Pitfalls of buying Dubai apartments and other property in Dubai
If this is your first venture into the world of Dubai real estate then you must be especially careful not to fall victim to the risks associated with buying property in Dubai. There is no need for great concern – so long as you seek independent legal advice and exercise caution before buying Dubai apartments then you should be okay.
Is property in Dubai for me?
If you plan on buying Dubai real estate then you should only do so after thinking things through carefully. Are you definitely sure you want to buy property in Dubai? Emigration is a serious step and should not be a spur of the moment decision after holidaying at Dubai apartments. You might become incredibly homesick or have your new life hampered by any number of other factors you should consider before taking the plunge.
Although Dubai is far more Westernised than many of its Middle-East neighbours, it is still a markedly different culture to the one most people are used to. Alcohol can only be served in restaurants and bars attached to hotels and many people will be unaccustomed to the climate in the UAE.
Dubai prides itself on religious tolerance but it remains a Muslim country and the traditions of Islam should be respected by visitors, especially during the Holy month of Ramadan.
A property in Dubai might not prove to be the bargain it initially appears. Therefore, a survey should be carried out on any Dubai apartments or villas that interest you. Dubai real estate agents are, for the most part, honest but you must remember they are representing the interests of the vendor, and not yourself.
Take time to consider what type of property in Dubai interests you and which area you would like to live in. Buying Dubai apartments or villas on impulse is perhaps the biggest mistake purchasers can make.
Seek legal advice on any Dubai real estate purchase
By law there might be no requirement to have a solicitor act for you when buying property in Dubai but it is strongly recommended that you do so. In Dubai real estate deals, large sums of money are changing hands and you may be signing a document you do not understand the conditions of. Before committing to Dubai apartments or villas seek professional advice from lawyers experienced in Dubai real estate laws.
Inheritance of property in Dubai
Inheritance issues is something you must consider before buying Dubai apartments or villas. How succession works is based on a number of factors, such as whether the owner is a non-Muslim and whether a will exists. Dubai real estate may be more safely bought through an offshore company with shares passing on in accordance with the laws of the deceased’s country of domicile.
Market saturation of property in Dubai
Fears have been expressed that if property in Dubai continues to be built at the same astronomical pace then saturation point will be reached in the next few years. Many buyers are of the belief that the value of their Dubai apartments and villas cannot go down. This is not the case and it is better to remember that the Dubai real estate market is still an immature and unpredictable one.
