Dubai real estate market condition has remarkably improved since the crisis hit in 2008 to 2009. The real estate sector is now in the period of maturity and is displaying a sense of stability. Despite the downward trend from Q4 2014 until Q2 2015, the pricing, in general, is anticipated to go up due to World Expo by the year 2020. According to some studies, the market is likely to peak this year, 2015.
Due to the manifestations of a healthy real estate market condition, now is the best time to take advantage of the good deals available in the UAE property market. Investing for a right property involves choosing the right property developer to guarantee your capital.
Below are some vital steps and factors to consider in choosing the right property developer in Dubai.
1. Conduct Adequate Research
Before deciding which property to acquire, it is important to know the realtor to avoid having regrets in the end. You may go over some registered developers from the government sectors and conduct a quick dig in to have a good sense of the best developers in the realm.
The realtor company’s reputation should be taken in immense consideration because it reflects the quality of work and performance. You may refer to some blogs and reviews from the website, or to social media platforms to get some insights.
It is also important to consider the right developer who can offer you the type of property in the location that you require. A quick research about the company’s projects can also be beneficial.
2. See For Yourself
Taking a time to have a tour of the completed projects will let you have a grasp on the type and quality of the construction. In that regard, you can carefully inspect the architecture, carpentry and furnishings. You can also have a glimpse of the project’s facilities and amenities.
Property developer’s attention to the environment is something to be mindful of, whether they provide appropriate amenities like children’s play area, community halls, recreational and relaxation premises, fitness center and round the clock security for residential estates, while, advanced technology, high-speed elevators, business center, ample parking space, 24-hour security and CCTV for commercial holdings. The presence of these premises demonstrates that the developer is responsible to ensure that they are fulfilling their obligations to their buyers.
3. Gather Testimonials
Existing owners can help you to have an overview of the developer’s stability, reliability, dependability, integrity and the quality of their product. Having a quick discussion with the owners may substantially aid the frets because they can provide fair judgments about the developer’s performance. You can also take the chance to ask questions about yields, suppose they are using the property as an investment.
4. Meet and Greet
A stop by to the developer’s sales center can give you an understanding about their custom and procedures. You can try speaking with their sales consultants to determine their knowledge, experience and the degree of professionalism. Sales professionals’ knowledge should not be limited to the details of their projects, rather, should also be able to guide you about financing, insurance, some legal information about real estate and other related topics.
5. Pay The Price
Investing on a property involves a fair amount of allocation. Thus, being financially prepared is very essential. Think wisely before purchasing a property since it may have a great impact in your future lifestyle. Just because you were told that the property is below the market pricing doesn’t mean it is going to be a good deal. You may conduct a property valuation first to ensure that the value is right for the product. Take in consideration the appearance, the quality, the location and the length of time of the property’s existence.
You can take advantage of mortgage financing if necessary, a good developer should be able to provide you with financing options. Some major developers provide their own financing plans and others have tie-ups with major banks as a source of financial support to their clients. The developer’s sales representative should be able to guide you with the process and requirements for the mortgage application.
6. What Goes Around Comes Around
According to some studies of real estate market analysts, the pricing will begin to peak this year, 2015 and pricing will sustain its upward trend by the year 2020. Hence, this is the best period to start with your property investment.
Having an expert to equip you with better understanding on how the current market works is imperative. A good developer should be able to provide you with a blueprint with regard to your expected returns. With the anticipation of an upward trend, the yield, potentially, is 50% or even more in the span of 4 years.
7. Asset Management
Any property requires maintenance; therefore, a good developer should have Facilities Management Department. It will save your time in many particular ways and will reduce the hassle because the developer company will handle pretty much all the maintenance work for you. A regular check with your investment will help maintain its value.
Facilities Management should not be limited to carpentry and fixings, your Facility Manager should also be able to advertise your property, collect the tenant’s payment, keep the property safe, handle various complaints of the tenant related to maintenance issues and even pursue eviction if necessary.
There’s no correct formula in choosing the right property developer in Dubai, though. Just always make sure that the realtor company can guarantee the security of your investment and ensure that you are in a long term win-win situation. And last, but not the least, buy an investment only from the developer who can offer you with complete documentation and legal papers of your newly acquired property as soon as you make the transaction.
Got any other tip? Do let us know under the comments section.