As the demand for Dubai real estate experiences a continual upswing from both local and international investors, the market is anticipated to maintain its momentum throughout the year. With an increasing number of individuals considering real estate investment in the city, a notable portion comprises first-time investors. However, what crucial information should one be aware of before delving into property investment in Dubai?

Anar Mossobir, Operations Director at Victorstone, emphasised "First-time buyers in today’s market have the advantage of collaborating with real estate companies that have a longstanding presence in the market."

He further expressed, "This should instil confidence in individuals, as behind the specific agent they are engaging with, there exists a wealth of experience to facilitate the entire process."

According to data from the Dubai Land Department (DLD), the Dubai real estate market is projected to surpass AED400 billion this year, setting new records.

Anar highlighted the importance of partnering with a reputable real estate broker when embarking on a property search. He emphasised, "For a first-time buyer, this purchase is likely one of the most significant they'll make, underscoring the necessity of seeking top-tier guidance and advice."

Creating a "wish list" is advisable, outlining your preferences for a home, such as location, number of bedrooms, property type, timeframe, and most importantly, budget.

Anar clarified, "Following the initial viewings, one of two outcomes is likely. Either you'll discover the ideal home and proceed with making an offer and purchasing it. Alternatively, you'll provide honest feedback to the agent regarding why the properties don't meet your expectations, allowing them to arrange additional viewings. At times, agents may need to temper expectations based on the current market offerings."

"The initial step involves setting your budget. Be ready to openly discuss your savings for a deposit, purchasing expenses, and potential borrowing in case a mortgage is necessary. Dive into your non-negotiable necessities and preferences. A skilled broker will have thorough familiarity with various communities and sub-communities, enabling them to match your preferences with a suitable area and type of house," stated Anar.

"This ensures that you are well-informed about move-in schedules and assists in determining a suitable offer," he further explained.

Experts advise that knowing the local community is crucial, particularly for buyers with specific needs. This encompasses aspects such as gyms, pools, supermarkets, traffic, amenities, and other relevant features.

Anar recommends selecting a real estate broker with "numerous listings and a strong presence in your desired search area." This guarantees recommendations that match your criteria and offer valuable insights into the community.

"I'd say the primary misconception about property financing is the old adage 'cash is king'," remarked Anar, indicating that utilising the bank's funds is "one of the most intelligent approaches" to investing in the property market.

He explained that this strategy not only allows investors to retain access to additional cash but also enables them to "purchase multiple properties, generating rental income to offset a portion of the mortgage payment on their primary residence. Alternatively, they can acquire a more valuable property without requiring the full amount to be sitting in their bank account."

According to Anar, borrowing in the UAE differs from many other regions worldwide, making navigating financing potentially challenging. He recommended working with a reliable mortgage broker, noting a common misconception regarding deposits and fees, for which a minimum of 26% of the purchase price is typically required.

"My advice would be to collaborate with a reputable Dubai agency with a strong market presence across major expatriate communities," elaborated Anar. "This ensures that buyers can trust the agents they encounter to have a comprehensive understanding of available properties throughout the entire market, as their company will likely facilitate 'cross-selling' between active buyers and properties within the business."

Anar recommends three key steps:

He emphasises the importance of decisive action once a preferred property is found to secure it at a reasonable price.

Acknowledging the mix of emotions that can accompany the prospect of buying a first home, Anar advises buyers to stay focused on their motivations. He reassures them that while feelings of nervousness, fear, doubt, and stress are normal during the process, most people ultimately feel thrilled to become homeowners.

"Buying your first home should be one of the most exciting and memorable experiences in your lifetime," Anar concludes. He advises engaging with top professionals throughout the entire process to ensure a stress-free and enjoyable experience.

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