What to expect when investing in Dubai real estate
For foreign nationals, real estate is becoming popular as an option for investing and receiving passive income, and Dubai is becoming an interesting option. The largest metropolis in the world is characterised by a high quality of life and attracts a tourist flow with excellent climatic conditions. Many people prefer to invest in the sought-after tourist destinations, such as properties in Dubai Marina, Palm Jumeirah. These are not the only popular areas of the emirate, but the choice of apartments is based on the location and cost. Here are some ideas for which property to choose within this budget and what to consider when buying it. It is also recommended to discuss with a local lawyer who can offer legal assistance for purchasing a property.
What influences the price of real estate in the UAE
The basic criteria include:
- Prestige of the building – housing in new buildings is not always more expensive than in commissioned ones, for example, the Burj Khalifa skyscraper. The building was built over ten years ago, but the prices for apartments continue to grow.
- Proximity to the coast – this is a crucial factor for many people when buying a home, especially if they want to earn income from renting.
- Condition of the apartment and its area – the time when a compact studio was a profitable investment is over. Nowadays, more and more vacationers and those considering apartments for permanent residence are choosing spacious houses. High-quality repairs are mandatory.
- Privacy – apartments in a gated community for several dozen apartments will cost more than housing in a complex with several hundred owners. This includes detached houses and villas.
What budget can buyers count on?
For AED 300,000, one can buy a studio apartment in one of the residential areas. The average area of this property will be from 35 to 45 square metres. It might also be worth considering suburban areas of Dubai.
For AED 650,000, buyers can expect spacious apartments of up to 100 square metres in almost any metropolitan area (these are Dubai Marina, Jumeirah Lakes and Dubailand).
For AED 1,000,000 and above, one can buy a three-bedroom apartment or a small villa near the central communities and the sea coast. The advantage for this option is a residence permit when buying a property for over AED 1,000,000.
Great opportunities with an unlimited budget for buying foreign real estate
The elite Dubai properties can reach the price of several tens of millions of dirhams – a figure of AED 100,000,000 does not surprise anyone. If one calculates the value of real estate in dollars and analyses the sales market in 2021, it’s clear to see transactions worth $20,000,000 or more happening. These are premium villas with an area of more than 1,000 square metres with the number of bedrooms from six or more. For more information about real estate in the UAE and current prices, prospective investors can visit the official website for property in the area.
The editorial unit
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