The
UAE was formed in 1971 and consists of seven emirates, now developing manmade
islands on the shores of Arabian Sea. The economy, contrary to popular belief
is based on oil, revenue from property services, tourism and finance.
Until
recently, the housing market on UAE Islands was growing rapidly, as real estate
prices, but the recent global financial crisis hit hard property development,
and led to many incomplete and unsold properties. Prices have fallen and
therefore there is more space to do business, so it can be an excellent time to
buy property in Dubai, Abu Dhabi and Ras al Khaimah.
Research
Property Laws
The
laws governing the buying and selling of goods, in particular those affecting
foreigners have recently changed, so it is important for you to understand them
before making a large purchase.
Plan
Your Budget
Choose
the type of property you want to buy. There are many websites where you can
learn about Dubai and the types of goods available. Some are listed in the
resources section, but there are many more.
Choose
a Pair of Property Agents to Contact
Mail,
telephone or use the link on its website to make initial contact. The question
of how long they have been in business and choose an agent that has been
established for some time and has been successful in recent years.
Ask
your agent for details of properties that meet your search criteria. If you are
thinking of new construction, ensure that construction work is in progress and
is on schedule. Many real estate developers have had to hold construction due
to the crises.
Getting
your Payment Deadlines Estate Agent
Depends
on whether you buy a new property or child property. Regular dues are usually
required in the new properties with the final payment on signing the purchase
contract. A deposit is required to secure a secondary property with the total
amount due to take possession of the property.
Take
a Trip to UAE Islands
Never
buy a property without seeing it in person. Make sure your chosen property
agent makes appointments to see as many properties as possible during your
visit. Visit each property. Take detailed notes and take pictures. It is
necessary to make comparisons between the properties after they have visited,
so this is the best way to keep a record.
Choose
Your Property
Make
an offer below the asking price. Currently there are more properties for sale
in Dubai than there are buyers, so buyers are more likely to get a good deal. The
United Arab Emirates is a complicated place, which cannot operate commercially
licensed without a local partner, but interesting from a commercial point of
view.