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Consider this before buying property in Dubai

  • Категория: News

If the pros toward buying property in Dubai outweigh those in favour of renting, then you should consider few important aspects. First of all, the secondary housing in the UAE is pricy. That’s why off-plan sales made up 2/3 of all property deals last year. The most popular locations turned out to be the Downtown, Jumeirah Village, and Business Bay. Moreover, the developers lure potential clients with fee waivers, better amenities, flexible payment plans and other bonuses. It is also worth mentioning that secondary market usually offers larger sizes and worse infrastructure. Mid-market off-plan offers witnessed the highest demand last year, with an average price ranging about $354,000. Meanwhile, an apartment sale deal was about $626,000.

But it’s not that simple. Wise secondary market owners have already begun to negotiate prices. Even the proprietors of office premises understand that VAT introduction will have its impact on employers, employees, and customers. That’s why office owners are setting lower demands.

There are also some warning signs about numerous off-plan sales offers. First of all, they are almost the same at each developer. Secondly, analytics foresee that less than 60% of new premises will be handed over in time in 2018. If the investors fail to make regular payments, then projects that are scheduled for 2019-2020 may experience handover delays or even trigger a market crisis (however, it is the worst case scenario). Also, take into consideration that the VAT introduction has led to some merges and affected the jobs market. Therefore, you should rather entrust your money with top developers if you want to get a secure deal.

Source: gulfnews.com

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