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Apartments for Sale in Dubai - Buy Flats in Dubai at Great Prices

Apartments for Sale in Dubai

Portfolio of Buyers of Apartments in Dubai

The portfolio of people buying Apartments in Dubai is very diverse. It includes investors, real estate agencies, residents, local and expatriates looking to invest in Dubai properties market by buying an apartment. Buyers can be classified in the following categories:

  1. Properties Speculators: Investors looking to buy Apartments in Dubai and then sell them very quickly for a profit. Majority of those, specially the speculative investors with shortage in cash, focuses on off-plan apartments. Off plan apartments available for sale in Dubai are apartments that under construction and will be handed over in the next 1-5 years. A lot of the speculators prefer to buy Apartments just when the project is announced so they can pay a small percentage of the apartment price and then sell it quickly within few weeks for a few percentage increase.
  2. Established Real Estate Investment Firms: Those are mature investment firms that are professionally run with access to cash reserve. They look at investing in Dubai apartments as long term investment. They bring stability to sale price of apartments as they don’t tend to speculate. They build long term plans for their investment in Dubai properties apartment that would span 6-12 years.
  3. Buyers of a Family Home Apartment: Those are residents or locals looking to buy an Apartment in Dubai to make it their primary resident for family. While a lot of Dubai residents dream about buying an apartments in Dubai to own their dream home and save on paying rent, a lot of them don’t do so because of the shortage of cash to pay the down payment for the apartment. However, the mortgage and lending banks in Dubai is making it easier for residents and working professional to buy an apartment in Dubai by mortgaging it.
  4. Vacation Properties Buyers in Dubai: A lot of Tourists, specially GCC residents from Saudi, Kuwait, and Qatar, options to buy vacation apartments in Dubai as they visit the city often. As Dubai is the Middle East honest tourist destination with more than 18 Million tourists visiting the city annual, it makes it a sound investment to buy an apartment in Dubai. With the open real estate policy, it is easy for the tourists to sell their apartments on Dubai later on or lease it short-term or long-term
  5. Individual Investors: There is a growing number of investors, both from the local market or internationally, that invest in the buy and sale of apartments in Dubai. Some of them build a considerable portfolio of Apartments in Dubai. The difference between Individual Investors and speculators is that individual investors are more mature and behave like an institutional property investor. They buy apartments in Dubai as a long term investment. They start by renting their apartments in Dubai and could sell it after 5-8 years or whenever they achieve the target set from their investment. They are less affected by market fluctuation of Apartments Prices in Dubai.

How to Finance buying Apartments in Dubai

Buy Mortgage Apartments in Dubai

Buying your dream home in Dubai is no longer a dream. With the influx of mortgage offerings to buy apartments by many banks. Many people can afford buying properties in Dubai on favorable mortgage terms. Some Banks in Dubai build their own portfolio of buildings and apartments to sell it directly. Some banks team up with property developers and offer Rent Until You Own (Rent to Own). Basically if you don’t have the down payment available, you can rent the apartment from the bank and rent payments will be considered a mortgage.

Do I have to be a resident to buy a mortgage from a local bank in Dubai?

No. Even Tourists and international visitors have access to local mortgages and lending to buy an apartment in Dubai. However, the local bank may ask for additional security like additional down payment, increased interest rate, or additional collateral against the mortgage.

Best Banks offering Mortgages for Financing Properties in Dubai

While the mortgage and lending market is quite competitive with more than 100 banks offering attractive mortgages for the Sale of Apartments in Dubai, the industry is regulated by UAE Central Bank. The banks in UAE are known to go aggressive in offering mortgages which can open the door for price bubbling and unpleasant fluctuations. While the properties market in Dubai is still a free market, the Central bank may impose some rules from time to time to control speculation and protect the market from crash and mortgage defaults. For example, now there is a minimum down payment imposed by the central bank to be able to afford an apartment for sale in Dubai. The minimum down payment in 25% as of year 2017. If you are buying an apartment off plan, beware that a lot of banks stopped offering mortgages for the sale of off plan apartments in Dubai.

Which is better, Buying an Apartment or Renting in Dubai?

On the long term, it is always better to buy an apartment than renting an apartment in Dubai. However, if you are planning to stay in Dubai for a very short time, then renting may be the best option. For long term residents who are planning to spend 5 or more years in Dubai, Saving the rent makes a major saving. Even if you will leave Dubai in 5 years, you can rent the apartment short-term or long term and it will practically finance itself and keep you owning a property in one of the best cities in the world. The rent for a decent apartment in Dubai averages AED 100,000 per month (USD 27,000). So if you stay in Dubai for 7 - 10 years, buying instead of renting would save you AED 700,000 to AED 1000,000 over the same period. Even when you discount financing charges and other charges, you will still be better off instead of 0% return by just renting a property.

