What are the most common hidden costs when buying property in Dubai that first-time buyers often forget to budget for?

When buying property in Dubai, first-time buyers often overlook some hidden costs that can catch them off guard. Here are some common ones to keep in mind:

1. Service Charges: Many properties in Dubai, especially in shared communities or high-rise buildings, come with service charges for the maintenance of common areas such as swimming pools, gyms, and landscaping. These charges are recurring and can add up over time.

2. Transfer Fees: When transferring ownership of a property, buyers need to pay a transfer fee to the Dubai Land Department. This cost can vary based on the property’s value but is essential to complete the legal process.

3. Agency Fees: If you are using a real estate agent to help you find a property, there are usually agency fees involved, typically a percentage of the property’s sale price. Make sure to clarify this with your agent upfront.

4. Mortgage Processing Fees: If you are taking out a mortgage to finance your property purchase, there will be fees associated with processing the mortgage application. These fees can include valuation fees, administration fees, and others.

5. Homeowner’s Association Fees: If you’re buying a property in a community with shared facilities, you may need to pay homeowner’s association fees for the upkeep of those facilities and communal spaces.

To budget effectively, it’s crucial to factor in these hidden costs along with the property’s purchase price. Doing so will help you avoid financial surprises down the road and plan your finances more