Housing in Dubai, the UAE: options available for everyone

Dubai is the largest city in the UAE. It was divided into a couple of areas, there are business areas, a commercial area, a historical part, as well as a residential area. And of course, in a city that has grown on tourism and petrodollars, you can find a huge number of luxury housing offers in Dubai. Off-plan in the UAE is in especially a great demand.

Dubai will be interesting for many foreign investors, but mainly for those investors who want to earn as much as possible on rent as the owner. It is this city, being considered an economic center, that makes it possible to rent out real estate in a short time and with excellent profit.

Property for sale in Dubai

For those who care about their own funds, the fact that there are no certain types of taxes is also important: corporate income tax, capital increase tax, personal income tax, and income repatriation tax. And for this reason, the cost of housing here is relatively low, in particular, this applies to secondary housing.

The way to buy quality housing in the UAE

Today, in order to buy a home in the UAE, you do not need to have huge amounts of money. An average resident can offer even a small apartment in Dubai. The price of housing depends on its layout, distance from the coast, view from the window opening, area and, compared with private housing, the adjacent plot. You can also buy from the developer off-plan with a minimum down payment and installments for the entire construction period.

The UAE has a law that allows any foreigner to buy housing in Dubai. In the economic region of this city, prices for primary real estate reach about USD 3,000 per 1 square meter, but you can find examples at a price of about USD 10,000. Ordinary housing will cost about USD 120,000, and a two-room apartment – from USD 200,000. In the capital, prices are not very different. In Ajman, a studio apartment can be bought from about USD 73,000, a two-room apartment will cost from USD 120,000 or more.

Prices for resale property in Dubai start from USD 3,500 per 1 square meter, that is, a one-bedroom apartment will cost about USD 150,000 and more. These are the main areas in which the real estate business is developing well, other areas are still starting and the prices there are from USD 1,300 per 1 square meter.

When choosing housing, take into account the fact what the location of housing is: 

• Abu Dhabi and Dubai are metropolitan areas in which almost all business regions are located; 
• Um Al Quwain and Ras Al Khaimah are the choice for those who prefer history and culture.

When purchasing an apartment, first find out who has the right to implement it, because not everyone has this right. Thus, you can save yourself from future difficulties with construction companies. When purchasing a home in Dubai, it is imperative to register with the regulatory and legal regulation agency in the Land Department.

If you want to buy cheap housing, then it is worth buying an apartment at the stage of construction before signing the agreement, and make a deposit in the amount of 5-15% of the price of the apartment. As soon as this contribution has been made, you are provided with an invoice and a preliminary agreement (for its preparation, a passport is needed). It contains all the characteristics of housing and the payment schedule. Further payments of funds are organized until the full completion of the construction with an agreed period of time. These standards may be assigned by a housing construction company in the UAE, for this reason, in some cases, they diverge from the above scheme.

Secondary house market state

When you purchase a secondary property, the owner of the property determines the markup. And another 2% of the property price you have to pay to the Land Department for reissuing the contract. Real estate agency services account for about 2%. To re-register in the name of the new owner requires a buyer with a representative of the real estate agency. The whole process takes a couple of days, and in the end you will be provided with this document.

Freehold operates in Dubai, allowing foreigners to acquire real estate in full ownership along with a plot of land. In other emirates, this right has not been approved, and only the rulers of this area issue permission.

The UAE has the right to a long-term lease for a period of 99 years, even you can renew it. It also allows you to resell, rebuild, or sublease. From the point of view of the law, it is less protected. This right is mainly valid in Sharjah, however, it has been widely used in Dubai.

Real estate in Dubai

Emirates.Estate website allows you to search a huge database of real estate in Dubai. Various options, meeting any imaginable budget and requirement preferences will surprise you.