4 Tips for Buying High end Villas in Abu Dhabi
The UAE real estate market has been the focus for many years. With Abu Dhabi becoming an emerging business centre, the real estate market has been steadily growing. If you are planning to buy a high end villa in Abu Dhabi, then here are 4 tips that can help you out.
Do your research • Before you go villa-hunting, you need to analyze the market. When it comes to the Abu Dhabi real estate market, you can buy property only within the ‘Investment Areas’. This includes Saadiyat Island, Reem Island, Raha Beach, Yas Island and Al Reef. • Only UAE nationals can completely own a property. In case of villas for UAE nationals, they hold the right to own property. • If you are a non-UAE national or non-GCC national, you cannot obtain freehold title for a property. You are entitled to leasehold ownership. There are two types of leasehold ownership – Usufruct and Musataha. Under Usufruct, you can lease the property for 99 years, maintaining the property in the same condition. In case of Musataha, the right to property lasts for 50 years, where you may exploit the property as per your requirement. This is a common agreement while buying high end villas in Abu Dhabi.
Hire a professional • When it comes to overcoming all legal hurdles and understanding the regulations, it is best to leave the job to the specialists. Hiring an agent is the best option while purchasing villas for Emiratis.
Financial Requirements • Set your budget and understand other cost requirements, including deposits, maintenance fees and yearly premium. This will help you find your property easily without the fear of unexpected costs and overspending. • Know your Seller • Before you finalize on the agreement, do your best to know who is selling the property. This can help you ask the best offer and give you an upper hand while bidding the best price for villas for UAE nationals and non-nationals.