Jumeirah Golf Estates Shaikh Mohammed Bin Zayed Road Dubai UAE
Dubai is one of the most modern metropolises in the world, and due to significant advancements in its economy, commerce, and tourism industry, it has become a global economic hub. This has turned Dubai into a secure investment gateway in international communities. Among all the investment avenues in the Emirates, buying property in Dubai has garnered the most attention from foreign investors, thanks to advantages such as no income tax, high return on investment, political and economic stability in the country, and more.
Additionally, the presence of easy home purchase schemes, like buying property in Dubai on installments, with flexible installment payment methods and repayment periods of up to 5 years or more, has not only boosted the real estate market in the Emirates but also provided a favorable platform for obtaining residency through this channel.
In this article from NewWay, drawing on our experience and knowledge, we aim to acquaint you with all aspects, conditions, and regulations of buying a home in Dubai. Stay with NewWay for more information.
Video: Buying a Home in Dubai
Podcast: Buying Property in Dubai
- Video: Buying a Home in Dubai
- Podcast: Buying Property in Dubai
- Buying Property in Dubai
- Types of houses in Dubai
- Why Invest with Buying Property in Dubai?
- Cost of Buying Property in Dubai
- Cost of Buying a House in Dubai in Iranian Rial
- Cost of Buying an Affordable House in Dubai
- Additional Costs of Buying a House in Dubai
- Conditions for Buying Property in Dubai
- What to Consider When Buying Property in Dubai?
Buying Property in Dubai
We usually associate Dubai with its breathtaking skyscrapers, modern architecture, and tourist attractions. Nowadays, with the growth of the real estate industry in the United Arab Emirates, buying property in Dubai has become one of the safest and most lucrative investments globally.
Property purchases in Dubai have been on the rise each year compared to the previous year. In fact, in 2022, the property market saw an average increase of 25% compared to 2021. Additionally, due to the end of the COVID-19 pandemic and increased investments, property buying trends in Dubai in 2023 have shown a significant rise. According to reputable statistics from Unique Properties, this market reached a sale value of AED 93.18 billion, experiencing a remarkable growth of 46.71%.
Overall, the UAE has witnessed one of the strongest property markets in recent years compared to other major cities worldwide. The high living standards in the UAE and the opportunity to obtain a temporary visa in Dubai through property purchases have contributed to the ongoing upward trend in property buying in Dubai.
Types of houses in Dubai
Real estate development companies in Dubai undertake various types of property construction based on their plans, location, and land conditions. These properties in Dubai come in the form of villas, apartments, townhouses, penthouses, hotel apartments, and more. Below, we have listed some of the different projects by these companies categorized by property type.
Buying a villa in Dubai
Buying villas in Dubai allows you to live in a famous and marvelous city and reside in peaceful residential communities with delightful and green surroundings. Beachfront villas in Dubai are also one of the villa housing options in the Emirates, situated alongside the Persian Gulf, making it a great choice for starting a new life with the advanced amenities this city offers.
Expo Golf Emaar South Dubai UAE
Parkside Emaar South Dubai UAE
Hajar Stone Akoya Oxygen Damac Hills 2 Dubai UAE
La Rosa 6 Villanova Dubai UAE
La Violeta Townhouses Villanova Dubai UAE
Eden Villas The Valley Dubai UAE
Portofino Villas Damac Lagoon Dubai UAE
Bliss Arabian Ranches3 Dubai UAE
Golf Views Emaar South Dubai UAE
To view more villas, click on Buy Villa in Dubai.
Buying an apartment in Dubai
With the presence of renowned and largest property developers and real estate development companies such as Emaar, Damac, and others in the United Arab Emirates, along with statistics like ranking third among countries with the most skyscrapers, boasting a total of 314 skyscrapers, this country has demonstrated its profitability potential in investment through buying apartments in Dubai and other avenues.
MAG 5 Boulevard Dubai South Dubai UAE
DRC Wadi Al Safa 5 Dubai UAE
Wavez Residence Liwan Dubai UAE
Skyz Arjan Dubai UAE
Samana Gulf Avenue Dubai Studio City Dubai UAE
Damac Celestia Dubai South Dubai UAE
Miraclz Tower Arjan Dubai UAE
Torino Arjan Dubai UAE
Legend Arjan Dubai UAE
Danube Petalz Al Warsan Dubai UAE
To view more apartments, click on Buying an Apartment in Dubai.
