Tips for first-time home buyers and renters

There’s never been a better time to get your foot on UAE’s real-estate ladder. If you’re a first-time buyer searching for sunnier climes, are looking for a home where your family can grow or are an investor seeking to capitalise on a profitable market, Dubai’s real estate represents enticing opportunities.

The real estate sales process in the UAE typically involves the following steps:

1. Finding a property: Search for properties that match your requirements using online portals, real estate agents, or visiting open houses.

2. Offer and negotiation: Once you have found a suitable property, make an offer to the seller through the agent or directly. The seller may counter the offer, and the two parties negotiate until they reach an agreement.

3. Payment of the reservation fee: Once the offer is accepted, the buyer is usually required to pay a reservation fee to secure the property.

4. Due diligence: Before finalizing the sale, the buyer may carry out a due diligence process, including inspections and property title searches, to ensure the property is free of any issues.

5. Signing the sale and purchase agreement: The buyer and seller sign a legally binding sale and purchase agreement, outlining the terms and conditions of the sale.

6. Transfer of ownership: The buyer pays the remaining balance, and the property title is transferred to the buyer’s name.

7. Completion: The sale is complete, and the keys are handed over to the buyer.

It is advisable to engage the services of a professional real estate agent, as well as seek legal advice to ensure the process runs smoothly.

While the real estate rental process in the UAE typically involves the following steps:

1. Search for properties: Browse online portals, contact real estate agents, or visit open houses to find a property that matches your requirements.

2. Schedule viewings: Schedule appointments to view the properties that interest you, either with the landlord or the real estate agent.

3. Negotiate the rental terms: Once you have selected a suitable property, negotiate the rental terms with the landlord or the real estate agent. This includes the rental price, length of the lease, payment terms, and any additional conditions.

4. Sign the tenancy agreement: Once you have agreed on the rental terms, sign a legally binding tenancy agreement. The agreement outlines the rights and responsibilities of both the tenant and the landlord.

5. Payment of security deposit: The tenant is usually required to pay a security deposit, which is held as collateral in case of any damages to the property.

6. Payment of rent: The tenant pays the first month’s rent, along with any additional fees, such as utility charges and agency fees.

7. Move-in: Once all payments have been made, the tenant can move into the property and start the lease.

It is important to engage the services of a professional real estate agent or seek legal advice to ensure the rental process is carried out in accordance with UAE law.