Buying a holiday home in Dubai is one of the best investment decisions you will ever make in your life. This is because Dubai is a top tourist destination attracting millions of visitors every year. As a result, your vacation home can earn you some money when you are not using it.
Here are some tips for buying a holiday home in Dubai:
1. Property type
Since there is a huge selection of property types in Dubai, it can be challenging to find the best property that suits your needs. You have to keep in mind that the property will be rented most of the time and therefore it should be one that yields the highest. It has been identified that one bedroom apartments and small villas are in high demand for holiday homes and offer better yields. Currently, there are various villas for sale in Dubai offered at favourable prices which you can take a look at.
2. The off-plan market
Another critical factor that you will need to consider when buying a holiday home in Dubai is whether to buy in the off-plan or completed projects. Off Plan property in Dubai is sold while still under construction. One major benefit of off plan properties in Dubai is that they are sold at affordable prices and friendly payment terms compared to completed projects. However, you must take into account the developer’s reputation in terms of quality, delivery time and past completed projects. Some of the apartments for sale in Palm Jumeirah are sold in the off-plan market. This means you can get a holiday home in one of the most popular tourist destinations in Dubai.
If you are buying the holiday home through the bank, it is good to get a pre-approval from the bank to save time. In order to get the pre-approval, you will need to provide the bank with a copy of your passport, Emirates ID, the title deed of the property and proof of regular income among other requirements. On the other hand, if you are buying in cash, you have to ensure your accounts have sufficient funds to avoid inconveniences.
4. Resale value
Before investing in any holiday home in Dubai, it is important to consider the resale value. Anything can happen that might require you to sell the property. In order to get a good amount of money when reselling, you have to get a property with a good resell value. For instance, Port De La Mer by Meraas, is a freehold master community with an impressive resale value due to its strategic location. Team up with a reputable real estate agent to help you find the best deals.