The real estate industry in Dubai is one of the best in the country. Buyers mostly depend on two options—professional real estate agencies and landowners or developers—to purchase appropriate homes or high-ROI assets. If you are focused on purchasing properties in villas for sale in Palm Jumeirahdirectly from owners, this analysis of pros and cons can help to make your decision easier.
There are many pros and cons of purchasing a property in Dubai, from cheap properties to extra prices. Similarly, several considerations need to be weighed for those that intend to purchase real estate directly from builders or private buyers, rather than real estate companies.
Let’s try to put the finances in some kind of context. If you want to purchase the property directly from the owner or builder, you will have to pay a mandatory DLD premium of 4 percent of the value of the property. The cumulative payments would also include the fee for issuing the Title Deed and the DLD admin fee. A Mortgage Registration charge, which is 0.25% of the gross value of the mortgage and an annual admin fee, also extends to people purchasing their assets with a mortgage.
Buying property personally from owners in Dubai could cater to those who want a more hands-on approach to investment property. This is because eliminating the broker or organisation from the home-purchase process removes the middle man. By knocking down the walls between the seller and yourself, you can also be able to locate the right property quicker. For example, most famous developers in Dubai (Emaar, Meeras, etc.) allow buyers to buy their properties online.
Now, let’s discuss the possible disadvantages of buying properties directly from owners in Dubai.
Are you sure in your ability to analyse a home with the same comprehensive methodology as a professional real estate agent? If so, buying a property directly from the owner is probably an ideal solution for you. However, if like all of us, you are not entirely interested in the intricacy of home transactions, then the experience and understanding of the real estate agent will be indispensable. In addition, they will be able to make sure a smooth property observing process – a benefit that cannot be undervalued.
If you or the landlord are registered real estate brokers, all of you are likely to lack the knowledge of navigating the small details of property purchases. For example, the contract and associated documents can be much more complex than you thought. This can lead to major slow down in the transaction process, as both you and the current homeowner work try to seamlessly on the wrong or difficult grounds. These problems can be much more prominent when buying a property from a private seller rather than a developer.
A negotiation is an art form, particularly when it comes to something as essential as the selling of land. Factors, such as emotional commitment, may play a major role and also prevent sellers from taking your offer. In such situations, it might be best to depend on a real estate agent to obtain an acceptable priced property for you. Experienced real estate brokers are experienced dealers.
There are many areas in Dubai where you can buy properties directly from developers or individual sellers. Popular neighbourhoods such as Al Qusais, Jumeirah Village Triangle (JVT) and Al Nahda are just a few examples.
Apart from the above areas, buyers and investors may also consider trustworthy developers such as Emaar, Dubai Properties, Nakheel, and Meraas as direct to own luxury villas for sale in Dubai.
So there you have it, which concludes the review of the pros and cons of buying properties in Dubai directly from the owners.
It is worth mentioning that Dubai’s strong real estate market also enables foreign investment. Non-resident investors may consider buying a property in Dubai provided that they meet the required eligibility criteria. Make your home on the land of luxury now!