The real estate market in Dubai is ever-growing, attracting investors from around the world. This is largely due to the city’s high levels of luxury, which can be afforded by many more than they would be in other major metropolitan cities across Europe and Asia. It is also home to a number of world-class schools, restaurants, and recreational facilities, and offers a range of business opportunities.
However, if you’re considering buying property in Dubai, it is important that you understand the market and its terms. This will help you make the best purchasing decision and ensure your investment is a success. Below, we’ve put together a list of some of the most common real estate terms you’ll come across when investing in Dubai property.
SPA – Short for Sales and Purchase Agreement, this document is one of the most crucial parts of any property transaction in Dubai. It details the sale terms and conditions between a buyer and seller, and is usually drafted by a lawyer to protect both parties’ interests. The SPA is legally binding, and should be signed by both parties before finalising the deal.
RERA – Real Estate Regulation Authority – is an agency that regulates the real estate industry in Dubai. Its mission is to safeguard the interest of investors and homeowners alike by setting minimum standards of quality and safety. In addition, it sets fair and transparent regulations relating to the construction of buildings and their interiors. RERA is a government-established body, and its decisions are final and non-contestable.
A POA (Power of Attorney) is a legal document that allows you to act on behalf of someone else in their absence. This can be particularly useful in situations where you are unable to attend a property viewing or negotiate a sale. A POA can be a great tool to have in the event of a property crisis, as it can give you peace of mind knowing that a trusted friend or relative will be handling your affairs on your behalf.
Real estate Dubai is booming as it offers profitable returns to people who invest in it. Investors can receive a gross rental yield of 5-9% on average. They can find commercial and residential properties with a good location at affordable prices.
Investing in property in Dubai is a smart choice for those who want to experience the perks of living and doing business in a global hub with a favourable climate. The city is becoming a hub for international companies and offers a wide variety of enticing options. Whether you’re looking for an apartment in Dubai-Al Furjan or a luxury home near the Burj Khalifa, the right real estate company will provide you with the perfect solution. They’ll also offer a comprehensive listing of both existing and off-plan properties. So if you’re ready to take the next step, contact the experts at Engel & Volkers today.