Real estate for sale in Dubai
Today, Dubai properties for sale in luxury projects, such as Burj Khalifa and Emaar Beachfront, are as famous worldwide as the city’s premium amenities. A decision to buy a property in Dubai in 2023 is one of the most reliable ways for businessmen and investors to protect and grow their capital, with high-end real estate being particularly lucrative.
In January 2023, impressive data for the previous year was published. According to the latest report by the Dubai Land Department (DLD), the total property sales volume in this city reached AED 265.6 billion (over USD 72.3 billion) over 12 months, a historic high for the megalopolis’s real estate market. Property sales in general increased by approximately 78.3% in monetary terms and by 62% by the number of transactions. Notably, the value of transactions with homes in luxurious locations surged by 97%, while the number of deals rose by 85%.
Areas of Dubai
There are many areas where you can buy freehold property and have full private ownership rights. These areas include:
- The city’s richest communities, such as Downtown Dubai and Palm Jumeirah;
- Emerging business hubs, e.g., Business Bay;
- Emerging upscale residential communities, such as Dubai Hills Estate;
- Popular resort communities, such as Dubai Marina;
- New waterfront districts, e.g., Dubai Creek Harbour and Emaar Beachfront.
This is not an exhaustive list of available locations, as dozens of city communities are currently freehold areas, where non-residents may purchase real estate.
Properties types
Dubai features a wide range of properties of various configurations to suit any taste. All the popular options are available in this city:
- Studios and 1 to 5-bedroom apartments in high-, mid-, and low-rise complexes;
- Opulent penthouses and duplexes on top floors with a private swimming pool, a terrace, and luxurious amenities;
- Villas and townhouses in gated communities.
Living in Dubai
Many foreigners are attracted by Dubai’s economy and its unique lifestyle, where the benefits and prestige of a high-end resort are combined with ultra-modern facilities, impeccable service, and a comfortable business environment. Purchasing villas in Dubai enables their owners to lead a luxurious life in a city where the summer lasts all year and reap all the benefits of the pleasant climate and extensive facilities.
Another important aspect to consider is the extremely loyal policy concerning expats in the UAE. Buyers of property in Dubai worth upwards of AED 750,000 (USD 204,000) are eligible for a three-year residence visa. If the value exceeds AED 2 million (USD 544,500), the investors can apply for a 10-year Golden Visa, which grants them the right of permanent residence in Dubai. At the same time, the cost of property per square meter here remains affordable compared to prices in large European and US cities.
Dubai investment properties
Monitoring sale price trends for properties in this city is a daunting but exciting task. Property prices in Dubai’s premium segment continue to increase, boosted by a constant flow of mega-wealthy foreigners and other buyers. In some communities, such as Palm Jumeirah, residences have been growing consistently more expensive since this man-made archipelago was created. The property prices there have increased by 54% over the year and by more than 100% since the beginning of the pandemic. The value of homes in another prestigious community, Jumeirah Bay, skyrocketed by 100% in only 12 months.
The sales of upscale properties in Dubai worth upwards of AED 37 million (USD 10 million) also hit a historic high, having increased by 63% in comparison to last year. The number of listings, however, reduced because of the small inventory limited by the area, which, in turn, boosts the prices and demand for exclusive residences. Real estate in the central part of the city, Downtown Dubai, is no less popular.
ADVANTAGES
Prices seem to be stabilizing in the real estate market of the city, but they may surge again this year because of the high demand for upscale real estate in particular. It has never been easier for foreigners to buy real estate in Dubai. You don’t even have to be present in the country to close the deal as it can be done remotely.
Investing property in Dubai, the UAE
Local property for investment is another reason to have a look at offerings in the Dubai real estate market. Acute entrepreneurs have already realised that properties for sale in Dubai are reliable and safe assets that will generate a high and stable yield. The average return from rental apartments in Dubai, one of the most common types of Dubai investment properties, is 5–8% per annum in the case of a long-term lease but it can exceed 10% in some communities. With a short-term lease, the ROI is 11–13% per annum, in which case a special management company will find and select tenants, which is an easy and convenient way of investing in real estate in Dubai and seeing a monthly profit.
The United Arab Emirates also attract investors with a flexible taxation system. No income tax is levied on physical persons in the UAE, which means that a landlord can legally pocket the entire amount of their dividend and rental income.
Another wise investment option is to invest in property at the construction stage and sell it when the building is commissioned, allowing you to make a profit of 20–30%. Buyers of off-plan properties pay in instalments, first a down payment (at least 20% of the value) and then the balance according to the approved schedule. Sometimes the remaining amount is paid after the building is commissioned.
Buying a property in Dubai with AX CAPITAL
When you are looking for property to buy in the United Arab Emirates, it is always better to allow the professionals to do the job! If you buy real estate from agencies in Dubai, AX CAPITAL in particular, our experienced brokers will consult with you, answer all your questions, and choose properties for sale in Dubai that will meet all your requirements. The agency will also handle all the red tape required to secure the deal. Please fill out a callback request and we will get back to you at your convenience.