Last Updated on September 6, 2022 by Kimberly Crawford
The Dubai real estate market is now rapidly recovering from the pandemic, attracting more and more foreign investors looking to buy residential property in Dubai.
At the same time, many clients are interested in the correct information about the return on investment in real estate, about profitable rent and the best buying options in the primary and secondary markets, e.g., apartments for sale in Palm Jumeirah, UAE. Let’s have a look at some expert advice and dwell on the new luxury project.
Buying a real estate in Dubai: expert advice
Experts note that new residential real estate is offered for sale on the primary market, among which are off-plan properties or already finished housings from the developer. At the same time, in the secondary market, owned housing is sold, and often burdened with a mortgage.
It is noted that investors looking for ROI when buying real estate need to expect short-term and long-term profits in market conditions, because the monthly rent is the main factor in investing in real estate, and buying property is the best form of investment.
At the same time, the long-term return on investment is the profitability of buying real estate from 6 to 8%, and the profit from renting it is from 8 to 12%. It has been recorded that today the majority of Dubai residents rent apartments in the popular areas of Dubai Marina, Palm Jumeirah and Downtown, which are the most attractive investment areas.
Experts advise that when buying residential real estate, you should first of all pay attention to the characteristics of the property, namely:
- its location,
- the presence of nearby infrastructure facilities,
- the size of the living space
- and the cost of government fees and maintenance.
All of these are major ROI drivers.
Also, clients should look at options for financing the purchase of housing, including a bank mortgage loan with fixed and floating interest rates, convenient payment plans from the developer and rent-to-own.
Meanwhile, experts recommend that those wishing to buy property avoid fake ads, undervalued prices below the market for no apparent reason, and photographs of residential properties that do not reflect the real picture.
Luxury residential complex introduced in Dubai 2022
In the luxury property market in Dubai, one of the companies presented the Six Senses project, which offers customers 162 branded apartments located on the man-made island of Palm Jumeirah.
The new luxury project covers an area of ​​111,400 square meters, where the owners are offered luxurious living conditions and privacy with beautiful views of the Persian Gulf and Dubai.
It is assumed that the luxury complex Six Senses will become a new attraction in Dubai due to its convenient location and high standard of living. According to the company, the project began selling real estate on January 15, 2022. The company said that the branded residences are apartments with 2, 3 and 4 bedrooms. However, some of them have a private pool.
It is reported that the elite complex has 121 penthouses, 32 villas and 9 branded villas with sea views. According to the official information of the developer, the delivery of the Six Senses elite project is scheduled for October-December 2024. It is noted that the project will become an example of combining the Six Senses brand, which promotes a healthy lifestyle, and the national traditions of the UAE.
Representatives of the developer company are confident that the elite project Six Senses Residences The Palm will become the epitome of wealth, sophistication and impeccability, which is located next to the Palm Tower observation deck and shopping centers Nakheel and Dubai Marina. In addition, residents and guests of the complex will be able to enjoy various amenities, including restaurants, bars, gym, tennis court, kids club and more.
- The company said that the cost of apartments with 2 bedrooms, an area of ​​157 square meters, and with a huge terrace will be AED 10.4 million or USD 2.83 million.
- Also, 3-bedroom apartments are sold at AED 16.3 million or USD 4.44 million,
- and 4-bedroom apartments for AED 60 million or USD16.34 million.
At the same time, the cost of villas in the Six Senses project ranges from AED 29.6 to 39.5 million or from USD 8.06 to 10.75 million, and the total area is from 369 to 416 square meters. In addition, when buying luxury real estate under construction, both apartments and villas, the developer provides a convenient payment plan.
Real estate agency in Dubai
Ax Capital agency is there for you to make the process of purchase a property really smooth and easy. Go over to their website for the best offers on the market.
FAQs
Is it worth buying a property in Dubai?
There is no easy answer to this question as there are a number of factors to consider. Some people believe that Dubai is a great place to buy property, while others believe that it is not worth the investment.
Some of the pros of buying property in Dubai include:
-The city has experienced strong economic growth in recent years, which has led to an increase in property values.
-Dubai is a global city with a cosmopolitan lifestyle, which is appealing to many people.
-There is a wide range of properties available in Dubai, from luxury apartments to more affordable options.
-The Dubai government has been working hard to make the city an attractive destination for investors and there are a number of incentives available for those who purchase property in Dubai.
Some of the cons of buying property in Dubai include:
-The city is prone to economic downturns, which can impact property prices.
-There is a risk that the property market in Dubai could become overheated and prices could crash.
-There is also a risk that the Dubai government could introduce new regulations that could impact the property market.
Can foreigners buy property in Dubai?
The answer is yes, foreigners can purchase property in Dubai. However, there are some restrictions in place that limit the types of properties that can be bought and the amount of money that can be spent.
For example, foreigners are not allowed to buy land in Dubai. They can only purchase apartments or villas. In addition, they can only purchase properties that are located in designated areas.
The amount of money that foreigners can spend on property in Dubai is also capped. They can only spend up to AED 1 million (approximately USD 272,000) on a property.
Despite these restrictions, buying property in Dubai can still be a very lucrative investment. The city is constantly growing and evolving, and as more people move to Dubai, the demand for housing will continue to increase. This can lead to an appreciation in property values, which can make buying property in Dubai a very wise investment.
What is the process of buying a property in Dubai?
The first step is to find a property that you are interested in and contact the seller. If the seller is agreeable, you will then need to sign a purchase agreement. This document will outline the price of the property, as well as other important details such as the date of sale and any conditions that must be met.
Once the purchase agreement is signed, you will need to pay a deposit. The deposit is typically 10% of the purchase price and is held in escrow until the sale is complete.
The next step is to obtain a mortgage if you are financing the purchase. Once the mortgage is approved, the loan amount will be transferred to the seller.
Will I get a visa if I buy a property in Dubai?
Yes, you will be eligible for a visa if you purchase a property in Dubai. The type of visa that you will be granted will depend on the value of the property that you purchase. If you purchase a property worth more than AED 1 million, you will be eligible for a residency visa.
Is it easy to buy property in Dubai?
The answer to this question largely depends on your budget and what type of property you are looking for. If you have the finances in place, then the process of buying property in Dubai is relatively straightforward. However, if you are looking for something more affordable, then there may be some hurdles that you will need to overcome.
For those with a large budget, there are many luxurious and exclusive properties available in Dubai. The process of purchasing one of these properties is generally quite simple, as there are many agents and developers who are more than happy to assist you. However, it is worth noting that the prices of these properties can be very high, so you will need to make sure that you have the finances in place before making any offers.