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Palm villa

Live in Dubai’s Apartment Or Villa?

Villas and apartments are both very popular options for residential properties in Dubai. Whether you are buying or renting, both options are available in different sizes, price ranges, styles, and locations. As such, residents may at times find it hard to decide which type of properties will suit them better. If you can’t decide between living in a villa or apartment in Dubai, this post is just for you. We have uncovered some of the main factors to consider so that you can easily and confidently make an informed decision. Price and Size For most people, price and size are among the most important factors while buying or renting a property. Generally speaking, apartments tend to have a lower entry price than villas in Dubai because villas usually offer a bigger internal space in addition to an external terrace or garden area. Of course, size directly impacts the price you end up paying. In other words, a 3-bedroom apartment is more expensive than a 2-bedroom apartment or studio in the same building. However, you may find a reasonably priced 3- bedroom villa 30 minutes away from the downtown that can actually cost you less than a two-bedroom apartment located in the center. So, it all depends on the location which we will talk about next. Location The other main factor to consider while deciding between a villa and apartment in Dubai is location. Some locations in Dubai offer a wide selection of sales and rental properties, but in many areas your choices are rather limited. For example, Downtown Dubai — one of the top neighborhoods located in the city and popular among buyers and renters for its central location — mainly offers apartments. A prospective resident is likely to find it difficult to get a villa in these parts. In contrast, suburban communities — like Dubailand — almost exclusively have beautiful townhouses and cozy villas. Maintenance costs It is important to understand the various maintenance costs involved in an apartment vs. a villa in Dubai. Generally speaking, villas are costlier to maintain than apartments for an obvious reason: A larger space and the lack of shared services (unlike an apartment located in a building). Lifestyle Which is a greater priority for you — convenience or privacy? If you said convenience, an apartment in Dubai is likely to suit you better. Because apartment towers in Dubai tend to be more centrally-located than villas, they are much closer to commercial hubs and leisure activities. But if you value privacy more than convenience, a villa is likely to work out better for you. In Dubai, villas are almost exclusively located in gated communities or residential areas a little away from the urban hubbub. Because these villas provide a quiet environment, they are perfect for families, especially ones with children. On the other hand, single professionals who want to live near the city center or couples looking for a property that’s a few minutes walk from malls or entertainment options might prefer the convenience of living in an apartment. Likewise, those who like having a private outdoor space or hate using the lift might prefer the privacy of a townhouse or villa. By contrast, social butterflies may like living in an apartment complex, where they can have more opportunities to chit-chat with the neighbors. Several trendy villa communities in Dubai — like Emirates Hills — also house nurseries and schools. Therefore, they are a great choice for families with kids. Budget-conscious buyers or renters, however, can consider living in apartments in popular integrated communities, like Jumeirah Village Circle or Mohammad Bin Rashid City, since they offer beautiful apartments and also feature schools and nurseries. Views For some buyers or renters this is not an important factor, but for some others the surrounding views is a big thing. Some high-luxury apartments offer unparalleled views, though they usually come with a steeper price tag. If you like to enjoy sweeping views of the Arabian Sea, you may consider a high-floor flat on Jumeirah or the Palm. On the other hand, those who prefer impressive Burj Khalifa or city skyline views are more likely to find apartments in Downtown Dubai to their liking. Many Dubai villas, in contrast, offer charming greeneries and lake views or golf course views. So, the choice between the two—villa and apartment—may also depend on your personal preference when it comes to the type of surrounding views. Amenities Last but not the least, you may also want to consider the facilities and amenities you will have access to. For instance, if you rely on Dubai Metro to commute to your office, an apartment might be a good choice. That’s because most villa communities are little farther away from Dubai Metro. On the other hand, apartment towers usually offer a shared pool and gym while villa communities offer more extensive facilities, like jogging tracks, tennis courts, community parks…etc.

