UAE named the best country for first-time buyers
Looking to buy your first home? For many, homeownership is a lifelong dream that comes with a lot of responsibility and planning. Buying in the country you permanently live in may seem like an obvious choice, however, there are perks and tips many overseas homebuyers enjoy.
According to a recent survey by MoveHub, UAE is the best country if you are a first-time buyer. Wages in the UAE are continuously increasing while the real estate market has been growing steadily, eliminating potential ‘bubbles’ that could blow up prices. By this, the affordability gap in the UAE is closing in comparison to other major international cities.
Before you dive into house hunting, there are many factors to consider. Copperstones has gathered some tips and tricks to avoid the pitfalls that a first-time buyer might come across. Here are the most important:
1. Consider off-plan
Off-plan and new homes are currently heavily trending in UAE’s real estate market. With Dubai on the top spot, there are numerous developments ideal for first-time buyers either single or with a family. When you purchase an off-plan property always check the credibility of the developer and the investment potential of the property. For example, if you are looking for an off-plan investment in Downtown Dubai, Copperstones offers 1, 2, 3 & 4 bedroom apartments in Imperial Avenue by Shapoorji Pallonji, a well-known established developer, set to be completed in late 2019. If you would like to move in sooner, Al Barari, just 15 mins away from Downtown Dubai, offers exclusive 1, 2 & 3 bedroom apartments which will become available in September 2018. For more information, please contact us on +44 203 888 5555 or email us at enquiry(at)copperstones(dotted)com
2. Look into the future
Being a homeowner is a lifelong responsibility. Try to view homeownership as an investment as much as a responsibility. There are various expenses that come with a new property, such as bills, repairs, maintenance, and insurance. This is why many people chose to buy a property that is managed. Upscale developments in Dubai, such as The Palm Tower, provide support and service to solve any problems that may occur at any time. Monthly fees for maintenance are also an option in Creek Edge, Dubai Creek Harbour, allowing you to keep track of your expenses while ensuring your property is always taken care of.
3. Plan ahead
The most difficult part of buying property is always the final step. There is nothing worse than losing the house of your dreams to someone else. Once you are ready to reach completion and acquire the property, you have to move fast. This demands excellent coordination with your bank for mortgage processing, rates, discounts, and offers. A difference in timing can prove to be fatal to the deal.
4. Have someone on your side
The home buying process can be a daunting experience without someone assisting you throughout. First-time buyers, especially, can get overwhelmed by the number of details that go to a real estate deal. Copperstones has a proven track record in the UAE, completing successful sales and acting as the trusted advisor of our clients.
5. Do your ‘homework’
It’s good to always research before entering the property market. The UAE has many different areas of interest and can satisfy even the most eclectic of tastes. There are different residential developments that respond to different lifestyles, giving you a wide variety of options to choose from. Copperstones has a knowledgeable team based in Dubai, that can help you find the perfect home. We specialize in exclusive property research and acquisition so do contact us if you have a specific property or project in mind and we will do the rest for you.
Please submit your enquiry and a member of our team will get in touch with you soon.