All types of investment properties in Dubai
The real estate market in Dubai is very profitable, so this city is worth investing in. Good areas for real estate investment can depend on various factors including: the quality of the neighborhood, having facilities nearby and other factors. The following are the best areas to buy in Dubai that offer you profitable property investments.
What are the best areas of Dubai for investment?
- Palm Jumeirah
Palm Jumeirah is one of the most famous areas of Dubai. This is one of the best areas for real estate investment in Dubai, offering a large number of detached houses, beach resorts and villas for purchase. The artificial archipelago built in the shape of a palm tree has a prestigious position in the real estate market. Not only domestic investors, but also international investors dream of buying an expensive property in Dubai. Depending on your budget, you can choose 4 or 5 bedroom villas for sale in Palm Jumeirah, which have first-class amenities.
- Dubai Marina
Dubai Marina is a desirable neighborhood that has attracted the attention of investors around the world. This area is also called New Dubai and is the first choice for those looking for a luxurious lifestyle in the city. Its proximity to Dubai’s top universities is a major part of its appeal. The development and growth in this city is very high and it is becoming more advanced than the past day by day.
- Dubai Ranches
Dubai’s stylish villa community, Arabian Ranches, features exquisite buildings with modern lifestyle amenities. The amenities of this villa complex include private gardens, covered parking, shared swimming pool, barbecue area, etc. Its calm environment is one of the main reasons why international investors invest here. Easy access to Dubai schools and attractions also makes it an ideal location for property investment in Dubai.
- Dubai South (DWC)
Dubai South is the future of the city and offers many opportunities for property investors, home owners. Sheikh Mohammed bin Rashid Al Maktoum, who designed the Dubai 2021 plan, has contributed to the beauty of this city and its progress. The exclusive area of 715 square meters, located in the north of South Dubai, offers premium residential facilities at a fair price (compared to other locations in Dubai). The design of the residential city in South Dubai is basically done by three factors :
- Living near the workplace.
- Meeting housing needs in other areas of South Dubai.
- Demographic characteristics and adaptability
- Jumeirah Lake Towers (JLT)
Jumeirah Lake Towers, often referred to as JLT, is renowned for its wide range of amenities and services, including a wide range of restaurants, cafes and shops around the world. Jumeirah Lake Towers is one of the most important places that have cheap residential units compared to other neighboring residential areas in Dubai.
Why investing in property in Dubai is profitable?
Dubai is very popular among those who want to change their residence or invest for profit. Is it worth buying a house in Dubai given the high prices of real estate in Dubai? There are at least five reasons for the profitability of buying property in Dubai:
- Luxurious lifestyle
Ultra-modern infrastructure, excellent and high-quality services, comfortable business environment attract hundreds of thousands of foreigners. More than 3 million people live in this city, 80% of them are foreigners.
- Development
About 30 years ago, there was a desert with rare houses in the territory of Dubai. Now it is a modern metropolis with prestigious real estate, luxurious infrastructure and world famous attractions. A large number of tourists visit Dubai throughout the year. Buying a property in Dubai is a good investment and can bring you profitability in the future.
- Residence visa
Another reason for buying a property in Dubai is the possibility of obtaining a residence visa. You can apply for a 3-year residency when you buy anything worth $200,000. If the price of the house is more than 550 thousand dollars, the buyer can get a 10-year residency in this country.
- Favorable weather
If you wish to live in a place that is always sunny and warm, you should choose a property in Dubai. The subtropical climate is an ideal option for staying and spending vacations. It rarely rains in the emirate, so it can be said that Dubai is a dry and sunny city. Also, owners of apartments, villas, etc. do not need to pay the annual property tax in Dubai.
Advantages of renting a property in Dubai
Renting a property in Dubai is a great option for those who want to live in a vibrant and luxurious city. The city offers a wide variety of accommodation options and affordability for quick and easy commuting. It allows you to explore the city and take advantage of everything it has to offer. Please read the following points before deciding to buy a property:
- Budget compatibility
You can rent a property on a lower budget as the rental charges are less than the DLD charges and other property purchase charges. Before buying or renting a property, first consider the budget and choose the property accordingly.
- Short term investment
If you need to invest for a short period of time, it is better to rent the property. As a tenant, you only sign an annual contract with the landlord and do not need a purchase agreement. In this way, you can avoid the investments associated with a long-term investment such as the risk of fluctuations.
- Easy movement
Another important point for renting a property in Dubai is that you can change your location after a while. If you are moving to Dubai for work, you have to move because of different job opportunities in different parts of the city. You can cancel the contract you signed with the landlord in case you move.
Are there hidden costs for buying or renting property in Dubai?
There are many hidden costs involved in buying and renting property in Dubai. For example: when buying a property, there are many property transfer fees, mortgage registration fees, title deed fees, and miscellaneous fees. For renting a property, there are contract fees, security fees, and real estate fees. Additionally, utilities, maintenance fees, and parking fees are usually the responsibility of the individual and must be paid. For this reason, do your research and know the main costs of living in Dubai before making a decision to buy or rent a property.
Conclusion
The process of buying property in Dubai is relatively simple. So that it is enough for the foreign buyer to have only a valid passport and there is no need to have a residence visa. The buyer can consult with local real estate consultants to find the right property and complete the necessary formalities. Property prices per square foot in Dubai are lower than other cities globally, making Dubai an affordable place to own prime real estate. So that you can buy property at a lower cost than in other countries.