With the world still reeling under the impact of COVID-19, Dubai, the jewel of the Middle East has put up arduous efforts to keep the economy going. Yet the shockwave has rippled across various sectors including tourism, hospitality, retail, transport and real estate and the economy remains significantly volatile. In the current market scenario, experts opine Dubai property prices are unlikely to go up anytime in soon. This brings out the silver lining in the cloud for the investors since the time is now ripe to invest in Dubai real estate.
Moreover, statistics show that despite the 12.4% fall in property prices compared to the first half of 2019, Dubai’s property transactions still record impressive levels of activity. According to UAE’s Government-owned property developer Nakheel, Dubai’s housing market is recovering with baby steps. The growing stability further makes this the ideal time to buy a property in Dubai.
In this article we will try to gain an in-depth knowledge about the different types of property for sale in Dubai, the steps involved in buying a property, popular areas for investing in your dream home or commercial space and the current pricing trends.
If you are a buyer looking forward to purchase a property in Dubai, there are few factors you should bear in mind.
Now that we know the difference between freehold and leasehold properties, let us explore the different types of properties that are up for sale in Dubai. Broadly they can be classified into two groups:
Studios and 1,2,3 bedroom apartments:
Apartments are available in different configurations ranging from studios to 3 bedroom units. Studios mainly comprise of a self-contained unit with a large main space. Other bed types have one or more rooms. The apartments mostly come with a bundle of facilities like 24/7 security surveillance, gym and shared swimming pool.
Spread over two floors, duplexes are spacious apartments. Duplexes are mostly scattered across Jumeirah Beach Residence, Jumeirah Village Circle, Silicon Oasis, Dubai Marina, Business Bay and Downtown Dubai.
Commonly confused with Duplexes, Lofts usually have a smaller second floor which overlooks the first floor of the unit. Duplexes, on the other hand, comprises of two whole floors. Lofts are most popular in Jumeirah Beach Residence, Downtown Dubai and Dubai Marina.
Hotel Apartments are mostly concentrated on Downtown Dubai, Al Barsha and Barsha Heights with Downtown Dubai being the top choice.
Penthouses exuding unparalleled luxury with panoramic views and elegant rooms have walk-in closets, en-suite bathrooms, pools, private elevators and a bouquet of other amenities. Palm Jumeirah, Jumeirah Beach Residence, Dubai Marina and DIFC have awe-inspiring penthouses for sale. The iconic Burj Khalifa houses few alluring penthouses too!
Villas come with private gardens, attached garages and bigger living spaces and are perfect for big families. They can be attached, semi-detached and detached. Attached villas offer shared facilities whereas semi-detached and detached villas offer more privacy. Villas can be purchased in two types of developments:
Villa communities in Dubai have picturesque villas with lush green landscape. They are relatively large and come with a host of facilities. The most popular villa communities can be found at Jumeirah, Mirdif, Arabian Ranches, The Springs, Al Barsha, Dubailand and Dubai Hills Estate.
In addition to villa communities, villas are also up for sale in smaller compounds in Dubai. Generally, the villa compounds are a group of 25 to 50 villas with shared facilities like pools and gyms.
Townhouses are often confused with villas, however, the most important factor that differentiates a townhouse from a villa is that townhouses typically shares a common wall with another unit. On the other hand, most villas are independent properties. Townhouses can be attached or semi-attached and range from 3 to 6 bedroom units. Beautiful townhouses are available for sale in Arabian Ranches, Akoya Oxygen, Jumeirah Village Circle, Dubailand and Jumeirah Golf Estates.
Both furnished and unfurnished office spaces are available for sale in Dubai.
The emirate offers commercial office spaces from as little as 216 sq.ft to over 45,000 sq. ft. Business Bay, Sheikh Zayed Road and Jumeirah Lake Towers remains the premium choice for buying office spaces in Dubai.
Co-working spaces entails minimal capital requirements and offers a lot of flexibility and hence is hugely favored by start-ups and entrepreneurs. Few noted co-working spaces in Dubai are Our Space, Nook, The Bureau Dubai and the Nest.
From small outlets to large retails spaces, popular areas with shops for sale in Dubai include Business Bay, DIFC, Meydan City and International City.
Dubai has an impressive listing of warehouses available for sale. Dubai Investment Parks, Ras Al Khor and Al Quoz are among the best areas to rent warehouses in Dubai.
Showrooms are available for sale in Ras Al Khor and Al Quoz.
