To Buy Apartment In Dubai
Flats for sale in Dubai are generally sold as commonhold properties. A commonhold property is when multiple investors own different flats in a building and collectively pay fees for maintaining common areas. These fees are known as service charges and are usually collected by the building owner/developer. Commonhold properties are similar to freehold properties where you can rent, sell and inherit a commonhold apartment in Dubai.
to buy apartment in dubai
Popular freehold areas for expats looking for apartments in Dubai for sale include Palm Jumeirah, Downtown Dubai and Dubai Marina. Those looking for affordable freehold apartments in Dubai can find them in Jumeirah Village Circle (JVC), Town Square, International City and Liwan. Freehold areas popular with GCC and UAE Nationals include Deira, Al Qusais, Al Nahda and Dubai Silicon Oasis.
While these are all ready to move into properties, investors can also choose to look at off-plan flats in Dubai. Off-plan units are generally sold directly from the developer before they are even built, typically on a payment plan. This makes the price for these apartments much more affordable compared to ready properties especially since the downpayment is much lower than the 20% average common in the secondary market. Popular areas with off-plan properties include Downtown Dubai, Akoya Oxygen, Meydan City and Mohammed Bin Rashid City.
Some of the most popular areas to buy apartments in Dubai consist of a mix of luxury and affordable neighbourhoods. Luxury apartments are found in areas such as Palm Jumeirah, Downtown Dubai, Dubai Marina, The World Islands, Jumeirah Bay Island and Jumeirah Beach Residence (JBR). Affordable communities with apartments for sale include Al Mamzar, Dubailand, International City, Liwan and Town Square.
Dubai flats for sale include studio units priced from AED 160k to AED 2.1M with the higher-priced units found in areas such as Palm Jumeirah and The World Islands. 1-bedroom flats for sale in Dubai cost upwards of AED 239k in neighbourhoods like Dubailand and can go up to 6M in The World Islands. 2 BHK flats in Dubai can be bought for prices of over AED 440k in communities such as Liwan and AED 720k in Dubai Marina. The 3-bed Dubai apartments for sale are generally priced above AED 680k in Dubai Silicon Oasis and can go all the way up to AED 58M in Palm Jumeirah. The highest price for a 4-bed flat for sale in Dubai is AED 37M in Business Bay. 5-bedroom apartments in Dubai range from AED 2.1M to AED 45M, with many of the properties found in Downtown Dubai.
Dubai is known to offer healthy rental yields for those who choose to invest in the emirate. The highest ROI is offered in areas such as International City, Dubai Silicon Oasis (DSO) and Jumeirah Lake Towers (JLT). The ROI in International City is 9%, DSO offers a rental yield of 8.2% and JLT has an ROI of 7.9%. The Dubai apartments for sale in areas such as Downtown Dubai, Dubai Marina and Palm Jumeirah all offer a good ROI of over 5.4%.
The first step when it comes to buying an apartment in Dubai is to search for your desired property. The filters on Bayut help to tailor the selection according to your requirements. If you are an expat, then the question of can I buy an apartment comes up, expats can buy apartments in freehold areas for all nationalities. Once you have selected an apartment to invest in and spoken to the seller, the next step is for the buyer and seller to agree on the terms of the sale through a Memorandum of Understanding (MOU) which is signed by both parties. When signing an MOU the buyer has to pay a deposit for the property, which is generally calculated to be 5% to 25% of the property value. Then a No Objection Certificate (NOC) needs to be issued from the developer after which the Dubai Land Department (DLD) will transfer the ownership. If an investor is considering getting a mortgage, then the respected banks will need to get involved.
As per the rules from the Dubai Land Department (DLD), the buyer is required to pay a registration fee of 4% of the property value for all properties, irrespective of whether it is ready or off-plan. On top of the 4%, there are also administrative fees which can be a maximum of AED 5k. Another cost when buying an apartment in Dubai is the agency commission. Normally, you would also hire a broker/real estate agent, and the general rule for their commission is 2% but this can be negotiated with your agent. Those who are using conveyancing services will also have to pay that fee. It is used to authenticate the legal and financial process of transferring the title deed. This is generally 1% of the property value. Since the introduction of VAT in 2018, all the above-mentioned charges are also subject to the 5% VAT charge.
