Many people seek property investments in Dubai for various reasons. Such an investment can become a green light for obtaining citizenship. It also provides its owner with the opportunity to stay in the sunny emirate in a personal residence. In this article, we will talk about how to buy property in the emirate and do it the right way.
Selection Criteria For Real Estate In Dubai
Choosing a property in Dubai in 2023 can be a complex process and requires careful market research and consideration of various factors. Here are some tips that can help you choose housing in the emirate in 2023:
- Determine your budget in advance and stick to it. Consider not only the value of the property, but also additional costs such as taxes, fees, transaction costs and maintenance. Be realistic and choose real estate that suits your budget.
- The location of the housing is critical. Decide which area of Dubai you want to live or invest in and explore the different areas, their infrastructure, public transport accessibility, proximity to work, schools, shops and other amenities. Also consider planned infrastructure projects in the area, which may affect the value of the housing in the future.
- Property type. The city offers a variety of real estate types such as apartments, villas, townhouses, commercial properties, and more. Determine your preferences and goals – for personal residence, rental income or investment. Research the market and analyse the past and current performance of properties in your chosen category.
- Developer reputation. It is important to choose a housing from a reputable developer with a good reputation in the market. Explore their past projects, ratings, customer reviews and reputation in the Dubai housing market. Make sure the builder has all the necessary permits and licenses.
- Legal aspects. Legal aspects in the emirate may differ from other countries. Learn the rules and laws related to property ownership in Dubai such as property ownership regulations for foreigners, the registration process and housing management regulations.
- Facilities and services. Consider the amenities and services offered by the property, such as parking, security, swimming pool, gym, and more. This can significantly affect the quality of life or rental potential of the housing.
- Market trends and prospects. Stay up to date with current market trends and the outlook for the market. Study supply and demand dynamics, rental yields, capital gains and economic prospects to make an informed decision.
Also consider hiring a reputable real estate agent or consultant who has local market knowledge and experience in the city’s real estate. They will be able to guide you through the entire process and help you make an informed decision. By taking these factors into account and doing a thorough research, you will be able to make an informed decision when choosing a property in Dubai in 2023. It is also recommended to seek legal and financial advice before making any investment in real estate.
Sales Record Of Property In Dubai
A piece of sand in Dubai sold for more than $34 million, a new record for the emirate’s land market. Its area is about 2,000 square meters, it is located on the popular island of Jumeirah Bay. It can be reached by bridge from mainland.
Luxury real estate developers have already called the acquisition an expensive “pile of sand.” According to them, luxury villas, unusual penthouses and other luxury real estate are usually purchased for such a price, but not just plots without everything.
According to the DLD, the property was originally purchased two years ago for nearly $10 million. As a result, the value of the site more than tripled, bringing the seller a profit of $24 million. The buyer, whose identity was not disclosed, plans to build a house for his family on the site.
Dubai is currently one of the most attractive places to buy real estate, notes Bloomberg.
“Increasing oil rates, the urge of wealthy investors from over the world to purchase real estate, and the perception that the city, with its low taxes and crime statistics, is a true paradise all contribute to the city’s addictive real estate market. The site sold last week is one of 128 initially available on Jumeirah Bay. With the support of the government, they were sold by the developer Meraas Holding.
A small number of plots makes the property in this place exclusive compared to, for example, thousands of homes on the iconic Palm Jumeirah. All plots were originally sold out many years ago, and some have since been resold at a good profit.
According to the head of the residential complex Knight Frank in Dubai, Andrew Cummings, the general development rules in this place do not allow division of plots, but some buyers have combined them to prepare space for huge mansions. While only a few houses have been built on the island, others are under construction, many have not even had their foundations laid yet.”
In the coming years, the Bulgari Lighthouse residential tower will also be built on Jumeirah Bay, where apartment prices peak even before construction begins. For $111 million, a nine-bedroom residence with five parking spaces in the top penthouse was sold.
Real Estate Agency In Dubai
Dubai-Property.Investments agency allows you to compare different areas of the city and find the one that will suit you best. All you have to do is go over to their website, and start your search. The agency has a wide variety of the offers, fitting different budget options, housing preferences as well as the actual goal of the purchase: whether you do it to obtain a personal residence on the coast of the Persian Gulf, or plan to rent out an attractive investment asset. Whatever your answers to these questions will be, the specialists of the agency will gladly assist you in making your way through the real estate market of the emirate and finding your perfect home in Dubai.