Jumeirah, Al Safa, Al Wasl and Umm Suqeim houses the best commercial villas in Dubai.
Spread across commercial towers and business centres, commercial floors are available for sale in Dubai Internet City, Business Bay and Jumeirah Lake Towers.
Commercial buildings for sale usually comprise of business centres, hotels, apartment complexes, hotel apartments and office buildings. Dubai Investment Parks and Deira have a good collection of commercial buildings in Dubai.
A variety of commercial plots are available in Jebel Ali, Al Quoz and Al Barsha.
As a commercial property, there are two types of land available in Dubai- industrial land and mix-use land. Al Quoz, Al Warsan and Jebel Ali Freezone have industrial lands ideal to set up a business. For mix-use lands investors can explore Jumeirah Village Circle, Business Bay and Al Jadaf.
Both purpose-built and general use factories are available for sale in the industrial areas of Al Qusais, Dubai Investments Park and Dubai Industrial Park.
Labor camps provide a cost effective solution for businesses in providing accommodation for its staffs. Labor camps are available for sale in Al Quoz, Dubai Investments Parks, Jebel Ali and Muhaisnah industrial areas.
The following points should be considered before investing in the Dubai Real Estate:
Property can be purchased for personal use or can be an investment for rental returns. If you want to buy a property to live personally, you would like to ensure that all civic amenities like schools, hospitals, supermarkets are available at an arm’s reach.
Multiple perks like easy and transparent procedure, lofty capitalization and high yield in the Dubai real estate market makes buying properties with investment plans profitable with high return on investments.
Research online about the preferred area for buying. Comparing different communities and neighborhoods will give a fair idea about the pros and cons of living in those areas and the investor can choose what suits him best.
Choose an agent and look out for buildings constructed by reputed builders. Factors like the age of the building, maintenance and annual service charges should be kept in mind while making a decision.
Once you make up your mind about the property, the buying process can be initiated. The process can be summed up in the following points:
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The following tips should be kept in mind before renting a commercial space in Dubai:
Business license and all other documents have to be kept updated and ready for submission once you decide to buy a commercial space. You can buy a property on-shore or in a free-zone depending on the scope of your license.
Understanding the real estate market is important to decide on the budget and select the right location where you want to buy.
Going for units that offer flexible and optimal payment plans will help you better manage your budget.
Always zoom in your search to a list of reputable builders who have proven industry credentials.
The top choices for investing in a property in Dubai are Dubai Marina, Palm Jumeirah, Jumeirah Beach Residence, Downtown Dubai and Barsha Heights. Posh locality, high standard of living, easy access to all civic amenities and entertainment centers like shopping malls and sports complexes contribute to the popularity of these communities and neighborhoods.
The price of studios in Dubai Marina starts from AED 390k. Investors will have to pay a minimum of AED 647k for freehold properties in Palm Jumeirah. To buy a studio in Barsha Heights prices start from AED 400k. 1 bedroom apartments start from AED 500k and 2 bedroom units start from AED 899k. Studios is Downtown Dubai commands a starting price of AED480k. Investors looking forward to invest in a studio in Jumeirah Beach Residence should be ready to shell out AED 770k while 1 bedroom apartments comes with a price tag of AED 960k.
Duplexes for sale are available at a starting price of AED545k.
The price to buy penthouses starts at AED 3M.
Investors can buy villas for a starting price of 1.7 M. The selling price of townhouses in Arabian Ranches, Akoya Oxygen, Jumeirah Village Circle and Dubailand starts at AED 1M.
Shops for sale are priced at AED 245k in popular areas like Business Bay, DIFC, Meydan City and International City.
Warehouses for sale have a price range of AED 1M to AED 73M.
Commercial floors in Dubai comes at a minimum cost of AED 3.2M.
Deira and Dubai Investments Park have a good collection of commercial buildings in Dubai with a starting price of AED 900k.
A commercial plot in Dubai comes with a price tag of AED 1.3M and can go up to AED 175M.
Mixed-use commercial land for sale is available from AED 2.7M. To buy industrial land the minimum budget is AED 850K.
Factories for sale in Dubai are available in the price range of AED 150k to AED 34M.
Labor camps are priced between AED 2.8M and AED 110M for sale in Dubai.
As they say, time is money. If buying a property in Dubai is something that you have always dreamed of, now is the time to live your dream! Get in touch with us today and we will help you build the memories of a lifetime.