Overseas, everyone has seen pictures on the news of Dubai’s glamorous high rise skyscrapers and the gorgeous luxury they offer for those looking for an apartment for sale in Dubai. There is no doubt that for people with cash to splash, Dubai is a very tempting investment location. But it is still advisable to look as broad as possible when searching for a deal.
Dubai apartments tend to use the most modern designs and construction techniques. Hardly surprising given most of them are in buildings under twenty years old. These are modern, efficient units, most likely to be found within a large development of similar properties. Apartments in Dubai are currently the most popular property type.
Dubai is renowned for containing some of the most breathtaking modern architecture in the world. Much of the property boom has been driven by huge luxury projects, such as The Palm Jumeirah or The World. These man-made islands offer some of the most luxurious apartments Dubai, or anywhere else for that matter.
Another red hot area for buying an apartment is Dubai Marina, surrounded by luxury malls, hotels and looking out onto huge white yachts.
If you are looking for an apartment for sale in Dubai, then it is also worth looking outside of the most famous areas. Jumeirah Lakes Towers (JLT), for example has some fabulous towers with spacious apartments at a reasonable rate. And it still very close to the big resort areas. Other locations such as Business Bay, TECOM, Sports City, Silicon Oasis, and International Media Production Zone (IMPZ), are just a stone’s throw from the city center but offer really great prices for buyers. In fact, most of these areas have the added benefit of easier transport and road access for not being so high profile. So, when buying, think a bit wider.
When you do decide to buy an apartment, if the place is still under construction ensure that the agreement includes a completion date and outlines any compensation to be paid if there is a delay in completion by the stipulated time period. When purchasing resale property from a private seller, a Memorandum of Understanding (MoU) outlines the terms and conditions of the deal, after which the buyer usually puts down a 10 per cent deposit of the property price to confirm his purchase of the property, pending approved financing. Once financing is obtained, the transfer of deeds can take place.
If you are looking to purchase an existing property from a private seller on the secondary market, it is a good idea to hire the services of a registered, professional surveying company. Up-keep of a property is the responsibility of the owner and surveyors can assess the property in question by doing a thorough check of the premises and can alert potential buyers to the risk of any future high-maintenance costs.
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