Your Guide to Buying Luxury Apartments in Dubai

Dubai which is also known as the city of gold, towering tall buildings, and boundless opportunities have made luxury living the new trend. Well let me tell you; if you have been daydreaming over owning a piece of this twinkling beautiful paradise, then you are in the right place. Now, let me take you through the Luxury Apartments in Dubai, and how you can make owning one a reality.

Why choose to Buy Luxury Apartments in Dubai?

Before we jump into the nitty-gritty, let's talk about why Dubai is such a great place to buy luxury property:

• Tax-free living: Yes, indeed! That is exactly what you just read right here! No income tax here.
• Safety: Safety is another feature that makes Dubai one of the safest cities in the whole world.
• Multicultural vibe: One can simply say that it has the entire world packaged into one city.
• Amazing weather: Great weather throughout most of the year (just don’t venture out during the summer when it can get unbearably hot!)
• World-class everything: In everything it does, be it in shopping or a restaurant, Dubai does it big.

With that in mind, it is time to jump into the guide!

Step 1: Comprehend the Objective

Luxury in Dubai does not only come in a certain form or size. Are you after?

• A penthouse with views of the sky and the city below?
• A beachfront apartment with ocean or sea views?
• A stylish apartment in a cool area?

Define the meaning of luxury from your perspective. Is it all about the view? The amenities? The location? If you know what you are looking for, your search will be much easier.

Step 2: Determine Your Budget

Affordable luxury is not easy to come by, particularly in the glitzy emirate of Dubai. But do not despair, there is something for everyone. The costs can be as low as one million AED, which is approximately $272,000, up to... Well, the sky’s the limit!

Remember to factor in extra costs like:

• Annual service charges
• Stamp duties (4% of the property value).
• Commission payable to the real estate agents (usually 2% of the property price)

Step 3: Choose Your Area

There are many fabulous locations for Luxury Apartments in Dubai. Here are some top picks:

Downtown Dubai: A city that houses the tallest building in the world, the Burj Khalifa, and the largest mall in the world, Dubai Mall. Ideal if you want to be in the middle of things.

Palm Jumeirah: A palm tree-shaped artificial island. Luxury beach house living at its best.

Dubai Marina: A contemporary Harbour with numerous eateries and a laid-back atmosphere.

Emirates Hills: It is also referred to as the ‘Beverly Hills of Dubai’. When it comes to luxury apartments, one can only expect big-sized villas and even bigger prices for them. To invest in Emirates Hills Dubai, you need to know all the basic information about the homes here.

City Walk: A new fashionable place that resembles Europe.

Bluewaters Island: Popular for housing the world’s largest observation wheel, Ain Dubai.

Each area is unique so perhaps take a trip to Dubai before making such a decision?

Step 4: Will You Go For Off-Plan or Ready Property?

In Dubai, it is possible to purchase both already existing (ready) properties and those under construction (off-plan).

Off-plan pros:

• Usually cheaper
• In some cases, you are allowed to choose various features of your apartment.
• Possible to appreciate before the actual construction is even commenced.

Off-plan cons:

• You cannot immediately occupy the space.
• Delays are always a possibility.

Ready Property Pros:

• It means that you know which product you are paying for.
• This implies that one can move in right away.

Ready property cons:

• Usually more expensive.
• Fewer opportunities for variety.

Step 5: Get a Good Real Estate Agent

A good agent can be your best friend in this process. They can:

• Take you to properties of your desire.
• Bargain with the sellers on your behalf.
• Assistance with all the formalities.

Ensure that your agent is registered with the Real Estate Regulatory Agency RERA. You can verify this on the official website of the Dubai Land Department. As far as I am known to be a reliable and trustworthy real estate agent.

Step 6: Homework Time

Before you fall in love with Luxury Apartments in Dubai, do some detective work.

1. If it is an off-plan property, one can look at the track record of the developer.
2. Investigate the service charges of the building and what they entail.
3. Visit the neighborhood both in the morning and in the evening.

Enquire about the parking (it is very hot in Dubai and you will need your car nearby)

Step 7: Make an Offer

Found your dream apartment? Great! Now is the time to make an offer. So there is a culture of haggling in Dubai and it is okay to offer a lower price than the quoted price. If your bid is successful, you are required to tender a deposit of approximately 10% of the offer amount to ensure the property.

Step 8: Obtain a Mortgage (If Required)

If you are not paying cash then you will require a mortgage. Lenders in Dubai allow expats to borrow up to 75% of the property’s value as a mortgage. You'll need to provide things like:

• Passport copy
• Visa copy
• Bank statements
• Salary certificate

Be wise and choose appropriate mortgage rates. Various organizations work with different offers.

Step 9: Sign the Contract

When everything is finalized, you will enter into what is known as a Memorandum of Understanding (MOU). This captures all the terms of the sale.

Step 10: Transfer Ownership

The last process is known as the transfer of ownership. This occurs at the Dubai Land Department. The remaining money will be paid, and the property will be rightfully yours. Congrats!

Some Extra Useful Tips

Visit during summer: If you have the energy, the summer is the best time to get a real feel of Dubai culture.

Check the view: There is always construction going on in Dubai. Check that your million-dollar view will be obstructed by a new skyscraper next year.

Look into rental yields: If you are purchasing for investment purposes, learn about possible rental income.

Consider the future: This place is in a constant process of development, and it is called Dubai. An emerging region today can be the rising star of the future.

Don't rush: Relax, set your sights high, and do not rush into making any purchase.

Final Thoughts

Purchasing Luxury Apartments in Dubai is thrilling; however, it is never a decision to be made lightly. Do not rush, get as much information as possible, and never hesitate to ask questions. Just always keep in mind that in Dubai, luxury is the norm and so is your ideal apartment!

Finally, whether one has a penthouse with a view of the Burj Khalifa or a beachfront villa house in Palm Jumeirah, owning a luxury apartment in Dubai is not just a property investment; it entails acquiring a quality life. Living the dream in a warm climate, surrounded by luxury and the promise of a better tomorrow.

Well, are you set to turn the dream of Dubai into a reality? Are you ready to dive into the city of gold? Hurry Up!