Dubai remains the largest megalopolis in the UAE. Apartments in Dubai are purchased not only as a permanent residence or a holiday home but also for investment. Despite the consistent price growth in the Emirate in recent years, the city’s housing can suit different budgets. This means you can either buy the most expensive apartments in Dubai valued at millions of dollars or the lower-end residences. Apartments for $100,000 – $150,000 are also for sale. All you need to do is make up your mind about the potential location of apartments.
Contents:
- Freehold Zones
- Best places in Dubai to buy apartments in
- Best investment-worthy districts
- Professional assistance
Freehold Zones
The UAE legislation provides for the existence of Freehold Zones where foreigners are entitled to ownership and the entire disposal of residential property. In other regions, only long-term rent of housing is allowed to foreigners – a provision aimed at protecting the interests of the local population. However, Freehold Zones are a bureaucratic measure to a great extent. There are now more than 50 communities in Dubai where you can have complete ownership of real estate – buy, sell, devise, or gift it. Such districts include both young and actively developing territories and popular resort destinations famous far beyond the UAE. So, this restriction can hardly be said to infringe upon the rights of foreign citizens. Local authorities continually expand the list of Freehold Zones to attract foreign investment.
Best places in Dubai to buy apartments in
Popularity among tourists or comfortable independent living after relocation –are the two criteria to determine the best locations for buying apartments in Dubai. Here are several options:
- Dubai Marina. This seafront community is famous for its numerous amenities. It accommodates more than 200 skyscrapers where you can either buy a snug studio or a luxurious penthouse
- Palm Jumeirah – a district located on the palm-shaped man-made archipelago. Its “trunk” accommodates elite apartments in Dubai within elite projects offering all amenities, from gyms to infinity pools
- Jumeirah Beach Residence – another tourist destination on the coast. It accommodates more than 30 residential projects with premium real estate
- Downtown Dubai – one of the megalopolis’ densest communities that occupy its central part and houses numerous local landmarks, including the iconic Burj Khalifa skyscraper, dancing fountains, and the Opera
- Business Bay – a district located near Downtown Dubai. It is regarded as the center of the city’s business activity, as it features not only residential but also commercial property
- Emirates Hills is one of the city’s greenest communities. Buying real estate in this area means living close to nature, with numerous parks, green areas, and lakes on-premises
- Dubai Creek Harbor – a comparatively young community located near a big nature reserve and actively developed by one of the country’s largest developers – Emaar Properties
These are just a few of the viable options in Freehold Zones where foreigners can own property.
Things to consider when choosing a place for relocation as a permanent resident
The district’s prestige should not be the fundamental reason for your choice. It is much more important to take into consideration your specific social needs. For instance, families with children want to have schools nearby. There are numerous educational establishments in the megalopolis’ central districts, while the upscale Palm Jumeirah community, on the other hand, has none. Hospitals, supermarkets, and entertainment venues are no less important. The megalopolis is advantageously located: even if there is no organization or establishment you need within the district itself, the desired service is always available in the neighboring community. The average distance between the borders of adjacent communities is 15 – 25 minutes by car.
Best investment-worthy districts
Housing prices in Dubai grew at record-setting rates in 2021. They almost doubled in several popular locations, making it possible to realize a profit by reselling your property and capitalizing on the value. The top five communities with the highest ROI for apartments are:
- Dubai Marina – from 5 to 8% per annum
- Palm Jumeirah – 4.5%
- Business Bay – up to 5%
- DubaiLand – 5.3%
- Mohammed Bin Rashid City (MBR) – 4.6%
The final rental rates depend on the prestige of a specific apartment, the quality of the renovation, and amenities. The more amenities there are in a residential project, the higher the price and the demand.
Reasons to invest in Dubai real estate
Reasons to invest include:
- Rapidly developing economy
- High quality of education and healthcare
- Entitlement to a permanent residence permit upon buying residential property
- ROI of 7% per annum for residential property
- Generous taxation system where property owners pay no taxes
A property owner can receive net rental income, since there is no personal income tax, either.
Professional assistance
Our team is happy to provide competent assistance in selecting glamorous apartments in Dubai for relocation as a permanent resident or investment. Browse the catalog with up-to-date listings from local real estate agencies and developers. Our database is regularly updated. View the prices in dollars and euros in real-time.
