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THE EXPLAINER

Lewis Allsopp, CEO of Allsopp and Allsopp, explains the steps to take if you are a first-time property buyer in Dubai

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Lewis Allsopp, CEO of Allsopp and Allsopp, explains the steps to take if you are a first-time property buyer in Dubai

Why are you telling us this now?

In the wake of the new retirement laws and long-term visas recently being announced by the UAE Cabinet, we have already seen an increase in enquiries from first-time buyers.

So what are the first steps for these new would-be buyers?

Before even looking at properties it is essential that a buyer knows how much money they have to invest, to avoid finding your dream home only to discover that it is out of your budget. It is advisable to speak to a mortgage broker who can talk you through all costs involved and instruct you on monthly repayments and all hidden costs that come with stepping into the Dubai property market.

Such as...?

The deposit is not the only fee that you need to think about; there are transfer fees, agency fees, sales progressio­n fees, mortgage arrangemen­t fees and mortgage insurance fees.

Then what?

Make a list of your must-have property features. This may be the number of bedrooms required, the driving distance to school or a workplace or whether you prefer a villa or an apartment. Once the essentials are mapped out, start thinking about what you would like your property to possess. It may be a pool, a separate kitchen and dining area, an extra bedroom or a large garden. Be in the mindset to compromise, and keep an open mind during the viewing process.

What do you advice in terms of areas?

Making this decision could come down to the finances you have available. If it is crucial to have three bedrooms because of the size of your family, but the three-bedroom properties in your favoured area are out of your budget, then it may be time to look at other options. There are so many upcoming areas in Dubai with affordable housing, such as Damac Hills, Mira and Arabella to name a few.

How do I find the right agent?

It is paramount that a new buyer finds an agent who they can trust and build, not only a profession­al but friendly relationsh­ip with. Buying a property for the first time is an incredible achievemen­t and you must ensure you are investing in the property that is right for you. Don’t be afraid to qualify your agent. Find out how long they have been in Dubai and how many property transactio­ns they have been involved in.

What’s the process from there?

Once you have found an agent who you can trust, it is imperative that you get them to talk you through the entire process from start to finish; from how to make an offer, the negotiatio­n process, the paperwork required, the NOC, transfer appointmen­ts and the handover. This will give you peace of mind and allow you to be one step ahead at all times. There will be no hidden surprises.

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