In the light of the Covid-19 pandemic ravaging the world, many economies across the globe are taking a hit. Nonetheless, proactive governmental policies of the government of the UAE continue to sustain the economy of the nation. For example, the CBUAE confirms that the country’s AED 405 billion in foreign currency reserves is sufficient to stabilize the national currency. Moreover, the nation’s monetary and financial stability is secure for the foreseeable future. Therefore, foreign investment in various sectors of the Emirates is a viable and low-risk venture. The real estate market in the UAE has always been attractive to foreign investors, and this will continue. This article is a complete guide to help you with tips that guarantee success as an investor in this area.

Things to Consider Before Investing in the Property Market in the Emirates

You should not rush into making investment decisions. Hence, there are things you need to consider before you invest in the real estate market in the UAE. Here are some of them:

Why the Investment?

It is not possible to do the right thing when you don’t know the purpose of an endeavor. So, the first question you need to answer is “what is the purpose of this investment?” You need to decide whether you want to invest in a residential property to live there or rental. Do you want an apartment you can use for a short time or for a long time? You need to answer all these questions before you can know the right investment for you. It is after settling these questions that you can decide other things like the location, proximity, and the number of bedrooms. Moreover, don’t forget that you can’t live in a property and use it for rental purposes at the same time.

Your Budget

The next thing you need to look at after deciding the reason for your investment is your budget.  The location and design of an apartment may fascinate you, but that’s all to it if you can’t afford it. Hence, you should decide how much you are willing to invest in a property before looking for one. It is your budget that will be the basis of the kind of property you can consider. Nonetheless, the good news is that there are many great options in the Emirates, regardless of your budget. Hence, you can be sure that you will get a real estate worth every penny you invest.

When Do You Want to Invest?

Timing is everything in business. Investing at the wrong time will cost you money and waste your time and energy. Hence, you need to decide when you will prefer to invest in real estate in the UAE. Do you want to put your money in the property market when prices are less or when they are picking up? Investing when the prices are less is excellent if you want to buy an apartment where you will live. More so, investing when the prices are less is also suitable for you as an investor, especially when the price picks up later.  You will earn more profits when house prices start rising. However, you will lose your money if the prices keep falling. So, you need to know what you want. At the moment, house prices are less in the UAE, but the chances are high that the prices will pick up later.

Location

The location of a property determines its price and the value you can get from it. If you are an expat, it is better to invest in a residential property that is close to your workplace. The issue of location takes us back to the purpose of the investment. You cannot buy a property just because it is in an area that you like. The place must be able to serve your purpose of investment before you buy a property there.

Wise Counsel

You need all the help you can get when making investment decisions. Therefore, it is an excellent idea to speak to professionals who are conversant with real estate investment in the UAE. Our company Lolia has seasoned experts that can give you professional advice that will help you make quality decisions. Nonetheless, you can talk to your friends and families who have invested in the property market in the nation. Ask them to tell you a list of things you should or not do when investing in real estate in the UAE. There is no danger in consulting professionals or seeking the counsel of your friends and families. Getting information from both parties will enable you to draw reasonable conclusions.

Consult Registered Brokers and Developers

Unscrupulous people who can defraud you of your hard-earned money exist in every nation, and the UAE is no different. Hence, you need to tread with caution before you trust any person or corporate body. Ensure you deal with only registered brokers and developers. You should only trust a broker that has an approval Broker License from the Emirate’s land department. Interestingly, it is not difficult to find registered brokers and developers in Dubai. The Dubai Land Departments app called Dubai-Rest makes it easy to find government-approved brokers and developers in the Emirate. Hence, it will be your fault if you fall into the wrong hands. All you need to make the right choices are already in place.

Conclusion

With many great options and supportive governmental policies, the UAE remains a fantastic option for real estate investment. Nonetheless, there are many factors you need to consider before you invest. You have to consider why, when, and where to invest. It is also crucial that you speak to the right people to guide you on this journey. Finally, you should not forget to consider your budget and deal with registered brokers and developers. You can make the most of your investment if you make the right decisions. You have the information you need now, and it is left to use to utilize it in your best interest.