Buying an apartment in Dubai

Dubai is a rapidly developing city and one of the largest tourist centers. People spend their holidays here in luxury hotels and come to close major deals. It is not surprising that more and more foreigners want to buy an apartment in Dubai. Moreover, UAE legislation allows anyone to do this.

Buying an apartment in Dubai has a number of advantages:

• the opportunity to live in a warm country among palm trees and luxury, both permanently and at any time of the year;
• the opportunity to earn 5% to 8% per annum when renting out housing;
• the opportunity to obtain a residence visa;
• a relatively low price compared with major European cities;
• no property taxes.

An apartment in Dubai can be fully owned by both UAE citizens and foreigners. At the same time, the maintenance of an apartment of 85 square meters will cost about $3,500 a year. This price includes maintenance of elevators, concierge services, and other expenses. Payment for water, electricity, and gas is metered.

Prices for apartments in Dubai

If you decide to buy an apartment in Dubai, the prices may surprise you. They are significantly lower than those in European capitals and large cities. On average, according to the Land Department, a square meter of housing will cost the buyer $3,175. However, in some areas the cost can be twice as high. Relative to local salaries, buying an apartment in Dubai is inexpensive. Three years of family income fully cover an average apartment of 90 square meters.

The average price of apartments is about $450,000. If you are interested in the cheapest apartment in Dubai, prices start from $100,000. The most expensive options can cost $8 million or more. At the same time, demand exceeds supply and real estate prices continue to rise.

The process of buying an apartment in Dubai

There is an opportunity to buy an apartment in Dubai from a developer or on the secondary market. In both cases, the transaction can be carried out independently or through an agency. The second option is safer and requires less preparation time. Al Hayat Almushreqa Real Estate will help you find suitable apartments, tell you how much an apartment in Dubai costs according to the parameters you are interested in, and prepare and conduct the deal.

Once a suitable apartment in Dubai is chosen, it will be possible to buy it within 4–6 weeks. This includes the time it takes to finalize the sale and purchase agreement, the no-objection paperwork from the Land Department, and the registration of ownership.

The contract of sale must contain the following information:

• basic information about the property being purchased;
• the price of the property;
• additional payments in connection with the transaction (agency commission, Land Department registration fee, payments to the developer, and other costs);
• terms for completion of the transaction;
• terms and conditions of settlement;
• the responsibility of the buyer and seller in case of non-compliance with the terms of the transaction.

Also, when buying an apartment in Dubai through an agency, a deposit of 5–10% of the amount is usually paid. It remains with the broker until the end of the transaction. Thus, this amount is fully returned to the buyer if the transaction does not take place due to the fault of the seller, and in case of failure of the transaction by the buyer, it covers the costs of the seller or developer.

Apartments in Dubai are bought five times more often than villas. The high demand for apartments makes it easy to resell the property if necessary. And the popularity of the resort makes it possible to earn money by renting out your home