Personal experience about buying real estate in the UAE in 2024 from mila eryomina's blog

Buying property in foreign countries is always associated with excitement, opportunities and risks. In 2024, I decided to fulfill my long-awaited dream and purchase real estate in the United Arab Emirates (UAE), and more specifically, in Dubai. In this article, I will share my personal experience, the reasons, motivations and challenges that I faced in the process of buying real estate in this country.

Motivation and choice of the UAE

My motivation for purchasing property in the UAE was due to several factors. Firstly, the country is known for its stable economy and tax incentives for foreign investors, making it an attractive investment destination. Secondly, Dubai is a global center for business and entertainment, and I saw investing in real estate here as a potentially lucrative investment. Finally, the opportunity to have a home in this modern and cultural city was inspiring.

Market preparation and research

Before starting the process of buying property in the UAE, I decided to conduct thorough market research. I studied different areas of Dubai, compared prices, types of properties and ratings of construction companies. I also received advice from Dubai's Real Estate agency to understand all the legal aspects of the transaction and the rules of owning real estate in the UAE.

Property selection

One of the most important points is the choice of real estate. I determined my priorities, including budget, property type, and area. After many discussions and viewings of properties, I decided to purchase an apartment in a new residential complex in the Dubai Marina area. The area provided a combination of marine views, a variety of entertainment and lifestyle amenities.

Legal aspects and paperwork

The legal formalities for purchasing property in the UAE are quite complex and vary depending on the type of property and the status of the investor. I entered into an agreement with a notary and a lawyer to ensure legal protection and ensure that all documents are in order. It was also necessary to open a bank account at a local bank for financial transactions.

Completing the deal

After successful due diligence and agreement on terms with the seller, we completed the transaction. This process included paying a deposit and signing official documents, after which I received ownership of the apartment.

Post-deal

Immediately after the completion of the transaction, the process of registering property rights with municipal authorities began. I also needed to register the apartment with the homeowners association and connect all the utilities.

Results and recommendations

Buying property in the UAE in 2024 has been an exciting and successful experience for me. I believe the keys to success were thorough preparation, legal advocacy, and choosing a property that suited my needs and budget. However, I would also recommend that future investors contact professionals, including lawyers and real estate agents, to avoid unforeseen problems and complications.

Real estate in the UAE continues to be attractive to investors, and investments in it can be profitable and provide comfortable housing in one of the most modern and dynamic regions of the world.