Buying property in Abu Dhabi is a similar process to buying property in any major city across the globe. You’ll need a deposit, a mortgage agreement, and, of course, a property to buy. It is crucial to fully understand the process and each step of the journal. This will ensure that the buying process goes off without a hitch, and you can get the keys to your new place as soon as possible.
Finding the right property may take some time, and the Abu Dhabi housing market is hot right now. This means competition is fierce for the best properties, so you’ll need to move fast when you find a property you love. Making sure you have everything ready before you enter the purchasing process is crucial.
Raise Your Deposit
The higher your deposit, the better terms you will get on a mortgage. Typically, it is best to raise between 5% and 25% for your deposit, with lenders looking more favorably on those with larger deposits. This will likely be the longest part of the property-buying process, with most young professionals taking between two and five years to raise the cash for their property.
Apply For A Mortgage
The next step is to look for a pre-approval for a mortgage, which will give you an idea of what properties you can afford and what your mortgage terms will look like. You’ll need this pre-approval to move quickly when you find the property of your dreams. The best properties go fast in Abu Dhabi, so you should avoid delays at all costs.
Look For High-Quality Property Developers
Who you buy from can also make a big difference in the purchase process. If you’re choosing a property developer, it is vital that you check out some of their previous builds and reviews from customers. They should also be approved through one of the UAE’s regulatory bodies. Bloom Holding are an excellent example of where to buy properties in Abu Dhabi, with incredible developments to suit all needs.
Sign A Memorandum of Understanding
Once you have found the right property, you will need to sign a memorandum of understanding (MoU). This is an agreement between you and the seller on when the sale will take place and other details of the sale. You should hire a conveyancing lawyer for this part of the process, as MoUs can be filled with legal jargon.
Receive The Title Deeds
Once your transfer of funds has gone through, you will receive the title deeds, making you the proud owner of a UAE property. You will receive the keys at the same time, along with any other relevant paperwork for the property.
Buying a property in Abu Dhabi has its challenges, as is the case for property purchases around the world. Being prepared and making a solid plan of action for your investment is crucial to prevent anything from going wrong. Making sure you have everything in order before registering your interest in a property is vital to ensure that you secure the property you have your heart set on.