Purchasing Real Estate in the UAE: Costs Associated with Using a Real Estate Agent

Choosing a house to buy in the United Arab Emirates has become much easier nowadays. Simply visit one of the numerous real estate classifieds websites. You'll discover a diverse range of properties available for sale in the UAE, including land lots, flats, apartment hotel units, villas, townhouses, penthouses, and commercial estates. Read on to find the best approach to purchasing a house for either residence or investment in Dubai.

• Tips for Finding Property
• Real Estate Prices in Dubai
• How to Buy Real Estate in Dubai

Tips for Finding Property

The UAE property market offers a wide range of homes with diverse architecture and designs. To streamline your search, utilize the website filters. Start by selecting your preferred location, followed by choosing the property type. Determine whether you want to buy a flat, villa, townhouse, or another type of property. Additionally, consider whether you're interested in properties in completed buildings or those under construction. These are the primary criteria to specify when searching for homes on these websites.

To expedite your research, you can further refine your search by applying additional filters that allow you to sort offers by price, popularity, and other criteria. Typically, a property listing includes a photo, price, and key features. Sellers commonly specify the number of bedrooms and bathrooms, as well as the floor area. The price is usually presented in the local currency, United Arab Emirates dirhams (AED), but some websites may automatically provide a conversion into USD for your convenience.

Real Estate Prices in Dubai

The prices for residential real estate vary significantly. A reasonably priced, small, unfurnished studio in a completed building in the secondary market can be found starting at 260,000 AED. The price for a furnished flat of the same floor area starts at approximately 300,000 AED. 

Traditionally, properties in new buildings tend to be more expensive. According to Housearch, one would have to pay 56,312,562 AED for the most expensive 115 m2 studio in a newly-built luxury residential complex, Residence 110.

If you are interested in buying a standalone house, consider looking into villas. Their price varies depending on the size, location, nearby amenities, and completion level. For instance, Housearch lists a 3-bedroom house in  DAMAC Lagoons - Costa Brava for 8,385,772 AED, which is the lowest price on this website. The buyer will get a beautifully designed house surrounded by well-developed infrastructure, including sports grounds and barbecue sites, with access to golf courses included. 

In fact, the villa market has no price limit. For instance, you can find a 769 m2 villa in The Hartland Villas for 22,769,248 AED on Housearch. It's a high-end real estate property in the very heart of Dubai, featuring a pool, a gym, and other amenities for a comfortable lifestyle. 

How to buy real estate in Dubai

If you have any questions about listed properties, reach out to the real estate agents working on them. Usually, you can find their contacts next to the description of property features. A decent agent will always fill you in on all the details about homes and suggest an appropriate loan plan in case you plan to take out a mortgage. 

The next thing is to schedule a viewing in order to see the place yourself. When all is done and the potential buyer has nothing to complain about, it’s time to transfer the money to the seller and sign the documents. Finally, the buyer must obtain a new title deed for their home.

If you buy real estate with credit money, you should apply for a loan to several banks and wait for a pre-approval. Once received, it will be valid for one to three months, so you'll have enough time to decide on the property you would like to purchase and close the deal. That is, if your loan gets approved. The mortgage deposit makes 15 to 50% of the property value.

Buying property in the United Arab Emirates is easier with the help of a reliable agency providing both legal and real estate services. Study the agent's rating and references before scheduling an appointment. Hiring a real estate agent will sure save you time and minimize potential risks. The official websites of agencies are a great source for choosing the right candidate as all employees are thoroughly checked for licenses and state-approved certifications. Buy in Dubai!

Cover photo: freepik (Freepik)