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Investing in real estate in Dubai can be highly profitable. You’ll find a wide range of apartments to suit your lifestyle and financial goals. However, the process of buying apartments in Dubai can seem intimidating, especially if you’re a first-time buyer or if you’re not familiar with the city.
Knowing how to buy an apartment in Dubai, from understanding the regulations to the exact step-by-step process to follow, will ensure that you have a smooth and hassle-free investment experience.
Are you looking for your next great investment opportunity or planning on buying a new apartment in Dubai? This guide will provide you with a comprehensive overview of the process you should follow, the benefits of purchasing real estate in Dubai and the next steps you should keep in mind to get the best possible deal.
Why Buy an Apartment in Dubai
Dubai has become a leading destination and hub for real estate investment from buyers across the globe. Known for its tax-free environment and outstanding infrastructure, Dubai has a dynamic and booming real estate market that caters to a diverse range of investors. Whether you’re looking for the perfect place to live or trying to diversify your investment portfolio, here are some of the biggest benefits of buying a new apartment in Dubai.
Benefits of Buying Property in Dubai
1) Tax-Free Real Estate Investment
One of the biggest benefits of buying an apartment in Dubai is the city’s tax-free environment. Many homebuyers are hesitant to purchase property as taxes usually eat into potential investment returns.
However, unlike many other countries, Dubai does not charge property tax, capital gains taxes or income taxes. This means that all rental income and long-term profit remain non-taxable. This makes buying property in Dubai a great option for investors to maximise their returns.
2) Steady Rental Demand and High Returns
Buying an apartment in Dubai is usually much cheaper than purchasing a villa or a townhouse, making it a highly accessible and cost-effective investment choice. The potential for rental income in Dubai is also substantial, with popular areas like Dubai Marina, Palm Jumeirah, and Downtown attracting a rapid influx of tourists and new residents every year.
This steadily drives up the demand for housing, meaning that you can take advantage of consistent growth in rental and resale prices for you real estate.
3) Modern and Luxurious Amenities
Apartments in Dubai are famous for their modern and luxurious amenities and features. Most residential buildings and communities feature world-class amenities such as gyms, swimming pools, restaurants, spas and more.
Living in an apartment with these amenities will allow you to take advantage of these services and perks without needing to worry about additional maintenance or membership fees.
Who Can Buy an Apartment in Dubai?
Dubai’s thriving real estate market attracts attention from investors around the world. Moving to Dubai is an option that many homebuyers have considered, whether it’s for work opportunities, to start a new business or to take advantage of the unique tax-free environment.
However, many potential foreign investors find themselves wondering, ‘Can I buy an apartment in Dubai?’ Here’s everything you need to know about buying property in Dubai as a foreigner or expat.
Can Foreigners Buy Property in Dubai?
Yes, foreigners can purchase properties in Dubai. There are specific areas designated as freehold zones, where foreigners can purchase property with full ownership rights (which includes the right to sell, rent and lease the property), without complex regulatory policies. Popular freehold areas include Dubai Marina, Jumeirah Lakes Towers (JLT), Downtown Dubai and Palm Jumeirah.
Foreign investors and homebuyers are generally advised to purchase real estate in Dubai with the assistance of regulated real estate agencies to ensure a smooth and legally compliant transaction process.
How to Buy an Apartment in Dubai – Step-by-Step Process
Now that you have understood the undeniable benefits of investing in real estate in this cultural hub, are you asking yourself ‘How to buy an apartment in Dubai?’
Let’s explore every step of the process, from finding the right location to moving into your dream home.
Step 1 – Choose the Right Location & Property Type
With your financial budget and preferences in mind, the first step to buy a new apartment in Dubai is searching for the right property. You should consider key factors like the location, property size and future resale value. Try to visit various properties in person to determine if it’s the right investment for you.
Step 2 – Secure Financing (Mortgage or Cash Purchase)
If you plan on financing your apartment purchase with a mortgage instead of paying in cash, you need to get pre-approval from a bank before moving forward with your investment journey. You should not only consider the apartment’s actual purchase price but also additional costs like service charges and maintenance fees.
You will need to be prepared to provide a deposit, which is usually between 20-25% of the purchase price. Banks in Dubai usually offer investors up to 80% financing for purchasing property, although this may vary based on your existing financial profile.
Step 3 – Get in Touch with Our Expert Agents
Finding the right real estate company to partner with is a crucial step to buy a new apartment in Dubai.
We are a licensed real estate brokerage company that provides sales and rental services for properties across the UAE, including Dubai. As one of the best real estate agents in Dubai, Open Home Group’s team of experts can help you with every step of the purchasing process, including advisory services, investment consultancy and property management.