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Harrington House

Five reasons to invest in a new property in Dubai

Growing at a faster rate than most other cosmopolitan cities, Dubai is replete with skyscrapers, idyllic spots, picturesque water views, and more. From the world’s largest artificial islands built in the shape of a date palm tree to the world’s tallest tower, Dubai has a lot that impresses anyone landing here for the first time. Looking to purchase property in Dubai? The real estate market here is as diverse as you can imagine and includes not only a standard commercial and residential inventory but also high-rise buildings, detached houses, and ultra-modern complexes. Plus, Dubai is ideally located between Asia, Africa and Europe, which is a big reason why experienced real estate investors from all over the world flock here. Here are top 5 reasons why investing in a new property in Dubai right now is a smart decision. Trustworthy, regulated real estate market The latest Global Real Estate Transparency Index from JLL ranks Dubai (along with Abu Dhabi) as the most transparent market in the entire MENA region. This index is regarded as key indicator of the health of the real estate market of any city. The government understands the importance of having transparent real estate policies, which is essential for attracting a lot of foreign investments. A case can be made for the new Open Data Law. It paves the way for the sharing of non-confidential data between non-government and government entities without any obstacles. What’s more, the Real Estate Regulatory Agency is also doing its bit to streamline processes. For instance, it has introduced several measures in the past few years to make Dubai’s real estate more regulated. Today, its real estate market is as well regulated as any other top international destination, like Singapore or Paris. Stable economy Dubai is no longer just an oil-dependent economy. Instead, the UAE has diversified its economy immensely in the last several years by developing other sectors like manufacturing and tourism. Dubai features many tourist attractions, like Palm Jumeirah and Burj Khalifa, and the ongoing 2020 Expo is expected to deliver a further boost to its travel and tourism industry.    Attractive Rental Yields Dubai, unlike many other cosmopolitan cities, offers a high ROI, which stands for return on investment. A key component of real estate returns is rental income. In contrast to capital appreciation, rental income matures immediately. Capital appreciation, on the other hand, is attainable only when you sell a property or release considerably home equity through a home loan. Dubai apartments achieved a 7% rental yield last year on average, despite the global slowdown due to the Covid-19 pandemic. Villas in Dubai, in contrast, registered a 5% ROI. In simple language, it means that if you buy a 2-bedroom unit for AED 1,000,000 and rent it, you will be able to recover the entire property value in 14 years only, even if the rental rate doesn’t grow further. Safety & High Living Standards Another reason to buy a new property in Dubai is its high standard of living. Dubai not only offers a modern lifestyle, but it also has a very low crime rate. As a matter of fact, the crime rate in the UAE is very close to zero, and consequently, it is considered as one of the safest countries in the globe. Different Types of Residential Units Dubai real estate has an impressive and diversified portfolio of residential properties. From ultra-modern apartments and studios in JVC or Downtown or beautiful townhouses and villas in Jumeirah, MBR City and Dubailand, Dubai has it all. No wonder then it is frequently referred to as the real estate capital of the Middle East. Where to buy a residential property in Dubai? Dubai is a prime real estate market offering all types of properties, including affordable and luxury assets. From an investment perspective, there are hundreds of suitable properties in Dubai. These include studios, apartments, villas, and townhouses.  If you are interested to invest in a high-yield apartment or a luxury townhouse in Dubai, then take some time out to check out all the available options on our website at www.ellingtonproperties.ae. Alternatively, you can also contact us anytime and we will be glad to assist you.

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Cryptocurrency

Cryptocurrency payments for Dubai real estate transactions are gaining traction

Would you buy a studio apartment in Dubai using cryptocurrency? Or invest in your dream villa using Bitcoins? Many developers in Dubai are actually willing to accept cryptocurrency as a mode of payment.  With these innovative modes of payment gaining popularity in Dubai real estate transactions, mortgages and cash are no longer the only ways you can purchase a home. However, it is important to highlight one caveat: Property purchases in Dubai using cryptocurrency are in reality cash purchases at the core, since the cryptocurrency is actually converted into cash at a crypto exchange house prior to the transfer. This is because using cryptocurrency to purchase real estate in not yet officially permitted in the UAE. Estimates suggest that using cryptocurrencies to buy residential properties generally occurs when their prices are at their peaks. Using them is just as easy and convenient as using a home loan or cash to secure a deal. More and more developers in Dubai are now offering the option to pay through these novel methods. When it comes to cryptocurrency payments for Dubai real estate, here are some key points to remember: Developers who accept the payment in Bitcoin or any other cryptocurrency, will always sign the sales and purchase agreement (SPA for short) in UAE Dirhams and receive actual cash. But they will run their own know-your-customer (KYC for short) programs and offer cryptocurrency as a payment mode via a third-party crypto broker. At present, no developer in Dubai can sign an SPA based on Bitcoin or any other cryptocurrency. That’s because the law of the land will first have to be modified to permit cryptocurrency as an official, direct means of payment. Only then cryptocurrencies will be able to become mainstream in real estate transactions. As of now, the UAE Central Bank doesn’t approve the use of virtual currencies as a mode of payment or for conducting online transactions. All this means is that currently the seller and buyer must go through a crypto-trading firm that’s licensed.  There’s no regulatory activity in Dubai that limits the usage of cryptocurrency or regulates its oversight. For these reasons, even though Bitcoin and various other cryptos are gaining traction, they have a long way to go before they can become a direct, integral part of the Dubai real estate market. Advantages of buying real estate with crypto Once cryptocurrencies become a direct and mainstream mode of payment for real estate transactions, there will be several key advantages that will be unlocked. Here are the main ones: Reduced transaction costs Bitcoin transactions tend to be cheaper because transaction costs are much lower compared to other traditional modes of payment. Most leading crypto exchanges allow free Bitcoin accounts and charge lower fees than conventional financial institutions for moving funds. 2. Quick and timely payments Digital sales are convenient because they can be done almost instantaneously. You no longer need to worry about transferring money between foreign banks or about currency conversions. These things often slow down the process by days, even a few weeks. 3. Less paperwork Last but not the least, buying real estate using cryptocurrencies involves less paperwork. The procedures are less time-consuming, hassle-free, and short. Some words of advice When paying through Bitcoin or any other cryptocurrency, it is important that you pick a reputable crypto trading firm. Make sure the firm you choose has previously executed crypto transactions. Also, ensure that the firm you pick is fully in compliance with the law of the land. In addition to these things, cover all bases before you close the deal. This involves making sure the property you have chosen is being constructed by a genuine and reputable developer like Ellington Properties. Also, ensure all the paperwork is in order. So, the key takeaway is… The UAE law prevents cryptocurrencies from going mainstream as of now. They will have to be fine-tuned before cryptos can become a key part of real estate transactions in Dubai. The Central Bank of UAE at present prohibits using virtual currencies as a payment mode. However, there’s a way out. And it involves using the services of a 3rd party operator. In fact, at present buyers and sellers use this workaround to get a real estate deal cleared and to make sure things are done in accordance with the law of the land. There are many such 3rd party crypto brokers in Dubai, and you can easily find one if you want.

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