You might think that high salaried people only have the chance of owning a property in Dubai. Wrong. Let us debunk that myth because even those on a low and medium income can still invest in property – they just need to be smarter about it.
We have listed down 6 helpful tips to get you started.
- Educate Yourself
- Invest Within Your Means
- Time the right market
- Consider off-plan
- Speak to the right consultant
- Go for it!
As you are buying a property on a very strict budget, you need to be realistic with your expectations. This means that as a low or medium-income earner there’s no point on purchasing a property that costs Dh 2 likelihood of being approved on a loan by a lender is very low. You need to start off small and move on from there to build your wealth.
It is important to remember that buying property should be for the long term of at least 10 years, so it doesn’t really matter when you buy, as property prices tend to double every decade. Ideally though, as a low-income earner and for any buyer for that matter, it’s easier and more affordable to buy in a market that has yet to boom as you won’t face price surges and a more competitive market. In Dubai, it is advised to invest before Expo 2020 because of the expected High Return on Investment.
As a low-income earner, you want to take advantage of the lowest pre-launch prices and one great way to do that is to buy an off-plan property. Big UAE developers are building interesting projects and the earlier you get in, the more affordable the property and you only require a 10 per cent deposit; in some cases even 5 per cent. As settlement tends to be 1 to 4 years away, this gives you an additional time to save up a larger deposit, or to pay off any debts or save up. Sometimes, depending when you buy, developers may be giving away incentives like Zero DLD fees, or Zero Service Charge, etc. so it pays to get in early and know what you want.
Finding the right property on your own can be pretty stressful and daunting but speaking to the right consultants takes the stress out of buying property and can do all the hard work for you.
Finally, it’s time to make the decision and invest. Now that you are educated in the property market, have saved up to 10 per cent deposit and have an idea of what you can buy, it’s time to take the decision and actually buy the property.
To find out more about how you can buy property as a low-income earner and how you can get there much sooner, make sure to speak to one of our RERA Certified Property Advisors call +971525215207.