Buy Penthouse in Dubai
Buying a penthouse in Dubai is highly suitable for individuals who are fans of a life away from the hustle and bustle of the city and enjoy panoramic views of the entire Dubai. Penthouses in Dubai are different from regular apartment units as they are free from street noise and the urban hustle and bustle.
Banyan Tree Residences Jumeirah Lake Towers Dubai UAE
Seaponit Emaar beachfront Dubai UAE
The Opus Business Bay Dubai UAE
Bugatti Residences Business Bay Dubai UAE
Como Residences Palm Jumeirah Dubai UAE
St.Regis Penthouses Downtown Dubai UAE
Bulgari Lighthouse Jumeirah Bay Island Dubai UAE
To view more penthouses, click on Buying penthouses in Dubai.
Buy Hotel in Dubai
Perhaps when you want to invest in Dubai real estate, the first things that come to mind are buying property such as apartments, villas, penthouses, or townhouses. However, nowadays another option for buying or investing in the UAE is buying hotel apartments in Dubai, which are built to hotel standards and offer amenities and services equivalent to a hotel.
SLS Residences Downtown Dubai UAE
Address Downtown Hotel Downtown Dubai UAE
Address Residences Jumeirah Dubai marina Dubai UAE
Heart of Europe The World Dubai Dubai UAE
Bulgari Residences Jumeirah Bay Island Dubai UAE
Address Sky View Towers Downtown Dubai UAE
To view more hotels, click on buy a hotel in Dubai.
Buy Townhouse in Dubai
To buy townhouses in Dubai, it is a great option for those looking for a comfortable and peaceful lifestyle. Townhouses, also known as row houses, are often built in rows next to each other. These houses are typically constructed on the outskirts of the city, connected to neighboring houses by shared walls, and have separate courtyard entrances from each other.
Jumeirah Golf Estates Shaikh Mohammed Bin Zayed Road Dubai UAE
Urbana III Dubai South Dubai UAE
The Cove 2 Dubai Creek Harbour Dubai UAE
Nara The Valley Dubai UAE
La Violeta Townhouses Villanova Dubai UAE
The Park Villas Damac Hills Dubai UAE
Orania Townhouses The Valley Dubai UAE
Reportage Village Dubai Land Dubai UAE
Elora TownhousesThe Valley Dubai UAE
For more townhouse options, click on buying townhouses in Dubai.
Why Invest with Buying Property in Dubai?
The solid and convincing reason why Dubai is a great destination for investment is its economic diversity and not being heavily reliant on oil resources. Therefore, fluctuations in oil prices do not significantly affect the country's economy.
Another reason for investors' interest in buying homes in Dubai is the low crime rate in the Emirates. A considerable number of people choose this city for their immigration due to its safety. According to official statistics, Dubai ranks among the top 10 safest cities in the world for women. This high level of security has contributed to the increasing rates of property buying and selling in Dubai.
Additionally, the absence of property taxes in Dubai, high rental yields, and recreational and welfare facilities are just some of the factors that make property investment with buying a home in Dubai meaningful. Furthermore, the mentioned points, along with the use of state-of-the-art equipment in construction, have made investing in this sector cost-effective!
Cost of Buying Property in Dubai
One of the most important aspects of successful investment in any field is estimating the cost. In general, the cost of buying a house in Dubai and other locations in the United Arab Emirates depends on factors such as the property's location, type (villa, apartment, etc.), square footage, number of rooms, amenities, the construction company, and more.
Therefore, buying property in upscale and expensive neighborhoods in Dubai, such as Jumeirah, Downtown Dubai, Palm Jumeirah, Sheikh Zayed Road (where the Burj Khalifa is located), will cost more compared to other ordinary neighborhoods. However, in general, the estimated price for the cheapest house in Dubai is around 400,000 dirhams.
