The Cove 2 - Dubai Creek Harbour - Dubai - UAE
Dubai is a unique city in the world that is commonly chosen as a tourist destination. In fact, according to statistics, in the first three months of the year 2023, approximately 4,670,000 people have visited this city. The United Arab Emirates, due to significant economic progress made in the real estate industry through years, especially in buy property in Dubai, has transformed into one of the most popular economic and commercial hubs in the Middle East. One of the main reasons for this growth is the high profitability of real estate investment, especially in buying apartments in Dubai.
Undoubtedly, as you are reading this article, you either intend to buy an apartment in Dubai or want to make an informed decision by further exploring this area. We, the experienced real estate consultants at New Way (website for buying apartments in Dubai), with years of experience in this field, will assist you in making a good and intelligent decision to purchase your desired apartment in Dubai, regardless of your taste and budget.
In this New Way article, we will explore the price per square meter of an apartment in Dubai and how you can find the best apartments for sale in Dubai. So, be sure to stay with New Way until the end.
- Investing by Buying an Apartment in Dubai
- Can Non-Emirati Individuals Buy Apartments in Dubai?
- Value of Dubai Apartments
- Apartment Developers in Dubai
- Cost of Buying an Apartment in Dubai
- Buying Affordable Apartments in Dubai
- Advantages and Disadvantages of Buying an Apartment in Dubai
- Steps to Buy an Apartment in Dubai
- Summary of Buying an Apartment in Dubai
Investing by Buying an Apartment in Dubai
Buying an apartment in Dubai is one of the ways to invest with a high return on investment rate. The return on investment rate, which is the profit ratio obtained over the amount of capital invested, is a key indicator that determines the success of an investment for us. These factors, along with the possibility of buying a house in Dubai in installments, are just some of the reasons that have led millions of investors from around the world to be interested in investing in the real estate industry of this developed city on an annual basis.
Buying an apartment in this developed city is one of the safest investment methods for Iranians. You can buy an affordable apartment in Dubai and transfer your capital to a safe and prosperous country compared to many units available in Tehran. This has led many dear compatriots to think about immigration and Dubai visa by buying a property.
Can Non-Emirati Individuals Buy Apartments in Dubai?
Some may have the misconception that foreign individuals are not allowed to buy property in this advanced city. We must say that this perception is entirely wrong! According to the new laws of the United Arab Emirates, fortunately, foreign citizens are allowed to buy and sell apartments in this beautiful and populous city.
The only small restriction for this category of individuals is that foreigners are only allowed to buy their desired apartments in specified free zones of the UAE, such as various areas of Dubai, which is the economic capital of the country.
Value of Dubai Apartments
The growth of the tourism industry alongside appropriate domestic and foreign policies adopted by the UAE leaders has transformed this vibrant region of the Middle East into a rapidly evolving metropolis in less than a few decades. Statistics show that the total value of residential units (including apartments) in Dubai is a significant $350 billion. For this reason, Buy Villa in Dubai has gained high popularity among Iranians today.
Apartment Developers in Dubai
Many of the most renowned property developers and real estate development companies such as Emaar, Damac, Samana, Azizi, Bin Ghaiti, and others are active in the UAE. Statistics, such as the United Arab Emirates having 314 skyscrapers, ranking third among countries with the most skyscrapers, clearly demonstrate the capabilities and abilities of apartment developers in this city.
Cost of Buying an Apartment in Dubai
Up to this point, we have understood the value of buying an apartment in Dubai. But do you think what the most important factor that has turned Dubai into one of the attractive real estate investment hubs in the world is? The answer is simple: its reasonable cost!
Generally, one of the factors that matters to us when starting an investment is the affordability of costs. The price of apartments in Dubai is lower than you might think and depends on factors such as the property's location, amenities, unit size, number of bedrooms, developer, and more. For example, the price of an apartment in Dubai by Damac differs from the price of an apartment by Emaar due to differences in developers.
On average, the price of an apartment in Dubai varies from 400,000 AED to over 20 million AED, depending on the conditions and amenities.
Buying Affordable Apartments in Dubai
Statistics published in 2023 by Knight Frank (an international real estate agency and one of the largest property consultancy firms in London and the world) show that the high quality of Dubai apartments, coupled with their cost-effectiveness, has made their purchase popular among ordinary individuals and investors. The report also states that despite the high value of Dubai's real estate, the expenses you incur for buying an apartment, in comparison to its quality, are even lower than property prices in Tehran and other major international cities in the world!
In a way that you can become the owner of an affordable apartment in Dubai with a minimum cost of 400,000 United Arab Emirates dirhams. To find out the price of buying a house in Dubai in Iranian rials, simply convert the cost from dirhams to Iranian rials. Additionally, the price of a two-bedroom apartment in Dubai is approximately 700,000 dirhams, and the average price per square meter of an apartment in Dubai is around 8,000 to 14,000 dirhams.
Advantages and Disadvantages of Buying an Apartment in Dubai
In a comprehensive article on New Way, the pros and cons of buying property in Dubai are discussed. However, it's essential to take a look at the advantages and disadvantages of buying an apartment in this city before making your final decision, so you can make a more informed and confident choice.
