Frequently Asked Questions
This website can teach you about property restrictions, legislation, and other relevant facts.
By asking this question, you will be able to determine whether someone is knowledgeable about our community or not. Brokers who have no understanding in the communication will not be able to offer you with an accurate response. Because of their less knowledge, they will be unable to negotiate efficiently, potentially causing the agreement to fail. So, it’s important to consult it with expert of that particular field for getting the most accurate information.
The answer to this question will help you understand the owner’s condition. Whereas you may not always accept an honest answer, asking questions can be favorable. It’s possible that the seller is in financial pain and needs to sell the home as quickly as possible. Otherwise, there may be a problem with the home itself. Depending on the situations, it may allow for negotiating, which the buyer can take advantage of.
Because of high price, if a house remains on the market for a long time, which is usually the result of an ineffective campaign. As a result, the buyer will have greater negotiating power with the sale on price, as the seller may be more motivated and willing for settlement.
Purchasers frequently fail to inquire about the property’s servicing expenses. Building service charges in Dubai range from a few thousand to a hundred thousand dirhams per year. Because these fees can have a considerable impact on annual costs, they must be considered while negotiating prices.
Since 2006, the UAE government has implemented Law No. 3, which defines the locations in where non-citizens can purchase their own property. Non-residents can buy property in these areas. Major freehold estates may be found in most parts of “new Dubai,” including Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers and Emirates Hills, among others.
In addition to the purchase price, there are a number of other expenses that consumers must pay; however, we do not consider these to be hidden costs because they are handled during the property acquisition process. In most circumstances, the total of these fees may equal around 7% of the entire value of the property. As a result, they should not be overlooked, but rather factored into the costs of owning a home.
Additional costs:
• DLD Transfer Fees are 4% of the property’s net selling price.
• DLD Trustee Fee of AED 4,200 and Administrative Charges of AED 580 (approximate pricing).
• Real Estate Brokerage Agency Fees: 2% of the net selling price plus 5% VAT.
• Conveyancing fee charged by the real estate brokerage agency (if applicable).
When you secure a piece of real estate, you don’t want its price to drop over time. Is it possible that the property’s value will drop over time? Do you aim to keep this for the rest of your life or to sell it after a set number of years? Depending on how you aim to use the property, you should never forget to ask the real estate broker with whom you are working to establish your expectations prior to making a purchase.
If you buy an apartment, you will most likely have connection to all of the facilities provided within the building. These facilities include a fitness gym, a swimming pool, and parks. If, you are renting a townhouse or a villa within a community, you may not have access to some community facilities unless you pay additional charges.
The type of property, location, market situation, and cost of the service charge all influence a property’s annual net revenue, which ranges between 5% and 10% on average after deducting the service charge. Even though the rent is higher, the rental income from more expensive and elite homes is usually lower in proportion.
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