If you are an international investor and looking to buy or sell real estate properties in the gulf countries, you need legal consultants by your side. They will help you to be aware of unforeseen or hidden Issues involved in the process.
Moreover, when it comes to purchasing or selling real estate, it is much of a hassle, and several legal processes and vital factors exist in these processes. Gulf countries come with their sets of rules. So, we have prepared a list of things that you must prioritize while purchasing or selling real estate in any of the gulf countries.
Freehold or leasehold?
If you are planning to invest, you can buy a leasehold or freehold property in the Gulf countries. Since the last few years, foreign investors are now allowed to purchase property in the gulf countries in specifically designated places.
However, in other areas, you are not allowed to make a purchase, and what you can do is only lease for certain periods.
Your purpose for purchasing the real estate:
Before you set out to buy real estate in gulf countries, you must have a clear goal. If you are looking for a real estate property for personal use, you need to consider factors like nearby workplaces, hospitals, schools, and any other modern amenities.
Know your family’s requirements for narrowing down the selection of perfect residences. But if your purpose is an investment, consider factors like ROI (Return on Investment), capital growth, and high rental value every year.
Developer and location:
You know beforehand where you want to own real estate property. Take into consideration your objective, budget, and the type of community in which you want to settle.
Then, you will have to research the developer and check their professionalism and credibility by looking at a proven track record of maintaining and building a great community. Craft your questions from the viewpoint of both the tenant and the landlord.
Look for a reliable real estate property and broker team:
Look for trustworthy, experienced, and reliable real estate brokers for selling or helping you to look for property profitability. You need to have a highly experienced property team in both standard and complex transactions so that they can guide and assist you in the conveyancing process.
They can share their insights on your selected gulf country’s property market and guide you with the best prices.
Look for efficient real estate lawyers:
It does not matter if you are purchasing or selling; it is essential to receive a thorough insight into the fundamentals of all the parties and assets involved in your deal.
A lawyer can check proof of ownership’s validity and make sure that you are free from any legal impediments or encumbrance before signing any contracts or paying any deposits.
The gulf countries are not just the regular places where executions are easier. So, you need to arm yourself up with the correct equipment so that you do not need to fall for any trap or legal issues. So, before purchasing or selling real estate in gulf countries, invest some time in researching the location, and get yourself a trustworthy lawyer by your side.