Nowadays, owning a property in Dubai is a dream of many people. What will you get except a flat in the city of the future?
Good and Bad Sides of Living in Dubai
Some cities are gloomy and busy like New York, others are warm and easy-going like Los Angeles. They all come with their pros and cons. Dubai is no exception. Before you pack your suitcases, you should get acquainted with the city’s pretty and not-so-pretty sides.
Let’s start from the best aspects of living in Dubai:
- Dubai is a multinational city. People all around the world come to Dubai and find their second home.
- Dubai is tax-free. There are no income taxes in Dubai and other parts of the UAE.
- Public transportation. Dubai has one of the most robust public transportation systems in the world. The city has over 1,500 buses and a completely driverless subway system with 56 stations that can take you anywhere in Dubai.
- Low criminal Dubai has one of the lowest crime rates when compared to other big cities.
- From shopping and going to safari to skinning and skydiving – you won’t ever get bored.
Dubai is an amazing city to live in, but like any other city it has its downsides:
- The average annual temperature there is almost 30 °C – summer is the only season there.
- Lack of nature. Since Dubai is located in the desert, there are not that many green places.
- No permanent citizenship. All foreigners must have a visa to stay in Dubai.
- School fees. Dubai annual school fees are ranging from AED 12,723 ($3,463) to AED 64,093 ($17,448). These fees don’t include books, uniforms, and transportation.
How to Buy a Property in Dubai
The first thing to do is to decide where you want to live. Mind that foreigners cannot buy property outside the Dubai freehold areas. Fortunately, freehold districts include some of Dubai’s most popular areas such as Business Bay, Palm Jumeirah, Dubai Marina, Jumeirah Village Circle, and others.
The next step is choosing a platform for conducting your search. One of the best platforms with the largest range of real estate options to buy in Dubai is Metropolitan.
Do you want to buy property in Dubai? Then, visit the Metropolitan website, view all available options, and decide which property suits you and your budget the most. On the website, you will be able to see photos and read a small description of each property. You can also contact an agent (find his or her contact info in project details to any property). The agent will direct you through the process of buying a property.
What You Have to Take into an Account upon Buying a Property
Anyone with sufficient funds can buy real estate in Dubai. Here are the legal steps you need to do to buy property in Dubai:
- Establish a buyer and seller agreement
- Sign the agreement of sale
- Apply for a no-objection certificate
- Arrange the transfer of ownership with the Dubai Land Department
It’s important to do everything according to the law. Try to discuss your plans with a real estate agent beforehand.
Buying property may seem like a daunting task, but in the long run, the advantages of it will overshadow any bad sides. For example, by purchasing a property in Dubai, you can extend your time of staying in the UAE. Although, there are certain conditions:
- A three-year residence visa allows staying in the UAE for three years. It can be obtained by buying a property for over AED 1 million ($272,258).
- A five-year residence visa allows staying in the UAE for five years. To obtain it, you must retain your investment for at least three years and invest over AED 5 million ($1,361,290) in a property.
- A ten-year residence visa allows staying in the UAE for ten years. A ten-year visa is only available for foreigners who invested over AED 10 million ($2,722,581) and at least 40% of this sum must be invested in property. They have to retain their investment for at least three years as well.
Most buildings in Dubai have their facilities and amenities. By owning an apartment in one of those buildings, you will have access to:
- sauna and spa;
- fitness center;
- business lounge;
- meeting hall;
- swimming pool;
- 24-hour security.
Dubai’s Land Department supports real estate investors. That is why there is no stamp duty in the UAE and property taxes are generally low. In the Emirate of Dubai, the real property tax amounts to 4% for property price.
Market of Property in Dubai
If you are looking for a house to buy, Dubai has the best price-quality ratio. For example, the average cost per square foot in Dubai is $248; meanwhile, in Manhattan, New York you will pay a staggering $2,152 per square foot.
To better understand the prices, check out the table below. The table displays three property types with three examples of each one in low-average-high price order.
|Perfectly priced villa with cozy ambiance |1BR||Villa||Akoya Oxygen||744||1||AED 627,000 ($170,800)|
|Near to Pool and park 1 Stunning 2 BR Urbana||Townhouses||Dubai South City||1,159||2||AED 994,888 ($270,900)|
|Genuine Listing | Large Studio | Ready to move in||Apartments||Jumeirah Village Circle||536||studio||AED 350,000 ($95,300)|
|Unique 3BR Villa| Huge terrace | Full Marina Vie||Villa||Dubai Marina||3,274||3||AED 4,500,000 ($1,225,200)|
|Breathtaking Sea view | Sunlight filled Townhouse||Townhouses||Palm Jumeirah||3,996||2||AED 3,500,000 ($953,000)|
|Corner Unit | Largest Layout | Burj Khalifa view||Apartments||Downtown Dubai||1,445||2||AED 4,000,000 ($1,089,100)|
|Signature Villa | Sea & Skyline View | Private Beach||Villa||Palm Jumeirah||7,000||5||AED 18,000,000 ($4,900,700)|
|Front Row | Sea View | 2min walk to La Mer beach||Townhouses||Jumeirah||6,824||5||AED 11,800,000 ($3,212,700)|
|High Floor Amazing 4 Bedrooms in IL Primo Downtown||Apartments||Downtown Dubai||5,253||4||AED 20,005,888 ($5,446,800)|
With its advantages and disadvantages, one thing is for sure – Dubai is a unique place. If you can’t bear the heat, then this city is probably not for you. In other cases, Dubai is always ready to welcome you. Do you want to be a part of the community? Then, visit Metropolitan to find the best apartments and houses for sale.