule, the buyers select apartments according to the following criteria:
- price;
- footage;
- number of rooms;
- configuration;
- design;
- quality of materials;
- proximity to infrastructure; and
- availability of amenities.
Negotiate with the developer and compile the contract
When you have decided on a property, be prepared to sign a preliminary contract. The contract specifies all the conditions under which you make the purchase. In addition, the amount of the deal is specified, the address of the object is written and also how the payments for the property will be distributed and in what time frame they will have to be received.
When buying a new building, pay attention to the term within which the developer is obliged to fulfil the obligations. It is important that the liability for any delay in the delivery of the property is also indicated.
Invest the down payment or the complete price
The next stage is the signing of the sales agreement. At this stage, the buyer makes an advance payment for the property, in most cases the amount does not exceed 10 per cent of the total value of the purchased property. However, the amount of down payment is to be negotiated beforehand.
This amount will be pledged as collateral. If you later refuse to buy the real estate, the money will remain with the seller. If the seller changes mind, he or she will give you back the full amount, multiplied by half. For secondary real estate this agreement is valid for 30 days.
All these conditions may vary according to the peculiar characteristics of the deal. They are to be discussed with the seller beforehand.
Obtain the title deed
Before issuing the title deed to the buyer, the state registrar asks the buyer and seller to settle accounts and sign a paper stating that the seller has no claim to payment for the property. In order for the transaction to go smoothly, the buyer should prepare all receipts in advance and agree on the names and amounts shown on them with the seller.
Conclusion
The UAE is also recently becoming more attractive for foreign investors who decide to buy property in another country. The real estate market in Dubai Creek Harbour is rich and can fulfill the aims of any buyer.
When choosing a property in Dubai, it is necessary to analyse many important nuances. A foreign investor should decide what the aim of the purchase is, and how it will be used. It is also important to get acquainted with the conditions under which such deals are concluded. All this will allow a buyer not only to choose a suitable object but make a responsible investment.
