Read the latest Junaid Iqbal Mohammed Memon blog. Junaid is a seasoned property developer. With several properties and businesses in Dubai and London, he first started as a businessman looking for investment opportunities to expand his portfolio. Seeing the potential for profit in real estate and property development, he established the Cloud 9 Group and has since been responsible for the completion of several development projects under his name. Below he shares some of the most common mistakes that home buyers should avoid committing when buying a home in Dubai.

Making the decision to buy a house is a huge one. It is a huge leap not only personally but financially too especially if one were to consider the fact that it will involve a huge amount of money. Even investors in real estate who are looking for opportunities to buy a second home will need to be cautious as well as there are always going to be risks involved.

Probably one of the most common mistakes that many people commit when buying a property in Dubai is choosing the wrong neighbourhood. It is a fact that communities in Dubai are designed to provide their residents with all the necessary amenities that they might require. Still, there are areas that may offer affordable areas that could offer more affordable housing that would easily fit one’s set budget. Buyers need to strike the right balance by considering how near their chosen property is to their workplace, health care, and educational institutions among other if they are to choose the best for them and their family.

Not knowing the difference between a leasehold and a freehold is also another mistake that many a buyer in Dubai commits. Leasehold properties are those that are made available only for lease by local landlords. The leasehold is usually for 10 to 99 years. This means that these are properties that could not be bought outright. Meanwhile, freehold properties are those that are defined by the government and available in certain areas where anybody can purchase real estate.

Skipping the home inspection is also another common mistake. This is especially true if what you are getting is a resale. Always consult the services of a professional home inspector so you can check the property for faulty plumbing, electricity, and other fixtures. Real estate companies that are worth their salt should not have a problem carrying out this task for you.

Many buyers also make the mistake of not waiting for the mortgage approval from their bank as well. Most are guilty of jumping the gun when buying a property even before they have secured a loan approval from their bank. If you want to make the purchase as swift and fast as possible, you can always secure the services of specialised brokers. They will be able to help work through the entire documentation process in order for you to swiftly secure the mortgage.

Learn more about what you must do first before buying a property in Dubai by reading about Junaid Iqbal Mohammed Memon online here. You can also like the Junaid Iqbal Mohammed Memon  Facebook page.

Read the latest Junaid Iqbal Memon blog. Junaid is an experienced businessman and property developer. Raised in Dubai, he has learned the ins and outs of a successful business at an early age having been raised in a business-minded household. Later on, he made the decision to explore the possibilities of real estate and property development. To date, he owns several properties and businesses ventures in London and Dubai. Below he discusses the increasing number of homebuyers that are going returning to the London property market.

Falling house prices are tempting homebuyers to gradually return to the property scene in London, despite the increasingly uncertain departure of the country from the EU. 

While the average asking prices for properties in the capital were about half a percent lower compared to the figure a year ago at £616,500, recent reports show that there has been a recent increase in buyer activity. Property experts are saying that this could be an indication of the start of the property market’s recovery. The national index shows that prices across the country are higher by 1.2% compared to last year at £304,000.

Jitters concerning Brexit have been recently fuelled due to dire warnings about a 35% drop in the property prices in just a span of three years if a no-deal Brexit is going to emerge. However, estate agents have contended that regardless of the economic state then people are still going to make a move where property is concerned. 

The market for first and second-time buyers are certainly those people that are quite conscious about Brexit. This is expected to affect the rate at which they will make their decision. However, it is also a fact that they are moving forward. Of course, it cannot be avoided to see buyers who are using the uncertainty brought about by Brexit as a tool in order to get a better-negotiated deal as far as agreed price goes.

Meanwhile, agents across the capital are seeing an uplift in terms of buyer enquiries as well as agreed sales in both July and August. There has been an 18% increase in buyer enquiries compared to the figures recorded for the same period last year. This is a good sign that there is indeed motivation among buyers to check out what the market has to offer and come back.

Conversion rate has also improved. The number of viewings that buyers require before making an offer has significantly gone down as well. This means that the conversion rate has definitely improved. Renewed buyer appetite follow rice falls that went on for two years due to a rapid increase of more than 50% from 2011 to 2016. Asking prices have been down in 24 of the boroughs in the British capital from the start of the year until September.

Some people are trying to temper down expectations though stating that while the recovery is encouraging, it is also important to remember that the process concerning price reductions, which can be such a drawn-out and lengthy process, will likely run its course in various outer parts of London. Sellers and agents will likely need to get their expectations readjusted especially with buyers being out there making sure that the price they are getting is right.

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