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This potent mix of conditions continues to drive real estate sales to remarkable levels, though the annual growth in capital appreciation in most emirate markets has fallen when compared to the stratospheric profits made in the early part of the decade.
Nationals across Arabia have embraced this property boom, particularly for off-plan properties, however, it is the meteoric rise of property sales to expatriates, that has captured the imaginations and filled the pockets of real estate companies and government developers.
Incredibly, this growth has happened for the most part in the absence of a firm and all encompassing regulatory framework. It is this lack of maturity, with its plethora of legal challenges, that force would-be investors to personally perform extensive due diligence in advance of buying a property in the region.
Buying a property can, even at the best of times and in a fully regulated situation, be a daunting process. However, in this emerging market, where systems and regulation are still very much in their infancy, you need to be fully armed with as much solidly reliable information as possible. Before you start the hunt for your perfect abode or investment property, equip yourself with the basic tools you need take the first step onto the property ladder.
Which property company?
A good agent can mean the difference between an exceptionally smooth or a disastrous experience in the UAE property market. With a terrifying number of variables surrounding the property purchase process, you need to ensure that you and your funds are in reliable hands.
Transparency is key. Always demand full explanations of fees and costs of sale. Do not feel shy to ask if there are hidden costs. Always remember, property deals that seem too good to be true are generally just that.
When looking for agents to work with in the UAE or your home country, ask for and validate company credentials. Ask if the company is registered with the appropriate Emirati Land Department. It is also useful to ask what the company's areas of expertise is, and what their range of services is.
If you are a new entrant, or unfamiliar with the market in which you plan to invest, acquire testimonials where possible. If you reside in the country in which you plan to invest, there is no better way to find a suitable agent than word-of-mouth and speaking to people that have already had a positive buying experience.
Your agent
Once you have found the property company or developer you plan to proceed with, you will then be introduced to your agent - the person whose responsibility it is to find and introduce you to the property (and respective owner) of your choice.
Their role also includes the arrangement of the transfer of contract with the existing property owner or developer. Some companies, however, will offer extended real estate services, including property management and leasing, something that you may find extremely useful down the line once your property completes.
Which property?
When deciding what to buy, set your purchasing parameters.
Caroline Whyatt, Head of Digital
