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The UAE offers several active opportunities to property investors. Apart from the benefits of tax-free return, the stability of its real estate market also attracts many investors. But the key to success in the real estate field is making wise decisions and picking the right choice.
Before putting your money into a commercial investment, have a clear idea about what you want to do with it. Will you just be an investor or an end-user? This will help you identify the type of property (off-plan or ready; office, warehouse, retail shop) that will suit your needs.
Make sure that you know about your preferred area’s leasing and sales price structure. Use the data to make comparisons with other locations.
The investment potential of commercial properties also depends on the reputation of the developers. Ensure that both the developer and the project are registered with the Real Estate Regulatory Agency (RERA). Remember to also select agents who are legally registered with RERA.
Compare fixed and variable rates, packages and mortgage terms of various banks and lending institutions if you need to avail yourself of a loan. Decide on the length of the mortgage and the borrowing rate, preferably with the help of a mortgage advisor. You may also consider getting the property insured. Check out the different offers available.
Experts suggest hiring professionals to snag the property for defects and damages before signing on the dotted line.
Find out about the hidden costs and down payment terms. Go through the contract and thoroughly understand its terms and conditions, and your rights and responsibilities. It is advisable to get the help of a legal professional to avoid misunderstandings and disputes. Also make sure that all the documents and agreements are legally valid.
Conducting thorough research on all aspects of property buying will not only make the transaction a hassle-free affair, it will also give you peace of mind.
• Do a market research before getting the right property deal
• Seek a legal adviser before deciding on the investment deal
• Check if the developer, project and broker are RERA registered
Source: Asha Das, Special to Properties
The writer is a freelancer