If you have been thinking about buying a houses in Palm Jumeirah, Downtown or any other luxury areas of Dubai, then you know that the price depends on lots of factors. Though, you cannot deny the obvious benefits that accompany the purchase.
Benefits of buying a real estate in Dubai
Buying a property in Dubai has a number of advantages, for whatever purpose it is bought. Here are some of them:
- Obtaining resident status. The owner of housing worth more than USD 200,000 (AED 734,620) gets the right to reside in the UAE, access to the local healthcare system, while the country ranks among the top 5 best countries for living and working.
- Preferential tax regime and ease of business relocation process. Given the fact that Dubai is still the venue for exhibitions and world-class events (for example, Expo), there are more and more people who want to settle there and start their own business. And it is not difficult to do this due to the possibility of registering a company in free economic zones. The founder is provided with tax benefits and customs preferences.
- High return on investment. Investors see the profitability of investing in local real estate because the ROI reaches 9%.
When the advantages are so obvious, it makes no sense to deny the benefits of buying a housing in Dubai. Not surprisingly, the demand for properties in the UAE is growing steadily.
The cost of property in Dubai
For people who are not interested in the cost of housing, it may seem that the prices of property abroad, in particular in Dubai, is necessarily exorbitant sums. However, this is not quite true. As elsewhere, typical residential properties (apartments and villas) can be divided into three segments by price: economy, comfort and premium. Experts call Dubai one of the most affordable premium real estate markets in the world.
The cost of real estate in the emirate primarily depends on the location. According to local laws, foreigners are only allowed to take freehold ownership in certain areas. The final cost of a dwelling is affected by the footage, the view from the window, decoration and other details.
If we talk about specific areas, then in Business Bay the minimum price for real estate is USD 190,000. It was this area that brought the highest dividends to property owners in 2018.
The cost of one-room apartments near the Persian Gulf is not too different from real estate prices in many European capitals. For USD 115,000, the buyer can purchase a small apartment outside the downtown of a popular European capital or real estate in sunny Dubai, the largest financial, transport and tourist center of the United Arab Emirates. At the same time, the climate, attitude to laws, safety on the streets, and even just the view outside the window differs enormously.
For comparison: one of the most popular locations for investors and tenants is Downtown Dubai. Probably the reason for this is the legendary 828-meter skyscraper Burj Khalifa and the largest shopping center in the metropolis – Dubai Mall. In the Downtown area, apartments with a view of the Burj Khalifa tower cost from USD 410,000 (about AED 1,505,971). You can buy a one-room apartment in the heart of the city at a price of USD 450,000 (AED 1,652,895). In the high-rise Address Residences Dubai Opera, a 91 square meters one-bedroom apartment will cost USD 750,000 (AED 2,754,825). And a four-bedroom villa in The Palm Jumeirah will cost USD 2.7 million (more than AED 9,917,370).
Note: In the UAE, there is such a feature: the larger the real estate area, the lower the cost of 1 square meter. That is, when buying a small apartment in the city center, you will have to pay more for a “square” than when buying a country villa.
Real estate agency in Dubai
Ax Capital is a reliable real estate agency, it is a team of professionals with extensive experience, providing quality services, knowing all the subtleties, nuances and “pitfalls” in the real estate market. Real estate agency professionals will ensure safety, save time, effort and nerves of customers.