Many individuals who are interested in buying property face a dilemma when it comes to investing in property in Dubai. For some, the prices are a bit too much, though when compared to the prices in the European market, it is not very exorbitant.
When it comes to the value of property in a particular city, the prices are largely dependent on the income of the people living in the city and the position of the city in the world map.
The major issue with property in Dubai is that most of the property is already sold out and the prices of re-sellable property are skyrocketing.
A similar kind of situation is prevalent in another part of the global property market – Singapore. The property prices are sky high and almost double although the rental prices are almost similar.
This, however, is the recent trend in the global property market. The rented property prices are steady but the purchase price of any property is steadily increasing because of the high demand.
Buying a Property in Dubai
When you are planning to invest in a villa, you require a certain amount of confidence in the person from whom you are about to buy the property. You need to take care of a few things in order to ensure that you are able to get hold of a good villa at a good price. Given below are a few points that will help you to get hold of a good villa:
• Try to choose a developer who has a good record
• Go and see the villa or the apartment yourself before buying it
• Try to develop a rapport with the customer service people
• If the villa is being made, then pay frequent surprise visits to the villa in order to see to it that the work is done properly.
• If you see any hitches in the process, then make it clear to the developer early on
• Ensure that the problems have been solved before
Dubai is all set to become a market that will be a leader in all aspects of real estate in the near future. It does not aim at becoming a speculative market.
In order to become a potential force in the real estate, Dubai needs to concentrate on a few things. This will only happen if the resale value of the property in Dubai increases. This, strangely enough, is the only possible option that will enable the Dubai market to reach stabilization in terms of demand and supply.
Since the rates of the Dubai market are parallel to the rates of the UAE market, the increase will contribute to the rise in the Dirham nominated mortgages.
Since the property market in Dubai is principally cash driven one and thus the increasing rates in Dubai mean that the rates of the property in Dubai will also increase.
Thus, the increment in the rates will mean that the house prices in Dubai will also increase and this will take the Dubai markets at par with the world prices. The rates in Dubai are almost twice of that in Singapore and slowly, the property scenario in Dubai is getting close to the world market rates.
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