Guide to Buy an Apartment in Dubai
With more than 1,600,000 inhabitants, Dubai is the most famous and populated city of the United Arab Emirates. Dubai is well known as a business hub globally, a top destination for job seekers and one of the world’s most popular tourist destinations too.
The boom in Dubai’s real estate market began in 2004, with a government decree allowing foreigners to own freehold and leasehold properties in Dubai. Fifteen years later, Dubai has seen it’s market mature and attract many different kinds of buyers. Some foreigners buy apartments in Dubai to live in them. Some buy houses for sale in Dubai as the return on investment is higher than what banks can offer. Others buy flats in Dubai to have holiday homes in this lovely city, which is full of superb skyscrapers and wonders.
If you’re looking for apartments in Dubai, here are some things to consider:
Are you looking to live in an apartment or buying a Dubai home as an investment?
1.1. If you are looking for an apartment in Dubai to live in, you should look at already-built or soon-to-be-ready apartments. First, decide on your budget, the location you want to be in and start discussing financing options with your bank if you need a loan.
1.2. If you are looking at apartments for sale in Dubai for investment purpose, you should decide how much yearly returns you would expect and if you want to make a premium on your property value over time. Calculate the rent of the apartments over the sales price of the same apartments in Dubai to find out what your return on investment would be. For example, if an apartment is being rented for AED 100,000 annually and the sale price is AED 1,400,000, you will make 7% returns annually. For net returns, you would need to consider the service charges you will pay to the developer, as well as any interest on your mortgage.
Short-term or long-term investment
If you are buying an apartment in Dubai for investment, then the next question is whether this is a short-term or a long-term investment?
– A short-term investor should buy an apartment in Dubai with quick annual returns. Hence, he should preferably look for either built or soon-to-be-built flats in Dubai at desirable locations and with high rent.
– Long-term investors would expect annual returns along with an increase in the value of their property too. One should look for real estate companies in Dubai with plans for new locations that are close to amenities such as schools, hospitals, retail outlets, tourist activities and others.
Ellington Apartments for Sale in Dubai
We, at Ellington Properties, can offer you a select range of houses for sale in Dubai that can meet your needs depending on the location, budget and outcome you would expect from owning an apartment in Dubai. If you are looking to buy downtown luxury apartments in Dubai, then we can offer you DT1 apartments located in the heart of Dubai and a walk away from the Dubai Mall and the Burj Khalifa.
If you plan to stay close to the heart of Dubai but enjoy a more serene and quiet location, then we can offer you one of our apartments for sale in the MBR City, which is the new heart of Dubai and where we have Wilton Terraces 1 and Wilton Terraces 2. However, if you wish to go for a more affordable location, then you may want to consider our apartments for sale in Jumeirah Village Circle (JVC) in Belgravia, Belgravia 2, Belgravia 3, Eaton Place and Somerset Mews.
Buy Apartments in Dubai:
Real estate agents have plenty to do: the city has grown tenfold in the last five years and the supply of flats for sale in Dubai has undeniably increased with plenty of high-class options. Each area in the city has its own ambiance and culture, which makes the crucial question of where to buy apartments in Dubai not so easy to answer for most people.
The location of the house is of prime importance since it will depend on whether you want to go in for luxury apartments in Dubai, which are mainly situated in areas like Emirates Hills, Palm Jumeirah, Dubai Marina, Downtown Dubai or more affordable apartments for sale in Dubai that are located in Jumeirah Village Circle, Business Bay, MBR City (also known as Meydan area).
Let us take a look at some of the most popular areas in Dubai:
Downtown Dubai: This area allows you to do luxury shopping and be in the center of everything happening in Dubai. Many options with regards to apartments for sale in Downtown Dubai are available, with studios being sold at a starting price of 1,100,000 AED and 2 BD apartments for around 4,000,000 AED.
Mohammed Bin Rashid Al Maktoum City (MBR city): Attracting both public and private investors to establish real estate projects, MBR city is becoming a great destination for property buyers due to the varied supply of luxury flats in Dubai..
Jumeirah Village Circle (JVC): Jumeirah Village offers residents a real sense of community living. Coming soon to Jumeirah Village are two new developments: Al Khail Avenue at Jumeirah Village Triangle and The Circle Mall at Jumeirah Village Circle.
Choice of real estate companies in Dubai:
While choosing from among the real estate companies in Dubai, ensure you conduct thorough research about leading property developers in Dubai and then finalize on one that suits your requirements. Some important questions to ask – Do they handover properties on time? Do they often face delays? Also, what is the quality of their buildings? Try to talk to several real estate experts in Dubai’s market and get answers for each of these!
High-quality apartments in Dubai generate more rental income and mean you won’t be spending any additional money maintaining it. When looking for apartments for sale in Dubai, it is important to identify the top real estate developers in Dubai and then accordingly make your choice. You will be spoilt for choice with the abundance of options when it comes to houses for sale in Dubai that can yield high returns on your investment!
Want to meet a real estate consultant to guide you in your home buying adventure? Please send us an email at firstname.lastname@example.org. We’re here to help you invest in your dream house.
Our collection also includes villas for sale in Dubai. Find out more.