If you want to buy a flat in Dubai, another charge to be considered is the annual service charges which are prorated charges for that year, payable by all apartment owners. The service charges are payable to the developer of the building and are regulated by the DLD to protect both parties. Service charges range anywhere from AED 10 per sq.ft to AED 45 per sq.ft. This depends on the location and the quality of your building.
A separate charge for those looking to buy an apartment in Dubai is the district cooling/chiller charge for the air-conditioning and cooling of the unit. The owner generally takes care of this charge and it is payable every month. The main district cooling suppliers in Dubai are Emicool and Empower.
Prospective buyers in Dubai that are looking to find apartments will find that they have many options to choose from in the market. The high-end luxury apartments that are for sale maintain the high standards that is synonymous with Dubai. Some of these amazing features that these properties come with are infinity pools, gorgeous views of the Dubai skyline, and private gardens and leisure facilities. Most of the high-end apartments feature some of the best of amenities, including a pool and gym, amongst others. The more exclusive apartment buildings also have concierge services and valet parking on offer.
To meet their growing demand for accommodation, the local real estate market offers an abundance of apartments to buy in Dubai. Depending on your budget, you can choose from affordable studio apartments, family options with one, two or three bedrooms to more spacious luxurious penthouses and duplex and triplex units (with rooms located on two or three floors of an apartment building).
The cost of apartments in Dubai varies depending on location, their living space, floor plan and amenities available in the development. The price of an average studio unit ranges from AED 160,000 to AED 2,100,000. The cost of a one-bedroom unit starts at AED 239,000 and can reach AED 6,000,000 in the most popular luxurious projects like the World Islands. When it comes for more spacious units, prices may go up to AED 45,000,000 (for a five-bedroom apartment in Downtown Dubai).
It is worth investing in an apartment in Dubai even if you are not going to rent it out. A studio or a one-bedroom apartment can be a great option for holiday accommodation in the prestigious city with plenty of high-end holiday facilities.
Whether you are looking for an apartment in Dubai for personal use or for investment, Emirates.Estate will provide you with the best apartment deals in the most popular development projects that will perfectly suit all your requirements. All property listings on our website are verified and include detailed descriptions, photos, actual prices and neighbourhood descriptions.
The final type of property is commonhold, which are most like condominiums in other countries. Owning a commonhold property gives you the right to buy, sell, rent or pass the property down as an inheritance, much like a freehold property. However, commonhold properties are typically apartments, and owners are required to pay maintenance fees for the building and its common areas, which are most often owned by the developer.
The Emirate of Dubai is renowned for its extravagant lifestyle, world-class facilities and top-of-the-line amenities. That being said, purchasing a luxury apartment in Dubai and availing of all of these facilities is a dream come true for many people. Buyers can choose from a myriad of luxury apartments ranging from high-rise penthouses to sea-front apartments. However, distinguishing between luxury and affordable areas to purchase an apartment is a difficult task. To cater to this, here we have listed the top luxury areas to buy apartments in Dubai.
You can choose from a wide range of apartments for sale in Dubai Marina, including studio, 1,2 and 3-bedroom apartments and 4 and 5-bedroom penthouses. The average sales price of apartments in Dubai Marina is AED 1,923,000, with an estimated ROI of 6.99%. Marina Diamonds, Manchester Tower, Marina Gate, Marina Pinnacle and DEC Towers are the most popular residential complexes in the area.
The next luxury area to buy an apartment in Dubai is Business Bay. As evident from the name, Business Bay is a mix-use area with commercial and residential buildings. The neighbouring areas of Business Bay include DIFC and Downtown Dubai, which makes it accessible from different parts of the city.
The residential apartments for sale in Business Bay are available in studio, 1,2,3 and 4-bedroom and spacious duplex layouts. Due to its prime location and amenities, the starting price of apartments for sale in Business Bay is AED 1,612,000. In 2022, for a studio apartment, buyers had paid around AED 835,000 and AED 3,225,000 for a 3-bedroom apartment. The estimated ROI yield of apartments in Business Bay is around 5.67%. Apart from apartments, you can also find a number of penthouses and hotel apartments located in this area.
If you are looking to purchase an apartment in the centre of the city then Downtown Dubai is for you. As the name suggests, Downtown is located in the centre of the Emirate and is home to a number of iconic landmarks. Residents of Downtown Dubai can leverage a scenic view of Burj Khalifa and Dancing Fountain from their balcony. 041b061a72