Dubai – the land of opportunities is definitely the perfect place for property investment. Dubai properties have always been known to produce fruitful results for the owners. Because of this reason, a massive number of foreign investors tend to invest here.
Whether you’re an expat, foreign investor or a local, buying a property in Dubai isn’t a walk in the park. There are five certain things that one needs to consider before buying and we’re going to tell you about them so you can make an informed decision.
Let’s take a look at some of them!
1. Location Zone
Most people aren’t familiar with the fact that a foreign national cannot buy property everywhere in Dubai. There are certain areas known as freehold areas where they can buy. Therefore, foreign nationals must check the location of the property when planning to buy a property.
However, if you’re looking for a property on lease or apartments for rent in Dubai, you are not restricted by area restrictions and can look for it anywhere in the emirate. Likewise, if you’re a local investor you also have the privilege of buying property wherever you want.
2. Purpose of Buying
This is something that you have to take into account before you start looking for properties for sale. The reason why you want to buy a property plays a key role in determining the type of property you should search for.
If you’re going to buy it for personal use, you should look for ready properties. This way you will be able to move into your new home immediately. Moreover, it will also save you from paying really expensive monthly rent.
However, if you are buying property to reap some benefit, later on, it’s better to invest in off-plan developments as they’re comparatively cheaper and offer lucrative returns. But one thing you must bear in mind is that whenever you’re buying an off-plan development, you must make payment through an escrow account. Doing this will ensure that your investment is safe and in case the project gets cancelled you’ll get your cashback.
After determining the reason for buying property, the next step is to finalize the areas. When searching for areas to buy property in Dubai, you can either go with well-established localities or can take a risk and invest in an upcoming development that seems promising.
The area you choose will directly decide the amount you have to spend on purchasing that property. For instance, if you’re thinking about buying property in the Downtown area then you must be prepared to burn a hole in your pocket. Because the home of Burj Khalifa doesn’t come with a cheap price tag, it will cost you millions. On the other hand, if you invest in some upcoming development, you may find property for a comparatively cheaper price.
4. Type of Property You Want
This factor is particularly tricky as it varies from person to person. So, before you start searching for a property, you must make up your mind about what type of property you want to buy.
The best, and sometimes overwhelming, part of buying property in Dubai is that you’re spoiled for choices. The Emirate has everything to offer. So, get your priorities straight and determine what you actually want prior to beginning your property hunt.
For example, if you want to live in a dwelling where you can enjoy unobstructed views of the ocean, you need to search for waterfront property. If you want a place that has 100% privacy but doesn’t lack space, you can opt for a villa.
5. Pay Attention to ROI
This is something particularly important especially if you are buying property for investment. The return on investment or ROI is something that you should never overlook. Whether it’s for investment or for personal use, you must buy such a property that can give you some profit in the long run.
In the end, it all boils down to your choice. But it’s important to consider the aforementioned factors to make an informed decision. So, when you invest in some off-plan development or apartments for sale in Dubai, you won’t face any loss and are able to make your investments safe and secure.
6 Best Areas to Buy Property in Dubai
Dubai isn’t just a popular tourist hub; it is among the most lavish cities in the world. The Emirate is home to the world’s tallest skyscrapers and also has a plethora of luxurious residencies to choose from. Because of the comfortable and super lavish lifestyle this city offers, many international investors tend to buy an apartment for sale in Dubai to enjoy the city’s extravagant lifestyle.
However, the biggest challenge is to find an area suitable for you. To help you with this, we’re going to tell you some of the most promising locations within the city of gold that are worth investing every dime. Continue reading to know more!
1. Palm Jumeirah
Palm Jumeirah has always been a hit amongst investors. Thanks to its exciting projects and upscale location, it has become a safe haven for investors. Despite the price plunge during COVID-19 days, Palm Jumeirah was one of those few areas where we’re able to retain their prices.
Moreover, the most expensive villa that was sold for AED 119.5 million recently is also located here.
2. Downtown Dubai
Another amazing locality within the Emirate is the Downtown Dubai area. This area isn’t only a major tourist hub but is also home to some of the most extravagant residences, such as Address Sky Views that exude luxury. Residents of this locality appreciate the stunning views of Burj Khalifa and easy access to Dubai Mall. People who are looking for a long-term investment that can earn them handsome rental yield should consider this area.
3. Jumeirah Village Circle
Standing next to Dubai Marina and Jebel Ali, the Jumeirah Village Circle has been attracting a lot of investors. Due to its comparatively economical rates compared with other areas, JVC has become quite popular among new home buyers.
You can easily find a 1-bedroom apartment here at AED 740,000. Where else can you find such an apartment with lavish views and state-of-the-art facilities?
4. Dubai Marina
Dubai Marina is another sought-after location in Dubai. It is home to beautiful villas, high-rise residential buildings, and abundant retail and dining options. Even the X-line Dubai, the longest urban zipline, is present here. Additionally, this area is well-connected with the rest of the city so the residents can easily commute from here.
5. Business Bay
The Business Bay area, located in the heart of Dubai, is a fantastic development that is well suited not only for doing business and landing a job, but it’s also equally popular for finding a luxury residential property as well. This area has more than 240 fully equipped towers that can serve as shell and core or semi-fitted offices with world-class facilities.
This area has a variety of residential apartments, penthouses and villas. You can also find some lovely garden villas for sale in Dubai here too.
6. International City
International City has been gaining popularity recently because of its super economical prices. However, low property prices aren’t the only factor attracting investors to International City; rather, it’s the high ROI that it offers.
In short, these are just a few of the localities in Dubai that are pretty fruitful in terms of investment. Therefore, if you’re looking to buy property in Dubai, consider one of them.