Step 4 – Understand the Legal Documentation & Contracts
When purchasing an apartment in Dubai, you will need to ensure that you have the right legal documentation and are aware of the necessary contracts. First, you will need your passport, visa, proof of funds and mortgage approval documents (if this applies to you).
Other legal documents you’ll need include a purchase agreement, a No Objection Certification (NOC), a title deed, and proof of the seller’s identity.
Step 5 – Pay Fees, Taxes & Finalise the Transfer Process
This step involves transferring ownership at the Dubai Land Department (DLD). This process includes paying the transfer fee, registering the property in your name, submitting relevant documents, obtaining a new title deed and finalising the transfer process.
Step 6 – Get Your Title Deed & Move In
Once the final payment has been completed and you have received the title deed, the apartment will be yours. It’s time to move in and kickstart your dream life!
Best Areas to Buy an Apartment in Dubai
Dubai has something to offer for every homebuyer. To make your selection process easier, we have created this list of the best areas to buy an apartment in Dubai.
The Hillgate
The Hillgate is an upcoming property development in Dubai Silicon Oasis. It will feature a wide range of available apartments, from studios to 4-bedroom duplexes. This property includes exciting amenities, including a swimming pool, an indoor gym, dedicated yoga spaces, a club lounge and much more. It is also conveniently located near schools, universities, parks and the Silicon Central Mall.
Ellington Cove
Ellington Cove is the perfect blend of modern design, leisure, connectivity and privacy. From dedicated areas for relaxation to premium beachfront apartments, this development has it all. Ellington Cove also offers luxurious amenities and features such as a running track, fitness centre, swimming pool, restaurants, retail outlets and 24/7 security.
Palm Jebel Ali
Palm Jebel Ali is the definition of luxury living. Specifically designed to combine distinctive architecture with style and quality, this development is well known for its connectivity. Located just minutes away from the city, Palm Jebel Ali plays a key role in the Southern urban hub. It also offers amenities such as a supermarket, swimming pool, gymnasium and kid play area.
Athlon
Athlon by Aldar Properties is Dubai’s first active living concept development. A new master community designed to reinforce the concept of active living, this property focuses on the importance of physical wellness and incorporates design elements that encourage daily movement. This community features walking and cycling paths, green spaces and sustainability initiatives.
Samana Lake Views
Situated in Dubai Generation City, Samana Lake Views offers premium 1 and 2-bedroom apartments that combine convenience with style. This development is also equipped with world-class amenities including infinity pools, restaurants, dining outlets, parks and a laser area.
FAQ
- Can foreigners buy an apartment in Dubai?
Yes, foreigners can buy apartments in Dubai. By following a few straightforward steps, foreign investors can take advantage of Dubai’s thriving real estate market.
- Is it better to buy a ready or off-plan apartment in Dubai?
Deciding whether to buy a ready or off-plan apartment in Dubai mainly depends on your priorities and investment goals. Off-plan apartments usually have lower initial costs and higher potential for capital appreciation. Ready apartments allow buyers to immediately move in and quicker rental income, but at a higher price.
- How long does it take to buy an apartment in Dubai?
The process of buying an apartment in Dubai can take anywhere between 2 to 10 weeks. However, this process may be longer if you plan to purchase the property with a mortgage.
- What legal requirements should I be aware of when buying property in Dubai?
Before buying property in Dubai, you need to ensure you have the right documents, navigate foreign ownership policies and understand the importance of the title deed transfer process.
- Can I rent out my apartment after purchasing it in Dubai?
Yes, you can rent out your apartment after you purchase it. Many foreign investors and homebuyers choose to rent the properties they purchase in freehold areas to generate a steady flow of rental income.
- Are there any taxes on property purchases in Dubai?
No, Dubai does not impose taxes on property purchases. However, when buying an apartment, you will have to pay a property transfer fee.
- What is a good time to invest in Dubai real estate?
Dubai’s real estate market is currently booming, attracting investors from around the world. With its steady economic growth and exciting property developments, now is the perfect time to invest in Dubai’s real estate market.
How Open Home Group Can Help You Purchase Your Apartment In Dubai
Buying an apartment in Dubai is a smart and highly rewarding investment. Whether you’re looking for a studio apartment or a large duplex for your family, Dubai’s real estate market has something for everyone.
Are you looking to buy a new apartment in Dubai but are unsure of where to begin? We can help. Open Home Group is a licensed real estate brokerage company that focuses on delivering services that are tailored to your exact needs. Our team of over 500 experts can help you navigate every step of the process of finding and purchasing your next dream home. Get in touch with our experts today.
