How much do I have to pay an agent to buy a home in Dubai’s Emirates Hills?

How much do I have to pay an agent to buy a home in Dubai’s Emirates Hills?

Typically, a professional real estate service in Dubai will charge a commission of 2 per cent of the final sales price. In Emirates Hills, both the buyer and seller usually pay a commission fee to their respective agents. Therefore, as a buyer, you will probably be responsible for paying a commission fee to your agent, while the seller would pay a commission fee to their agent. Before hiring a real estate agent, remember to clarify the commission fee and any other costs involved in the transaction. Honest and clear communication is fundamental.

I would like to buy directly from the owners. Is it possible?

Buying directly from a property owner, whilst rare, is possible. Whilst it might seem appealing as a way to avoid paying agency commission, it can open the buyer up to many potential complications in the process of purchasing a property. A lack of legal protection, inexperience negotiating a fair market price, the risk of falling prey to scams and fraudsters and misinterpretation of nuanced contractual litigation are all very real possibilities. What might start out as a shortcut to save a small fee could end up costing a buyer a lot of time, money and stress. The Spanish idiom aptly sums this up; Lo barato sale caro (buy poorly, pay dearly).

I am moving from the UK and prefer to buy than rent.

There are many benefits of buying a property over renting. This not only provides you with a home for you and your family but you could also benefit financially from capital appreciation. A mortgage allows you to spread the cost over a long period, and you gain control over renovations, potential tax benefits as well as a sense of security (not being subject to the whims of landlords). Plus, there are new golden visa benefits. It begs the question — If you are in a financial position to buy, then why would you pay off somebody else’s mortgage when you could pay off your own and potentially benefit from capital gains?

Do real estate companies provide a property sales report?

This differs from company to company. At Betterhomes, we benefit from over 37 years of experience in Dubai, with 300+ brokers from over 50 countries and varying backgrounds. As a result, we can provide a tailor-made, client-oriented service and personal approach that not only includes property sales reports but moreover guidance along every stage of this important process. A property sales report informs you about community facilities, proximity to services and lists recent transaction prices.

The writer is sales specialist at Betterhomes.