In 2002, the Government of Dubai approved laws allowing freehold property ownership in Dubai for foreigners, including residing expats and non-residents. Since then, the real estate market of the city and country became one of the biggest in the world. Visitors, families, executives, and investors come to Dubai for many reasons, such as opportunities, good living conditions, high levels of safety, and, of course, the unmistakable charm of the city.
However, not all investors can travel overseas and stay for a long time until they find the right property. If this is your case, fear not. This quick guide will cover the steps to invest in Dubai real estate from another country, safely and simply. First, let’s begin with the most important aspect: The purpose of your investment.
Before going into the process, it is important to know your investment purpose, as this will help you develop an adequate plan to become a successful investor. Ask yourself the following questions:
Do I want to buy a property to live in?
Do I wish to purchase an off-plan project to resell before completion?
Do I want to buy a property and rent it?
Once you know which one of these questions is a “yes”, you are ready to continue with the next steps. Knowing the purpose of your investment will allow you to have an appropriate strategy to maximize your profit.
Step 1. Finding an agent while overseas.
Finding a trustworthy authorized agent will set the path to a smooth process. With the bustling communities in social media and the rapid emergence of online presence, this step should not be a long one. Nonetheless, it’s important to analyze what each agency can bring to the table. Some of the most important aspects to have in an agent are:
- Investment consultations. If you are still doubtful about the purpose of your investment, a real estate consultation is the first service that you must seek. This will help you make the right decision.
- 24/7 online service. This is particularly important when you are in a different country than your agent, as you might have different time zones and countless questions to discuss.
- Property Management. In case you don’t visit in a long time, it’s useful to hire an agency that can manage your property while you are away.
At TIMI Property, we offer all of these services and more, and we will be happy to help you with your investment no matter your location.
Step 2. Virtual Viewings.
Probably the most important part of buying a property is visiting it, and contrary to popular belief, this is also possible when you are not physically in Dubai. The innovative 360 Matterports now allow potential buyers to virtually “walk” through each space in the property while exploring all angles.
This experience is provided by many real estate agencies, making it easier for investors all around the world to view properties realistically. In addition, you can request as many photos and videos as you need. Don’t be afraid to ask for detailed professional footage, as your decision depends on what you see.
Step 3. Paperwork.
You have found your ideal property and you are ready to invest. Now what?
Your agent will walk you through the next steps in detail. However, here is an overview of what to expect:
- The payment: To pay for your new property, you will likely be transferring the money from your current location. Usually, the buyer is required to pay for 10% to 20% of the total property price as a downpayment. Your agent will explain the payment process to make it safe and easy for you, and at any point, if you have any questions or concerns, you can talk to them openly. Remember, their job is to help you find satisfaction and ease in this journey.
- The paperwork: As in any real estate transaction, you will need to sign a contract and a few other documents to close the sale. Your agent will send you the paperwork via email, and you can go through it in your own time. Then, using your digital signature, you can sign each document easily and return it to your agent.
In these modern times, the complete process of investing in real estate can be done online, securely, and with no privacy breaches. This might still be unfamiliar territory for many, but having a trustworthy real estate agency by your side will make the process a lot easier.
Now that you know the steps to invest in Dubai from overseas, we are ready to help you get started. You can learn more about this process by requesting a real estate consultation with one of our agents, get in touch: +971 50 195 2688