Since 2019, foreign citizens can fully own real estate in special freehold zones in the UAE, resulting in a growing number of home buyers.
Due to its mild climate and pristine beaches, Dubai is a thriving hub of business and entertainment, ranking among the top ten cities worldwide. Being both a center of trade and entertainment, Dubai is one of the ten safest cities in the world. Those planning to move here are attracted by the opportunity to obtain resident status in a country with a high standard of living. You can count on a three-year resident visa with the right to extend it when purchasing real estate in the emirate for an amount of $205,000 or more. It is noteworthy that a residence permit is received not only by the owner of the property but also by his family members: spouse and children.
In turn, buyers prefer to invest in Dubai real estate due to the high ROI – return on investment rate. Depending on location, a purchased apartment or villa can bring 5-8% income. The profit from short-term rental housing located near the venues of major international events doubles Expo, Patient Safety Conference, Global Education Fair, etc.
In the UAE, developers generally comply with project delivery deadlines, due to strict regulations. This presents an opportunity for investors to purchase apartments. For investors, this is an opportunity to buy an apartment in Dubai at the foundation stage at one price and resell it at the stage of issuing keys for much more. Moreover, at the start of sales, buyers have access to options with interest-free installments from leading developers for 5–8 years.
Adequate pricing only increases the demand for housing among foreigners. Thus, the average price per square meter in Dubai is $3,000. e is available to non-residents of the UAE at a rate of 4%, slightly higher than Cyprus (3.6%) and lower than Spain (4.3%). Apartments in Dubai are a great investment.
The cost of an apartment in Dubai depends on many factors: whether the property has been put into operation, where it is located, the square footage, the status of the residential complex, the number of bedrooms, and even the view from the window. Citizens of countries that are not members of the Cooperation Council for the Arab States of the Gulf can choose to buy a villa, studio, or apartment only in specially designated freehold zones. Upon purchase, the buyer gains unrestricted ownership and disposal rights of the property. There are several dozen freehold zones in Dubai.
Let’s see for what price you can buy an apartment and other real estate in Dubai in top areas using specific examples.
The villa, located in Dubai Marina, with an area of 247 m², where you can find three bedrooms, will cost $1.4 million. At the same time, a studio in the 27-story business-class residential complex The Community, a 10-minute walk from the beach and Dubai Marina, can be purchased for $109,000. This area is considered prestigious and has the infrastructure for a premium lifestyle – there are parks, beauty salons, and expensive restaurants. The property offerings include villas, apartments, penthouses, and studios.
Four-bedroom penthouses in a 77-storey skyscraper in the heart of Dubai in the Downtown Dubai area are on sale for $5.4 million St. Regis Residences Downtown in the same area are listed at $600,000. A few words about the area itself: Downtown Dubai is the central area of the emirate, where business life is concentrated. Tourists head here to see the famous sights: the “dancing” fountains and the Burj Khalifa skyscraper.
A penthouse in the premium residential complex Volente in Business Bay is up for sale for $4.5 million. Business Bay is one of the central business districts adjacent to Downtown Dubai. Business Bay is distinguished by its developed infrastructure and accessibility to attractions.
In Palm Jumeirah, one and two-story ultra-luxury apartments with four bedrooms can be purchased for $6 million. Such a high price is understandable. For people who prefer a corresponding lifestyle, The Lagoons, also known as Dubai Creek Harbour, is the perfect location.
On the territory of The Lagoons, otherwise known as Dubai Creek Harbour, apartments in The Cove complex can be purchased for $585,420. This is a location near a unique natural reserve, where it is planned to create a large-scale yacht marina.
For a 45-meter apartment in International City, you will have to pay $75,000. This area is considered one of the most profitable. The cost of housing in this location is quite affordable.
The growing demand for the purchase of real estate in Dubai among foreigners is explained by many factors: favorable living conditions, high profitability of local properties, and a large selection of offers – from cozy studios to luxurious villas on the bay.