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With a surge in Dubai’s residential real estate market over the past few years, the city has become one of the most attractive options for property buyers across the world. Owing to its consistently increasing population and building of new residential developments, Dubai serves as a great contender to buy property in. If you're not familiar with the city, the process of buying property in Dubai can be tricky, so read along this guide to learn about the requirements, property types, best locations, prices, and more.
Buying property in Dubai doesn't require you to be a UAE citizen or resident. United Arab Emirates (UAE) or Gulf Cooperation Council (GCC) citizens can buy property anywhere in Dubai, while foreign nationals can only buy property in designated foreign ownership areas, such as The Palm Jumeirah, Dubai Marina, Emirates Hills, Jumeirah Beach Residence (JBR), and The Falcon City. Buying property in Dubai doesn't require you to have any specific visa but going through with the process itself makes you eligible to apply for a residency visa in Dubai. Foreigners should be mindful to buy property in Dubai through experienced real estate agents to avoid any unfortunate circumstances.
When buying a property in Dubai, it is essential to know whether you intend to live in it or invest in it. For property investment, studio and small apartments are preferred over large apartments or villas. Luxury properties however do remain an attractive investment option for high-net-worth individuals as the prices in Dubai are much lower than cities such as Singapore, London, and New York. If you are looking for a second home for you and your family, a villa or a townhouse with many bedrooms could offer you the space and comfort you need.
When buying a property in Dubai to live in, make sure the area is in close proximity to your work, and other basic necessities. An investment property should be somewhere close to the popular tourist spots and reputable amongst tenants. The Palm Jumeirah is perfect for short-term rental opportunities, and Arabian Ranches offers luxury villas for sale.The City Walk area comes under both categories as it is an urban district, offering entertainment and restaurants for residents and tourists. This makes it a perfect place to buy property for any purpose. Properties to rent are highly sought-after in Dubai downtown due to it being close to tourist spots. For apartment buildings, you can find a variety of options in Jumeirah Beach Residence, Dubai Marina, and Jumeirah Lake Towers.
The process for buying property in Dubai can seem complicated but is pretty straightforward once you find a trustworthy real estate agent to assist you. Your agent will arrange viewings for you and you can settle on a property after careful consideration. After making an offer and agreeing on terms, a Memorandum of Understanding (MOU) is signed and a deposit of 10% is paid. All parties involved apply for a No Objection Certificate (NOC) which is issued by the developer once all service charges and bills due to the developer are cleared. The transfer of the property is registered with the Dubai Land Department (DLD) by paying a transfer fee of 4%. Payment of the purchase price must be in the form of manager's cheques payable to the seller on the date of the transfer. A new title deed is then issued in the name of the buyer.
Before looking for a property in Dubai, it is important for you to know how much you can afford to spend or if you need to apply for a mortgage. Property prices in Dubai are considerably lower than many other cities with a thriving real estate market. You can buy a property in Dubai for an average of about AED 300,000-350,000, making it one of the most affordable cities in the Middle East.
Property investment in Dubai is a great idea solely because the city offers high rental yields, mainly between 5-9%. Dubai's favourable tax conditions add to its charm and make foreign investors around the world flock to Dubai for a chance to not only earn more, but also save up. The rapidly developing city is the perfect balance of good profit and comfort for buyers. Furthermore, property investment in Dubai allows investors to apply for a residence visa. If you buy a more expensive property in Dubai, you can obtain a longer residency visa.
Don't hesitate to contact us for more details regarding buying property in Dubai.