Many people prefer relocating to the UAE. And that is not without valid reasons.
Many factors account for the attractiveness of the country. In the UAE, you will see remarkable economic growth, lucrative career opportunities, and growing business opportunities.
All these have attracted people to relocate to that country to reap the benefits. Another reason for the relocation is the absence of property and income taxes.
At first, you might find it hard to believe that there is no income and property tax in the country, but it is true.
Due to the attractiveness, more and more people are relocating to the UAE. Therefore, the population of the country has been in increasing mode.
But, the increasing population does not mean a shortage of real estate properties. On the contrary, due to the presence of a matured property market, the supply matches the demand. As such, there are abundant properties for sale in UAE.
In addition to availability, affordability is another distinguishing feature of the property market in the country.
Property prices have come down, making owning a residential property an affordable option.
Again, there is no problem finding a property in the country with the availability of online platforms. You can gain access to many properties.
The portals also allow convenience in property searches with inbuilt search tools that enable people to filter results by price, the number of bedrooms and bathrooms, location, etc.
Despite the enjoyable lifestyle in the UAE that prompted people to relocate to the country, it is not a wise decision to purchase a property in haste.
You need to do an assessment before investing in a property in the country. Therefore, you should consider the following factors before investing in a property in the country:
It is the first step in the property investment process. Next, you should determine the objectives of investing in the UAE. You should make yourself aware of whether you want to invest in a property for your living or renting out.
With the idea, you can do a proper analysis of the investment. For example, if you want to purchase a property for renting out, you should choose a property near workplaces as that will help you attract tenants.
On the other hand, if you want to invest in a property for your living, you should have a property near your office and your kid’s school. Moreover, you should select a good locality in that case.
Your Financial Strength
You should analyze your financial situation. In other words, you should be aware of your spending capability. Therefore, you should examine your budget.
In addition to your budget, you should also make yourself aware of the financing options in the UAE.
In the UAE, financial institutions can finance up to 75 per cent of the property value. So, you should pay the rest as a down payment.
Therefore, you should determine whether you can pay the down payment and monthly mortgage repayments before finalizing a property to purchase.
The selection of the right community or neighborhood is critical before investing in a property in any geography. And the UAE cannot be an exception.
You should not fail to select a community that is beneficial for your family. Moreover, the community should be enjoyable and stimulate mental growth.
Therefore, you should choose an area with open spaces with parks, football grounds, swimming pools, etc., to enable your family members to undergo physical activities. Moreover, you can choose a neighborhood with ample greenery space.
Even if you own a car, you should look at the public transportation facilities in the locality. In the UAE, almost all localities have good public transportation facilities. Taxis, buses, and metro rail are parts of public transportation.
You should not fail to properly assess the entire landscape before investing in a property in the UAE. With an assessment, you can make good decisions.