When exploring listings on the secondary market in Dubai, you may come across apartments priced as low as 1.1 million. However, their diverse characteristics, including location, size, floor, or window view, could be decisive factors. Therefore, while the price may seem low, the overall cost per square foot and available options may turn out to be higher.
It’s crucial to understand that the assignment process always involves a certain commission, averaging 2%. This impacts the overall transaction cost. Additionally, on the secondary market, the agent’s commission should be taken into account, and when transferring money from abroad, additional costs and challenges may arise.
If you have all the necessary funds and don’t require installment plans, working with new developments may seem like a logical choice. However, it’s important to realize that most advertisements for apartments for sale may not accurately represent reality. They are crafted to attract attention and might subsequently present illiquid items.
In Dubai, you can find already-built apartments cheaper than new developments, and many are aware of this. However, the quest for genuinely high-quality apartments ready for purchase encounters fierce competition in the real estate market.
With over 5,000 real estate agencies and numerous investors, conditions are created where favorable offers don’t linger.
For a successful investment in Dubai real estate, it’s crucial to:
Inspect Properties in Person: More than relying solely on descriptions and photographs from advertisements is required. A personal inspection allows for an accurate evaluation of the property and eliminates the possibility of encountering fakes.
Remain Vigilant: Competition in the secondary market may attract competitors ready to acquire the same property. Hence, considering multiple options and acting swiftly is crucial.
Consider Various Parameters: When selecting the property, looking beyond ad headlines is vital. Numerous factors such as building class, location, and installment plans must be taken into account.
Make Swift Decisions: The speed of decision-making is paramount. Otherwise, other investors may beat you to the purchase of your desired property.
When choosing real estate in Dubai, consider:
Real estate in Dubai presents numerous opportunities, but successful transactions demand diligence, analysis, and a readiness to compete. Bright headlines and advertising promises might be deceptive, so it’s crucial to rely on real facts and professional advice.