The charm of Abu Dhabi, the capital city of the United Arab Emirates, as a place to invest in real estate is rising quickly. It is clear why so many individuals are willing to invest in real estate in this city, given its stable economy, strong infrastructure, and plenty of resources. In this complete guide, we’ll look at some of the important things to keep in mind while buying properties in Abu Dhabi, such as the budget, the kinds of properties on the market, and the regulatory obligations for doing so.
Step-by-Step Guide to Buy Properties in Abu Dhabi
- Determine your Budget
It’s crucial to have an approximate budget in hand before you start looking to buy properties in Abu Dhabi. If you plan to buy a home with a bank loan (mortgage), you should become familiar with the guidelines for bank financing. While the process is the same across the emirates, transfer fees in Abu Dhabi are roughly 2% of the value of the property. But first, find out if the bank provides financing for Abu Dhabi residential property purchases.
- Search Property
For instance, you might search for homes in Al Ghadeer, Hamdan Street, or Al Reem Island if you favor comfort over elegance. Communities like Yas Island, the Corniche Area, and Saadiyat Island, on the other hand, lean more toward luxury. You may quickly find a list of properties that meet your needs using many property portals.
- Finalize Property
If you like a property, move on to complete the transaction to buy the property. Prior to making a decision, be sure to pay close attention to every detail. Examine the surrounding area as well. It should have the bare necessities and be conveniently located near your place of employment. Before making a decision, it’s vital to visit and check the property several times to see if it fits well to your needs.
- Payment & Fees
There are ample options for properties for sale. Every property has a set of standard charges. The additional costs are determined after selecting the community in considering your preferences and budget.
- Signing Memorandum of Understanding
MOU displays information about the transaction’s cost, details, and ancillary agreements. Since there are a lot of technical aspects stated in the MOU, we suggest you speak with a real estate counselor as a first-time buyer. If you miss the transfer date, you risk losing your cash deposits.
- Obtain a no Objection Certificate.
After you have approved the MOU, you must obtain a property appraisal, which typically takes 3 to 4 days to complete. Following the completion of the final offer contract by the banks, the seller will submit an application for a No Objection Certificate (NOC).
- Make your Down Payment
As a down payment, you must now provide a bank check for at least 25% of the total price of the property. After verifying the existence of the mortgage, the title transfer process is started.
- Transfer of Title Deeds
This is where your search to buy properties in Abu Dhabi comes to an end. It will be worth the years of working and dreaming.
Is it Good to Acces Home Loans for Properties in Abu Dhabi?
Getting a Home Loan can ease out your burden of paying more money upfront to possess the house that you are looking for. It allows you to conveniently pay for your property in installments which will be a good idea if you see it in the long term. Since housing is considered as a crucial investment, you should not miss out on any chance to get the best of it. These days, banks are even offering housing loans with attractive interest rays and longer repayment tenure.
Should You Choose a Villa or a Flat?
The Villa and Flat both depend upon the personal preference which varies upon type of family and number of members. Some people also see it through the lens of convenience, whether the property is spacious, while some want their own house in an eco-friendly location. Some people prefer flats due to the amazing skyline and high rise they prefer to live in. These are some of the few preferences which make you choose between whether to buy a villa or a flat. You should also consider the factors like number of members, carpet area, locality, community, amenities, etc. while choosing between a flat or a villa.
ConclusionOverall, if you are looking to buy properties in Abu Dhabi, it can turn out to be a profitable deal. You can select the ideal house to fit your demands and budget by considering various factors like location, amenities, and future growth plans. There are amazing opportunities available for you to buy properties in Abu Dhabi and you should not miss a chance to grab the best deal.