Property in UAE for investment and living
Dubai is the largest city in the United Arab Emirates, which acts as a bridge connecting East and West. Dubai is known worldwide for its “cosmic” pace of construction, high-quality infrastructure, and hot climate. Whether you want to buy two-bedroom flats in the UAE or any other property, this country is the best place.
Apartments in Dubai
This city is famous for the fastest-growing real estate market in the world, which is why investors and businessmen from all over the world flock to Dubai to invest in real estate profitably.
The high pace of development of the real estate market is also supported by the state itself, which since 2006, at the legislative level, has allowed all foreign citizens to buy houses and land in this country.
According to statistics in Dubai, every 2-3 days, the construction of a new facility begins. Notably, a quarter of all construction cranes are used in Dubai.
Also, note that Dubai is considered one of the safest places to live globally. Crime is practically non-existent here. Ethnic conflicts have also been reduced to zero, even though the local residents are only 17% of the total population. In addition, Dubai is distinguished by religious tolerance: here you can simultaneously find mosques, Christian churches, Hindu temples, and synagogues.
But, the main thing that attracts numerous investors to this country is the year-round beach season, high-quality service, and highly developed tourist infrastructure.
All these factors contribute to the growth of the investment attractiveness of the Dubai real estate market.
How affordable are apartments in Dubai?
After the global financial crisis, the Dubai real estate market went through hard times: crisis, falling prices, freezing of many projects, etc.
But over the past three years, the market has recovered, prices continue to rise at a tremendous pace, and nothing portends the risks of a bad investment.
The range of prices is very large: at the same price, it is possible to buy a cheap apartment with several bedrooms or an elite mansion with a sea view.
Although, in any case, the quality of all real estate objects is high, regardless of the segment in which the object is purchased – a cheap apartment or luxury housing.
As a pleasant bonus, all objects are attached: cable and satellite TV, Internet access, and modern interior decoration (including equipped kitchens).
In addition, when buying an apartment in Dubai, the price includes 1-2 car parking spaces, 24-hour security, and the availability of playgrounds, swimming pools, fitness areas, etc.
The cheapest resale apartments in the metropolis sell for around AED 250,000. The area of such housing is 32-39.9 m2. A property in Jumeirah Village Circle or Deyaar Midtown Dubai in Dubai can cost this amount.
To become the apartment owner, you must pay about AED 300,000 minimum. This is the price of this type of housing with an area of 33.8 m2. You can find affordable apartments in the El Hebia quarter.
Jumeirah Village Circle is very popular. Here you can buy a duplex or apartment with an area of 181 m2 and a cost of about AED 1,500,000.
What you need know when buying an apartment in the UAE
So, you have weighed all the pros and cons, calculated your finances and benefits, and decided to buy an apartment. What’s next?
So, several stages await you to purchase property in Dubai or other regions and obtain a residence permit in the UAE.
- Choice of housing. There are many options for every taste and budget. It would help if you decided on a price range. Can you afford a villa or apartment? If yes, we recommend that you take a closer look at the coastal areas of Dubai and the artificially created island of Palm Jumeirah. By purchasing real estate for USD 547 thousand, you can apply for a “golden visa.” This will provide a residence permit for 10 years. Inexpensive apartments in Dubai are also valued. Make a deal now, and in 5 years, you can sell, earning several hundred thousand.
- Choosing a realtor and developer. There are many agencies in the market. Developers compete, trying to create more attractive conditions and prices for buyers. Before entering a deal, check the integrity of the real estate agency and the developer company. Make sure the organization is licensed. Otherwise, proving to the court that you were deceived and took away the money you have been saving for so long will be difficult.
- Real estate transaction. You have found a suitable apartment in Dubai or another emirate and a realtor. Now you need to sign a preliminary contract. It is completed in English or Arabic. If there is an appendix to the contract, read it carefully. Additionally, you can consult with a lawyer who is well acquainted with the laws of the UAE.
What is required in the contract:
- The exact address of the property.
- Total amount.
- Parties to the contract and their responsibility.
- Additional payments and payment terms.
- The object’s delivery date, if you have chosen an apartment in a new building.
Reasons to choose UAE for purchase
The reasons are:
- High rental income: 5-10% per year.
- Buying an apartment in the UAE is the most reliable investment.
- Business and tourism are actively developing.
- Opportunity to obtain a visa for 2 or 10 years.
- It is possible to pay with cryptocurrency.
- Installment and mortgage.
- No property taxes.
Apartments on the coast are quickly bought up. Dubai is not growing along the coast but inland, so prices for apartments near the water will only grow in the future. In 10 years, there will be no available coastal locations at all. The foreigners understand this very well and buy apartments and even entire floors. In a few years, this will bring a good income.
Please note that payment with cryptocurrency is not limited to anything. “Miners” have long enjoyed their advantage by buying apartments in Dubai and other cities of the UAE. Transactions can be done online. Half an hour – and your apartment.
Buy an apartment in Dubai for investment
Invest in apartments in Dubai to appreciate all the advantages of doing business in one of the most profitable cities in the world. You will find many properties from Dubai developers. The range will pleasantly astonish you with its variety: a full range of real estate in Dubai from studios, flats, and apartments to commercial real estate.