Buy 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.

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.