Best Places to find Apartments in Dubai

If you are new to the properties market in Dubai, beware that select areas in Dubai are open for none-national to buy apartments and propertied in Dubai. Those are designated investment areas where foreigner can buy properties under Dubai properties free hold laws. The hottest areas for buying apartments in Dubai are Burj Khalifa Area, Dubai Marina, Jumeirah Beach Residence, Downtown Dubai, Palm Jumeirah, Jumeirah Lake Towers, Business Bay and Sports City.

Luxury Apartments in Dubai

Apartments for Sale in Dubai Marina

The two most luxuries areas in Dubai with apartments for sale continue to be Dubai Marina and Downtown Dubai. Some of the upscale penthouses in Dubai Marina with Seaview goes up to AED 40 Million in prices. However Luxury and Upscale Apartments for Sale in Dubai is the standard, not the exception. Marble entrance, indoor gym, swimming pools, gardens, children play areas, private parking are standard amenities in most of the new buildings in Dubai.

Buying Seaview Apartments in Dubai - UAE

Dubai Marina continues to be the best place to buy an apartment with direct Seaview. If you are buying an apartment in Jumeirah Beach Residence or one of the adjacent towers, you will not only enjoy a direct sea view, but also a direct beach access to one of the best beaches in the Gulf.

Finding Cheap & Budget Apartments in Dubai

Dubai International City is still known to be the cheapest area with availability of cheap apartments for sale in Dubai. You can buy a Studio In International City for as law as AED 340,000 as of 2017. Jumeriah Village Triangle is also known for availability of cheap apartments for sale in Dubai. While more expensive than International city, it has a higher ROI on rental income as a more popular destination for renting an apartment in Dubai.

Regulations and Policies regarding Buying Properties in Dubai

Regulations and policies regarding apartments for sale and rent in Dubai is governed by Dubai Land Department Real Estate Regulatory Agency RERA.

Do I Buy an Apartment or a Buy Villa in Dubai?

That will largely depends on your budget. For investment properties, apartments for sale in Dubai makes a better choice for investment compare to invest villas in Dubai. It is cheaper to buy and easier to rent. While the supply is much higher than villas, the demand is much higher specially if you intend to rent the apartment.

Costs associated with Buying Apartments in Dubai

The cost associated with buying an apartment in Dubai can go up if you decide to mortgage it. Below is some of the fees associated with the buying an apartment in Dubai:

Service Cost
Apartment Down payment 25% of Apartment Cost
Valuation fee (if mortgaged) AED 2,500 to AED 4,000
Real Estate agency fee 2%
Mortgage processing fee Up to 1% of loan amount
Mortgage registration fee 0.25% of loan
Registration fees AED 2000 for apartments below AED 0.5 Million, AED 4000 for apartments above AED 0.5 Million
Dubai Land Department transfer fee 4% plus AED 540 administrative fee

Costs associated with Selling Apartments in Dubai

Most the fees associated with the sale of apartments in Dubai is carried by the buyers. However the sellers have to settle down his mortgage during the transaction. Most of the banks in UAE will charge an early settlement fee that can varies between 1% and 5% of the reminder of the mortgage value. Before Selling your apartment in Dubai, contact your mortgage lender in Dubai to understand if there is other associated fees with selling your apartments and early settlement of your apartment mortgage.

Average Distance and Commute Time between various Areas in Dubai and close by Cities

Prices of Apartments for Sale in Dubai is also affected by its location and distance proximity to near by industrial and commercial areas. Some people who works in nearby Cities, options to live in Dubai to enjoy its life style. The Following is the approximate distance between apartments in Dubai and various close by cities

  • Distance between Dubai & Abu Dhabi:139 KM Average Commute Time between Dubai & Abu Dhabi : 1 hour & 30 minutes
  • Distance between Dubai & Sharjah: 25 KM to Dubai down town Average Commute Time between Dubai & Sharjah : 2 hours during rush hours
  • Distance between Dubai & Fujairah: 185 KM Average Commute Time between Dubai & Fujairah : 2 hours and 30 minutes
  • Distance between Dubai & Doha: 700 KM Average Commute Time between Dubai & Doha : 7 hours
  • Distance between Dubai & Riyadh: 1000 KM Average Commute Time between Dubai & Riyadh: 9 hours
  • Distance between Dubai & Khobar: 875 KM Average Commute Time between Dubai & Khobar: 8 hour