How to choose property in developing neighborhoods in Dubai

Dubai is one of the fastest growing cities in the world. New neighborhoods and communities with extensive infrastructure, numerous amenities and a unique architectural style are constantly emerging in the metropolis. How not to get lost in this abundance of offers and find your ideal high-quality new project or an off-plan property? What to look for when evaluating property options, and what are the red flags for buying a home? The specialists of the AX CAPITAL real estate agency in Dubai, senior real estate expert Aram Grigoryan and senior manager of the sales department Dmitry Zolotko will help you answer these questions.

Contents:

• Choosing a property concept and agent
• Off-plan property: the optimal strategy
• Less-developed areas: what to pay attention to

Choosing a property concept and agent

According to Dmitry Zolotko, in order not to make a mistake when choosing a property, you have to pay attention to the concept of location development. It is better to buy a housing option in a large development project rather than in a separate building. It is also important to choose a reliable developer who has a portfolio of successful projects and a good reputation.

Aram Grigoryan adds that it is more profitable for a potential buyer to work with a professional consultant from a real estate agency than with representatives of developers: the latter work for a specific developer and depend on them, and therefore are biased. In the case of a broker from a third-party agency, a conflict of interest is excluded as it is important for them to sell not a specific property, but just what the client wants.

He also notes that buying property in Dubai today would be a smart move since it is a safe investment in a stable economy and rising housing prices in the emirate as well as an opportunity to obtain a UAE residence visa. The latter brings a number of benefits. For instance, residents and their families have access to quality medicine and education in the UAE. In addition, such a status greatly simplifies the submission of documents for visas of other countries.

Dmitry Zolotko also believes that this is a reasonable decision because inflation in many countries is very high today, and real estate can be considered as a safe asset. By buying a home at an early stage of construction, you can fix the price of a property, which will be ready to move in in 3-5 years. This is a very attractive opportunity for a conservative investment strategy.

Off-plan property: the optimal strategy

According to Aram Grigoryan, there are no problems with long-term construction in Dubai: the status of the property is not the main argument when making a decision. However, it is important to understand that even if there is a very high demand for a project, this does not guarantee its quality at all. Much depends on the developer’s strategy. For example, they can keep information about the final number of units in a particular project to artificially stimulate demand. Therefore, you should not buy the first option that has turned up just because the sales in the project are high. You must always consider your own goals and opportunities, the expert emphasizes.

Dmitry Zolotko believes that the purchase is best made when the main infrastructure of the project is ready. So, if the project is divided into 4 construction phases, it is more reasonable to invest in the 3rd or 4th phase, when there is already an understanding of the results and examples of buildings, but prices have not yet reached their peaks.

Less-developed areas: what to pay attention to

Location is one of the key factors in the real estate market, notes Aram Grigoryan. For instance, some communities can be very far from the center, and even favorable prices do not help to sell or rent the properties located in such communities. However, there are examples when a developed infrastructure appears inside such projects, and they become successful autonomous communities. Therefore, it is necessary to pay attention to the additional factors, such as if there is something interesting nearby, for example, lagoons or some kind of unique views as well as which developer is working on the project.

Dmitry Zolotko highlights similar factors, including the location on the city map, the development plan and the developer. A wise choice would be a large developer working in a promising part of the city, close to central transport interchanges and developed infrastructure. However, according to the expert, you should avoid projects with too short construction terms. It takes more than one year to develop a project with a wide range of amenities, therefore overambitious plans of the developer can be a reg flag.

Are you planning to buy an off-plan or finished property in Dubai, but you are afraid to make the wrong choice? Experienced specialists of the AX CAPITAL agency will advise walk you through the buying process, help you choose buy-to-let and buy-to-live property that will fully meet your needs, and take care of all the paperwork.