Dubai is known for its extravaganza and its rich cultural heritage. It is often considered to be a land of opportunity for expatriates or investors. The overall cost of living in Dubai can be expensive but if you a resident or expatriate planning to buy an apartment, it is important to understand the current market trends before attempting. Dubai, topping the list in one of the seven of UAE, is a huge real estate market. With its iconic Burj Khalifa, the tallest building in the world, and extravagant business bay and Dubai marina, it is all set to make the most out of its real estate market.
Dubai has always been a dream destination for visitors. The standard of living even in a rental place can be quite expensive compared to other parts of the world. For a resident or an expatriate, if you are planning to buy, you need to consider a lot of factors. One of the important and first factors that need to be taken into account should be on the choice of destination. For an investor’s point of view making your choice of destination to own an apartment should be based on its resale value and market growth.
Some of the top real estate analysts around the world have always seen Dubai as an emerging market for its numerous investment opportunities. The cost of apartments for sale in Dubai was skyrocketing three years back, but now it has been poised, according to a pioneer in emerging markets fund manager. He even advises the bigger players not to invest right as the prices of real estate are going to reduce during a slump. As an expatriate or resident planning to buy your apartment, this situation can be considered ideal to make your move. Buying a luxurious apartment filled with skyscrapers or with sea view is now possible as the market price is getting stable right now.
Dubai Marina filled with skyscrapers
If we take Dubai Marina, for instance, you will find plenty of real estate options available. It is one of the most sought after regions in the whole of Dubai for known reasons. This city is filled with skyscrapers, contemporary lifestyle, grandeur malls, cuisines, beaches and more importantly it is filled with luxurious residential apartments. The type of apartment, its area, and choice of destinations are the key factors that decide the cost. There are plenty of real estate agents online who transparently provide prices for the expatriates and residents to make informed decisions in Dubai Marina or Dubai as a whole. If you are looking for other luxurious and extravagant options to buy your apartment, you can opt to buy at Palm Jumeirah. This place has some of the most sought after apartments and houses for sale. It is filled with architectural marvels and affluent neighborhoods surrounded by resorts, calm water views and classy apartments to own.
Factors to make informed decisions on buying
Apartments in Dubai are generally considered quite costly. Based on the size of the family and choice of location, it is possible to find apartments that fit your budget. Fixing your budget is the first factor that needs to be considered to make decisions. If you look at the prices of 2 BHK apartments in different places in Dubai it would vary in a huge margin. The apartments that are available for sale in extravagant places like Marina or Business Bay will be quite high. You can even find similar apartments or houses for lesser cost in areas like JVC, JLT or AL Barsha in Dubai.
There are plenty of online real estate portals available for access for both residents and expatriates. If you are an expatriate, you need to first look for policies from the Dubai Authorities if you can own the place. For residents, they should look for local apartment terms and conditions before making choices. Look for a trusted seller in the Dubai real estate market and set the budget for your apartment and browse through the local apartment rules such as several residents, pets and more. Once you find the apartment policy suits your requirement, visit the place and make your purchase.
The choice of your apartment should also be made based on easy mobility and accessibility to various necessities around you. If you do have easy access to shopping malls, local groceries, health care, gas stations, restaurants and educational institutions for your children if any, the luxury of your apartment will be of no use. It is always important to know about your neighborhood before browsing apartments for sale in Dubai. In places like Dubai Marina, it is possible to have access to everything in your neighborhood. You have plenty of beaches, skyscrapers, and cruises to explore Dubai and lead a luxurious life.
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Buy apartments in Dubai as an investment
The resale value of flats and apartments in Dubai are quite good. For someone who visits Dubai for a year or two, it is wise to buy apartments rather than spending more on rents. The cost of living is too high in Dubai and it mainly consumes in rent. If an expatriate in Dubai could afford to buy an apartment, it is wise to buy and resale while you leave. It is an investment option considering the high rental costs for apartments.
According to Mobius, a pioneer in real estate investors, the shares in Dubai are still high and it will take a while before it becomes cheap. He even owns 2 luxury apartments near the Iconic Burj Khalifa, as per sources.
Finding your realtor in Dubai is very crucial when it comes to understanding the legalities in buying your first apartment. All you need to do find your real estate promoter who is in the market for quite a while and inform your choices. The realtors will make sure you are buying the apartment at the right destination and from the right seller in Dubai.