Advantages of Purchasing an Apartment
Buying an apartment in one of the world's most popular cities has numerous advantages, and we will discuss some of the most important ones below.
1. Tax-Free Investment System in the UAE
One attractive fact you should know about the United Arab Emirates is its tax-free investment system! With this option, you can easily live in this developed and vibrant city without the need to pay taxes and become wealthier day by day. It's often said that the tax system in the UAE is investor-friendly!
2. Flexible Installment Payments with Long-term Repayment
Buying property on installment in Dubai with flexible payment options has made the real estate market in this region thrive. It's good to know that in the 2000s, due to the financial crises that affected all countries worldwide, the UAE was not an exception. The real estate market in this country faced difficulties and challenges for three consecutive years. The turning point in overcoming this issue was the appropriate ideology of the UAE leaders who, through gradual and continuous planning, improved their situation and reached the high status they hold in the world today.
One of the positive developments in the real estate industry in this country was the implementation of flexible and suitable payment plans for traders and those interested in investing in Dubai. This allowed applicants to easily buy their desired apartments in Dubai on an installment basis.
3. Good Recreational Facilities and Amenities
Most apartments in this city, including affordable homes in Dubai, come with amenities such as terraces, balconies, laundry rooms, storage spaces, and parking facilities. Additionally, the areas around each building offer excellent recreational amenities such as dedicated children's play areas for various age groups, fitness centers, swimming pools, tennis and squash courts, pedestrian walkways, and rooftop gardens for the well-being of residents.
Many apartment units in Dubai have beautiful designs, and the complexes' clubs are fully equipped from a health perspective. Furthermore, one-story, duplex, and triplex apartments with good space planning and ideal facilities are available. Some of these apartments come furnished, equipped with high-quality and reputable brands. The good news is that all these advantages apply to affordable and cost-effective apartments in Dubai.
4. Opportunity for Earning in Dollars by Buying an Apartment in Dubai
Once you have purchased an apartment in one of the most advanced cities in the world, you can start your own business in this city and earn a good income in dollars if you meet the necessary conditions!
It's worth noting that many people choose to buy an apartment in this city with the goal of achieving a high-dollar income by starting a business or working here. However, please be aware that this idea requires careful planning and consultation with experts in this field. Therefore, thorough research is necessary before making a decision.
Other Advantages of Buying an Apartment in Dubai
- Low Cost of Living
- Low Crime Rate in the City of Dubai
- High Economic Growth and Low Inflation Rate
- Earning Income Through Renting the Purchased Apartment
- Right to Open a Bank Account After Purchase
- Proximity of Dubai to Iran
- Well-Equipped Transportation System
- Possibility of Obtaining Temporary Residency in the UAE
Disadvantages of Buying an Apartment in Dubai
Alongside all the mentioned advantages, like any other investment, this act also has its disadvantages. The discussion continues to address some of these points:
1- Lack of Obtaining Permanent Residency with Apartment Purchase in Dubai
One of the disadvantages of living and immigrating to this successful Middle Eastern region is the lack of obtaining permanent residency, which fortunately has been addressed with the possibility of obtaining temporary residency in the United Arab Emirates.Buying an apartment in Dubai is one of the cases where the conditions for obtaining temporary residency, with the possibility of extension, are issued for you and your family in this city.
2- High Healthcare and Insurance Costs
The United Arab Emirates is one of the leading countries in equipping healthcare and hygiene infrastructures using state-of-the-art facilities worldwide. Healthcare and insurance costs for citizens of this country are often free and very low. However, immigrants must personally cover these expenses from their own pockets. This matter is one of the disadvantages of buying property in Dubai, which fortunately has a healthcare insurance solution for covered individuals.
Steps to Buy an Apartment in Dubai
Fortunately, for buying an apartment in Dubai, you have a straightforward process ahead, which makes it a good option for investment. To learn about the steps to purchase one, simply start by consulting with an experienced and reputable real estate agent who can provide you with all the necessary information.
Buying an Apartment through New Way Properties
New Way Properties, a real estate consultancy, has been active in the field of buying and selling apartments in Dubai since 2006. Their focus on high-quality apartments with suitable amenities in Dubai is a key part of their mission. Regardless of your budget and preferences, you can be assured that New Way will help you find apartments that match your personality.
Frequently Asked Questions
The minimum cost of buying an apartment in the United Arab Emirates is approximately 300,000 dirhams. However, in the city of Dubai, this amount is around 400,000 dirhams.
To obtain a Golden Visa in the United Arab Emirates, you must invest a minimum of 2 million dirhams in property purchase.
Yes, most apartments offered in Dubai are available for purchase on long-term installment plans.
Summary of Buying an Apartment in Dubai
In this article by New Way, we have covered all the important aspects of buying an apartment in Dubai. We have learned that Dubai, through its real estate industry development, has managed to build well-equipped and quality apartments. If investment in Dubai is done with good economic insight, it can bring significant benefits to the investor.
We hope that these insights have been helpful to you, and with the information provided, you can make an informed decision in this regard. If you need further guidance, you can contact our real estate consultants through the available communication channels at New Way, and we will be happy to promptly answer your questions.
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