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Investing in property is always considered a safe bet irrespective of the current global economic environment. If you are looking to become a property developer, there are certain basics to keep in mind.
To start with, a sound business plan is a must. It is essential to decide whether you wish to start a small part-time business or a long-term venture. Accordingly, you have to set your goals and objectives. The plan must also include other details related to maximising profits.
A joint venture, sole proprietorship or partnership firm can be opened in the UAE. The free zones can be quite beneficial in terms of setting up an office and obtaining complete ownership of the business. Accordingly, licenses have to be obtained from the proper authorities in the emirate where you wish to set up.
Once the formalities are taken care of, a property developer must search for a location that has the potential to reward maximum returns. There are plenty of areas in the emirates that offer great choices for a real estate business. Conduct thorough market research to get the best deals. As a whole, a businessman must look for a worthwhile investment that is not overpriced. Offer a deal that is tailored to customer demand within the region.
Finally, the developer must be prepared to fund his investment. Capital requirements can be met through bank loans, mortgages or savings.
• Developers must have a solid business plan
• Location is crucial in getting maximum returns
• Capital needs can be met through loans, savings
Source: Shabnam Mondal, Special to Classifieds
The writer is a freelancer