Buying a property in Dubai, and a luxury one at that is a dream come true for many people. While there are many people who’re looking to invest in their dream home, one has to make an informed decision, after all, it’s not every day one buys a luxurious property. So, we spoke to Barnaby Crompton, a trusted real estate agent with 24 years of experience. Over an electronic exchange, he shares some useful insights that you must keep in mind when buying a property.
For those who aren’t aware, Barnaby Crompton, a British-born Dubai-based super prime broker has been involved for 24 years in the UK and UAE real estate industry. His company, Crompton Partners Estate Agents and Crompton Saltini Real Estate (where he is a partner in) have had the most exclusive property deals in UAE. Barney was the one to sell a 50,000 sq. ft. property, most expensive property ever sold in Emirates Hills, the XLV Residence.
So, it’s safe to say that the advice comes from a highly experienced source!
Things To Keep In Mind While Buying A Luxury Property In Dubai
1. Make Sure You Choose The Right Location!
It’s important that you choose the right location. According to Barnaby Crompton, “Each neighbourhood has its unique features and benefits, if you like an early morning run on the beach or lazy weekends by the pool, there is a location that will suit you best and investors should research the different areas and choose one that fits their lifestyle and preferences. The city has a range of neighbourhoods to choose from, including Dubai Marina, Downtown Dubai, and Palm Jumeirah. Emirates Hills is where I specialise, and there’s certainly a wide range of property types in that area.”
2. Ensure Your Real Estate Agent Has A Good Reputation!
While you may know where you wish to buy your dream property, you still need to find a reliable agent for this. As they will keep you informed about the market. Talking more about this, he mentions, “You’ll need a reliable agent to provide expert advice on the market, help find the best properties that fit your budget and preferences and navigate the complex Dubai property market. Super prime brokers are rare but will help find your dream property to the best of their ability. My advice is to seek out a broker who you feel best understands your needs, and who is knowledgeable, trustworthy and reliable.”
3. Have Clarity About What You Want
If you’ve made up your mind to buy a luxurious property in Dubai, then you must have clarity about what you’re looking for in the said property. “Be open, clear and concise with them about what you want, the more information you give them, the better they can find what you want, whether it’s for total investment or somewhere you want to call home. The reputation of the property or district developer is another crucial factor. Research the developer’s previous projects, customer reviews, and any legal issues before making commitments. This will help ensure the investment is safe and profitable in the long run,” says Crompton.
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4. Make Sure You’re Aware Of The Payment Plan
Another important thing to keep in mind is the payment plan. On this Crompton adds, “Understanding the payment plan is vital, too, if that’s the route you wish to go down. The city’s high-end properties can be expensive, and investors should review a payment plan carefully to avoid any financial surprises. A variety of ways to pay for your property means you can work out which plan works best for your investment.”
5. Be Informed About All The Amenities Available
As amenities have the power to govern how one lives in their house, it’s crucial to know what to expect at a potential complex before one moves in. Barnaby Crompton mentions, “Checking amenities at the property is key. Luxury properties in Dubai come with a range of unique lifestyle amenities, including swimming pools, gyms and private beaches, to name but a few. Check out the amenities, any associated costs or maintenance fees, and ensure that they match your lifestyle and preferences.”
6. Be Aware Of The Maintenance Costs
Almost every (if not all) residential complexes have maintenance costs, which may vary. So, it’s important that one is aware of the same. About this, he informs, “Be aware that maintenance costs can-and-do-increase with time. Apartments are usually cheaper to run (excluding service fees) and houses are a little more expensive. If you’re buying for investment purposes, it’s worth factoring in these costs.”
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7. Be Aware Of The Property’s Resale Value & Look Closely At The Legal Documents
Since legal documents are crucial and you may want to move away from the property you’re buying in future, it’s better to be informed of all of these before you go ahead and buy the same. According to him, you must know of the resale value to ascertain profitability. Crompton says, “Scarcity, as we know, drives prices up.” Adding further, he informs, “Your super prime broker and the financial and legal advisory team should check over all the legal documents – including the title deed and construction permits – to ensure everything is in order, and to help avoid any potential future issues.”
So, if you’re also on the lookout for a luxurious property, make sure to keep these pointers in mind!
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