Buying a new home in Dubai, whether it’s your first or fifth, is always a big financial decision. Properties for sale in Dubai are as diverse as its ever-growing population, and for such a venture to tick all your right boxes (be it the perfect location, size, amenities or price), enlisting the guidance and support of a reputable real estate agency is the best place to start.
What Do Real Estate Agencies Do?
A real estate firm’s responsibility to you as a buyer typically involves the following:
1. Helping You Find the Right Property
All real estate brokers start their search for your ideal home by first taking the time to understand what you’re looking for in a property. This includes how much you’re willing to invest, what kind of neighborhood you prefer and the specific features and amenities that matter most to you.
They’ll also outline your options depending on whether you’re an expat or a local, a policy that might affect where you can purchase property. For instance, in Dubai, non-GCC expats are restricted to buying real estate only in certain areas known as freehold zones.
They’ll then comb through their extensive database and networks to narrow down the list of properties that meet your criteria. The most prominent agencies will always keep a close eye on the latest developments and hottest market trends to present you with the best options available.
2. Educating You on the Buying Process
Although the process of purchasing real estate in Dubai is relatively the same for all residential properties (except for some specific fees and documentation), the legal framework and steps involved can be a lot to wrap your head around, especially if you’re a first-time buyer.
Deciding between cash and mortgage, which bank to get financing from if you opt for the latter, and what’s involved in securing a loan are just some aspects a real estate agent can guide you through.
They’ll also explain the importance of specific paperwork you might have to sign and apply for with the property developer, like the Memorandum of Understanding and the No Objection Certificate; both are crucial to finalizing the deal.
Lastly, they’ll go over the steps to effecting the official transfer of ownership with the Dubai Land Department (DLD), from the documents you need to have ready to the fees you should pay so you know exactly what to expect.
3. Setting Up Property Viewings
Your real estate broker will then set up appointments for you to tour the properties that made it on your shortlist. They’ll liaise with the seller’s agent or the developer’s team and arrange a suitable time for you to visit the site, and depending on the strength of their connections, they might even be able to get you a private viewing before the property is listed on the market.
Come viewing day, they’ll be on hand to walk you through each property, highlight its most appealing features and potential red flags, and answer any questions.
4. Negotiating the Price
Once you’ve settled on a property, your agent will advise you on the best price to bid based on current market values and their insider knowledge of what the seller will likely accept. They’ll also negotiate the terms of sale, like what’s included in the price (furniture, parking spots, etc.), the time frame for closing and any other contingencies that might affect the purchase.
If the seller accepts your offer and conditions, they’ll draw up a purchase agreement that both of you will sign and start the buying process.
5. Referring You to Trusted Partners
When buying a new property, you might need the services of other professionals to facilitate certain aspects of the process and turn your new house into a home.
This can include an inspector to assess the property’s condition, an attorney to review the legalities of the sale, a mortgage officer to assist with financing, and contractors, architects or interior designers if you’re planning on renovating.
A reputable real estate agency will have a network of reliable partners they’ve worked with previously and can refer you to, saving you the time and hassle of locating them yourself.
How to Find the Right Real Estate Firm in Dubai
When comparing real estate agencies in Dubai, here are a few tips you’ll want to remember:
1. Check Accreditation and Licensing
The real estate industry in Dubai is regulated by the RERA (Real Estate Regulatory Authority), an arm of the Dubai Land Department responsible for protecting the rights of all stakeholders involved in property transactions and enhancing the sector’s transparency.
By law, all brokers and agencies must have a valid license from the RERA to operate in the city’s real estate market. So, before you hire an agency, verify its credentials on the RERA website.
2. Research the Company’s Reputation
Look for an agency with a solid track record and positive reviews from previous clients. Comb their website, look for customer testimonials and read feedback on independent review sites like Google to get a sense of their standing in the market.
You can also ask for recommendations from friends, family or colleagues who have recently bought property in Dubai for their thoughts on the real estate agency they used.
3. Interview Multiple Agencies Before Choosing One
Set up meetings and interviews with at least three different firms so you can interact with their agents, gauge their level of market knowledge and customer service and get answers to any questions you might have.
Before your work with them begins, you must be confident that you’re comfortable communicating with them, that they understand what you’re looking for in a property and can deliver it, and that you trust them to guide you through the process.
Here, you can also ask to speak to a few of the brokerage’s references – clients who have bought and sold through the agency before – to find out about their experience and level of satisfaction working with them.
4. Examine Their Range of Properties
Some real estate firms specialize in a niche market (like luxury properties, commercial units, or off-plan developments) while others have a broader portfolio of offerings, including property management services in Dubai.
Look for an agency that deals with the type of real estate you’re interested in, whether it’s a villa, apartment, or townhouse, and has an extensive selection of properties across different price ranges and locations so they can better address your needs.
Buy Your Dream Home with Confidence
Buying a property in Dubai can be an exciting and rewarding experience when all the pieces fall into place. Start by ironing out what you want in a home, setting your budget and engaging the help of a knowledgeable real estate agency to guide you through the process. Before you know it, you’ll hold the keys to your dream home in one of the world’s most dynamic cities.