Cost of Buying a House in Dubai in Iranian Rial
To find out the price of buying a house in Dubai in Iranian Rial, you just need to convert the amount from Emirati Dirham to Iranian Rial. Unfortunately, due to economic fluctuations in Iran, the exchange rate is constantly changing. As of now, while we are publishing this article, 1 Emirati Dirham is equivalent to 13,395 Iranian Rials. Assuming the minimum property price of 400,000 Dirhams, the cost would be approximately 5,395,000,000 Iranian Rials. Therefore, to determine the cost of buying a house in Dubai in Iranian Rials, simply check the current exchange rate for the total property price.
Cost of Buying an Affordable House in Dubai
High-quality, well-constructed affordable properties exist in Dubai that are even less expensive than some houses in Iran! For example, areas like International City, Furjan, Akoya Oxygen, Oxford Residences, and more fall into the category of affordable neighborhoods in Dubai for buying a house.
It's important to note that the presence of affordable houses in Dubai doesn't necessarily mean a compromise in quality. Even affordable houses come with amenities like parking, convenient locations, beautiful views, and other recreational facilities. The only difference may be in the type of house and its square footage.
Additional Costs of Buying a House in Dubai
The costs of buying a property in Dubai, like anywhere in the world, are not limited to the purchase price alone. Additional costs are also added to the final expenses. These costs include:
- Costs related to property transfer and its registration
- Costs related to property taxes and real estate agent commissions in Dubai
- Utilities costs such as electricity, water, and gas
- Service charges like insurance
Conditions for Buying Property in Dubai
There are certain conditions for buying a house in Dubai, such as having a minimum property price in Dirhams for applicants, which you should be aware of and consider before purchasing a property in Dubai.
- The first condition for buying a house in Dubai is that you should have approximately 400,000 Dirhams, equivalent to about 5,500,000,000 Iranian Rials.
- According to Article 4 of Law No. 7 of 2006, foreigners are only allowed to purchase property in free zones of the United Arab Emirates, such as certain areas in Dubai.
- The prospective buyer of a house in Dubai is not eligible for a mortgage, but they can make use of the option for installment payments.
- After purchasing a property, it cannot be sold for up to 3 years.
- Buying property in Dubai is one of the ways to obtain residency in the UAE. Generally, the United Arab Emirates does not offer permanent residency. However, it is possible to obtain a temporary visa for 2 to 10 years (with the possibility of renewal) through property ownership in Dubai.
- In order to keep the residency visa obtained through property ownership valid, it is necessary to visit Dubai once every 6 months.
- Keep in mind that after receiving the specific property ownership visa in Dubai, you are not allowed to work in the UAE. To register a company and engage in business activities, you need to use other visa services like the golden visa.
What to Consider When Buying Property in Dubai?
As you know, every transaction has its own intricacies and complexities. Imagine buying a house or property in Dubai without research and investigation; what will be the outcome? You might end up entangled with uninformed and profit-seeking individuals who, with incorrect advice, can lead you into exorbitant and irreparable expenses!
Now that the importance of this matter is clear to you, let's review the impactful factors to consider when buying property in Dubai:
- One of the most important factors to consider when buying a home in Dubai is to follow the right path and consult with a reputable real estate advisor who has a good understanding of the Dubai and UAE real estate market.
- If your goal is immigration and obtaining residency, you should thoroughly examine all the rules and regulations before buying property in Dubai and the UAE.
- Before purchasing a Dubai home, determine whether your intention is for personal use or for investment through renting it out.
- Ask your real estate agent to provide you with all the property details, including full ownership, leasehold, maintenance and repair costs, payment terms, and more.
Frequently Asked Questions About Buying Property in Dubai
In general, the cost of buying a property in Dubai depends on factors such as square footage, the number of rooms, location, and more. The minimum required cost for buying a property in Dubai is approximately 400,000 dirhams.
According to the law, the possibility of buying property in the United Arab Emirates is not available for foreign individuals in all areas, and they can purchase the desired property in designated areas such as certain areas of Dubai and so on.
Generally, the possibility of obtaining permanent residency in the UAE does not exist. However, if you meet the necessary conditions, one of which is buying a property in Dubai, you can obtain a temporary visa with the potential for high renewal.