Why Buy A Luxury Property In Dubai?
With its booming economy, safe atmosphere, and ever-growing landscape, Dubai is attracting more and more people to buy properties there. Some people decide to settle down and call it home. Others find it a good investment. They can rent it out or even resell it later. Whatever your motives for taking such a leap are, there are certain factors that you need to consider and study thoroughly if you choose to buy a luxury property! You are putting a lot of money into that, so you must also put a lot of thought into it!
4 Factors to Consider When Buying a Luxury Property in Dubai:
1. Location of the property you wish to purchase.
First and foremost, location can be the most crucial factor when buying any property. The location factor becomes even more important if you purchase a luxurious one. It would help if you ensured that the fancy villa, apartment, or townhouse you buy meets the needs of your specific lifestyle. If you move in with your family, looking for property far from schools, healthcare centres, parks, and other kid-friendly places will not make sense. Moreover, choose a property close to your work or at least one that helps you arrive there quickly and seamlessly. One more thing to consider regarding location is to decide whether you want a place in the heart of the hustle and bustle of the city or far away, where you can unwind and relax.
When renting out or reselling the property, the location significantly impacts the property value. Therefore, it is advisable to do some good research and consult with experts to determine which properties will rise in value.
2. The amenities that the property has to offer.
When buying a luxurious property, you must spend your money well. Leading a luxurious life can be all about the amenities provided in your living space. However, the type of amenities you are looking for can vary depending on the purpose of buying the property and the kind of life you are leading.
For example, you will find properties with co-working spaces more appealing if you plan to rent your property to professionals. On the other hand, a property with a daycare centre will attract you more if you are moving on to settle with your family.
However, there are general amenities that you will probably search for in both cases. For example, you would like a luxurious property with a swimming pool, a gym, a rooftop area, and on-site parking.
3. Choosing the right type of property.
You have a range of options to choose from in Dubai. For example, luxurious properties in Dubai range from villas to apartments and townhouses. Each gives you a set of advantages and disadvantages. Yet, the final choice mainly depends on your lifestyle and preferences in general. So here are more details on that.
Buying a villa and a townhouse ensures you have more privacy and peace. Villas are separated from one another in communities. There is no noise coming from the streets or the neighbours. You might not even meet your neighbours in a few days as their villas will be far from yours. Villas and townhouses can be good options for families with small children and pets. Both need space to move around and play.
As far as apartments are concerned, these are a better option for people who enjoy a more active life! You live next to malls, shopping avenues, restaurants, and more. It is possible to meet many people because your neighbours are just next door. An apartment can be a good idea for young families or families with children in their teens. Those are usually close to supermarkets and are certainly more fun.
As far as investment is concerned, villas and townhouses are usually more expensive and are continuously rising in value. Nevertheless, location still plays a significant role in setting that value, as we have mentioned earlier in our article.
4. The legal considerations related to the property.
Buying a property is a big step, further enhancing the importance of knowing all the legal considerations involved. Owning a property in Dubai is slightly different from owning a property in other parts of the world. The government of Dubai gives foreign investors a chance to choose between freehold ownership and leasehold ownership.
With freehold ownership, you gain control over the building and the surrounding land. As the owner, you will be responsible for looking after the gardens and maintaining the property. With leasehold ownership, you have temporary control over the property, not the land where it is built. However, the upkeep of communal gardens is the landlord’s responsibility. Still, you need to pay service fees, which sometimes include ground rent. Before buying, be sure you comprehend the ownership structure. You should also retain a trustworthy real estate attorney to analyze the acquisition agreement and guarantee that all legal criteria are met.
As you have noticed, buying a luxurious property can be a great decision. It guarantees that you will receive the total value of your investment, whether you live in the property or invest in it. However, there are certain factors that you need to consider before actually buying your dream house, apartment or villa. First, you need to study your needs, lifestyle, and the purpose of your purchase, then choose a property that suits you well! What other factors would you consider before buying a luxury property in Dubai? Would you ever take such a decision? Why or why not? You can share all your answers and opinions in the comment section below. As always, we cannot wait to hear from you all!