Property Buyers in Dubai Need to be Cautious

Property Buyers in Dubai Need to be Cautious
While there is an immense variety of real estate in the Dubai property market, anybody who wants to have a home here needs to be careful when buying, as there are risks as in any real estate market. These risks involve poor build quality, unregistered developers and over inflated real estate prices.
Poor quality
This should be a main concern for property buyers, particularly long time residents that know how a low quality construction job can affect the property. There are recent reports that because of the inflation of concrete, some constructions are cutting corners, resulting in sloppy building work and severe compromise on the long life of the property. If you want to buy a home, be sure to buy from a reputable developer when purchasing your Dubai property.
Unregistered Developers
Perhaps you get surprised by this, but a number of developers that are in service and selling freehold property are not in fact registered with the Dubai Land Department that is in charge of the Dubai real estate sector. If you are interested inreal estate purchase, be sure to ask for proof that the company is registered, which they should be able to confirm with a registration number and registration card.
Over-inflated real estate prices
This is true that there is inflation in the market, but that doesn't mean you pay more than needed. Some property buyers may face a situation where the broker or seller of a property they want is trying to charge above the market price, and if this is the case, then don't hesitate to argue

A Wonderful Job by Dubai Land Department

With all the new buildings coming up in Dubai, land accessibility is becoming limited. So, the Dubai land department is actually serving the land process quite a bit. This land department is made-up to take care of all the land transactions as well as the scarcity of land issue.
The Dubai land department permits the adding up of land. For example, the combination of multiple pieces of land is called addition. Given the current trend in land usage, land addition is the only solution to the problem. Otherwise there is no way to build bigger buildings..
The Land department of Dubai gathered a whole bunch of data regarding land acquisition as well as land maintenance. The Land Department keeps track of the top 20 communities of the area. If you go to the website of the Dubai land department, you will find Daily transactions, monthly transactions, fees, schedules and various services related to the Dubai land.
Being one of the seven Emirates in the UAE, Dubai is actually a great location for buying land. This is probably one of the richest places in the world. So, it gives you all the more reason to buy land or rather acquire land in Dubai.

Tips for successful property deal in Dubai Real Estate Market

With all of that said, Dubai has been on the vanguard of creating foreign-friendly real estate laws that encourage the investment in real estate by foreign nationals. First and foremost, the laws in Dubai have been reformed to make it abundantly clear that a foreign national can purchase and own outright real estate within that country. A foreign national can obtain a freehold interest (as has been discussed previously) in real estate in Dubai.

In Dubai, the first step in buying real estate is an oral offer to a seller. In Dubai, a foreign national needs no special permission to make the purchase of real estate in that country. In addition, unlike some countries (including some in the Middle East region of the world), a foreign national can own real estate directly and does not have to bounce through an extra set of hoops towards the goal of buying and holding real property.

Buying Property in Dubai - Are You Sure?

Property in Dubai has had investors rushing for off plan deals provided by developers in the region building numerous Dubai projects. The attraction of affordable luxury living, a tax free environment, predictions that point toward good capital growth and being part of the world fastest growing city make Dubai an attractive proposition.

About Dubai

Dubai is one of the seven emirates that make up the United Arab Emirates. This location has been a hot market for luxury property in the past few years. Dubai is the most populated and second largest United Arab Emirates. Dubai has been seeing enormous construction and has attracted several real estates projects.

Large projects in Dubai include offshore property such as the Palm Islands and The World. Inland projects include Dubai Marina, Dubai Waterfront, Business Bay, Dubailand and The Burj Dubai Complex.

These overseas property complexes feature the innovative and ultra-modern architecture of the skeikh. These properties are home to skyscrapers such as Emirates Towers and the Burj al-Arab. The Burj al-Arab is located on offshore property in the Persian Gulf. The Burj al-Arab is currently the tallest hotel in the world.

Dubai's Emaar Properties is working on another tall structure that may be the future tallest structure in the world. The final height of the skyscraper is a secret and is expected to be completed in 2008. The skyscraper will be called the Burj Dubai. The company is also building the world's largest shopping mall called the Dubai Mall.

Business Bay is also a very prominent piece of property in Dubai. The new business district is to be home to five hundred skyscrapers, all of which are going to be built on land that was lifted from the Dubai Creek.

New laws mean more buyers Duabi has been an attractive place to invest in overseas property the sticking point for some time has been the confusion concerning freehold laws in Dubai. New laws now allow foreigners to own the freehold of certain real estate in Dubai. Since the announcement on March 12 2006 that non United Arab Emirates nationals may be given the right to own freehold properties in some parts of Dubai, massive interest has been stirred in overseas property investors. Demand is surging and real estate is in short supply many off plan developments sell out in days of release.

Freehold in Dubai Foreigners will have the right to lease or purchase the land, after getting approval from the three master-developers, Emaar, Al Nakheel, and Dubai Properties. Land will be registered in the name of a foreigner only after the developers submit a no-objection letter, stating that all the payments for the transaction have been made in full. There are three kinds of ownership proposed in the legislation: freehold, usufruct, and common hold. The owner will have complete ownership rights over a free hold property and the building in this case will be in the owner's name. The second category is usufruct or long-term lease. The law characterizes 'usufruct' as the right to use another's property short of destruction or waste of its substance. The right of usufruct, as per the law, should not be for less than five years. This will most probably be a long-term lease whose maximum validity period will range from anywhere between 50 to 99 years. Common hold allows leaseholders to dispense with their landlord and obtain a share of the freehold.

Dubai property why some say no

Property in Dubai is expanding so quickly and at such large volumes some investors are worried that Dubai may have an over supply of real estate. However these investors are not looking past the next 3 years and over the medium to long term Dubai is set to offer sound investment potential. Increased tourism and a growing expat population will meet the demand that investors need to benefit from their Dubai property.

Dubai is working on building their tourism industry and they are also building massive and monumental properties such as Dubailand in order to attract foreign tourists. They are also working on building their cultural environment through the construction of the Dubai Cultural Village. The development will include performing arts centers, art museums, libraries, schools for music and dance and rare bookstores. The Madinat theatre is one of the most significant and luxurious theaters in the region and will host numerous West-End productions.

Dubai is working on quickly becoming one of the premier locations to own luxurious overseas property and they are making it very attractive with their monumental skyscrapers and offshore properties. They are building a dream and they hope to attract attention from all over the world.