Dubai property market continues to show growth, driven by general optimism and confidence in the real estate sector, according to the DLD’s Department of Real Estates Studies & Research. Sultan Butti bin Mejren, director general of DLD, mentioned that UAE nationals continue to be the most prominent investors followed by a significant upsurge of non-locals; the rise of the expatriate population, in fact, has led to an increased demand for residential property within the Dubai market.
Regardless of the increase in demand, this is still the right time to be buying a residence or renting a place, as Dubai’s property prices will likely continue to decline, due to “low oil prices, the introduction of VAT and a Gulf diplomatic crisis,” tells Arabian Business.
While finding a home in Dubai can be an easy process, there are a few things non-nationals that opt to move to the area need to know. For example, be sure to know about the new rules for the Dubai Property Visa and come familiar with the Real Estate Regulatory Agency (RERA) that also informs people on regulatory acts when buying and renting the real estate in Dubai.
Also, how does one search for a home? Simply begin by going on the internet to visit websites like propertyfinder.ae or see any of the Real Estate Agents in Dubai.
Do your homework first and choose the location where you want to reside and where you can afford property prices and find the right mortgage options available from both local and international banks and financial institutions lenders. Seeking assistance from a local property broker is also a good route, as s/he can help to find a property. What’s more, they often know what banks or financial institutions offer the lowest rates and loan options.
While apartments for rent in Dubai is a really hot topic these days, townhome developments will be the key triggers leading up to the Dubai Expo 2020 and beyond. Interested buyers can look at properties on the beachfront townhouse on Palm Jumeirah or The Springs which is the top Dubai villa community, if not consider an apartment at JVT or JLT where prices, however, continue to maintain stable levels. Townhouses are key in continuing to drive the emirate property market with residences that have been notoriously hard to find where in good neighborhoods that offer easy access to public transportation, restaurants and supermarkets, or close to mosques, schools, public parks, and shops.
A new customer segment of millennial expats is opting for elegant ready-to-move in villas at DAMAC Hills that offers attractive and lucrative investment opportunities in self-contained developments with everything needed nearby in an easy to walk area with high quality of life and an established community feel.
Emaar Properties and Nakheel, two of the largest property developers, focused on existing residential apartments or towers with projects to be completed prior to Expo 2020 in Dubai that will supply an increase of tenants opting for cheaper options; certainly. Many of these projects are on track to be completed in 2019 or 2020; the developments are currently taking shape and will provide residents with the new, off-plan “affordable” properties for UAE home buyers; this makes it a bit easier for expatriates who are looking for alternatives to renting, as well as to secure mortgages and procure the 25 per cent of the property value upfront that is normally required.
Emaar Development’s new townhouses, villas and apartments in Dubai South, for instance, is “minutes away from Al Maktoum International Airport and 10 minutes away from the home to the Expo 2020 Dubai.” Otherwise, there’s Emaar’s Arabian Ranches—a desert-themed development in Dubai—that’s one of the most sought-after residential communities. However, those interested in finding a home might be tempted to look at Dubai Marina, which is entirely man-made and has been developed by the real estate development firm Emaar Properties, or Dubai Silicon Oasis, which is overtaking Dubai Marina as the most popular location for renting apartments, according to real estate portal Bayut.com.
Danube Properties, a Dubai-based property developer, has also delivered 171 townhouses in March, following its first project Dreamz. Danube is also undertaking two new projects – Resortz and Bayz after its success of Glitz Residences I and II at Dubai Studio City in 2017.
DAMAC Properties offers Maison Privé hotel apartments situated in the admired Business Bay with each home offering breathtaking views of the neighborhood and the Dubai Canal; it continues to attract a wide variety of buyers (UAE residents and expats) for their off-plan and ready properties.
Apart from Dubai’s luxury market, many opt to reside at places like MBL Residence in Jumeirah Lakes Towers that contain many building amenities such as retail units, lobby, pool, gym and residents’ garden areas. Alternatively, there’s Almas Tower, which is located in the Jumeirah Lake Towers Free Zone that consists of 79 towers being constructed along the edges of four artificial lakes (Lake Almas West, Lake Almas East, Lake Elucio, and Lake Allure) as well as the JLT Embankment of 8 tower facing Jumeirah Islands. There’s also the Dubai-based home buying service SellAnyHome.com who has also met the overwhelming inquires coming from buyers on its website that displays properties at good deals.
For those that find the rental prices still too high, a suitable accommodation that is mass-tourist orientated might be Time-sharing, “a form of property ownership — usually for vacation homes where a unit is owned by multiple buyers who use the property at different times.” This can “encourage tourists to stay longer and make frequent visits” Gulf News Tourism mentions.
In sum, it’s time to get a foot on the property ladder, as the activity in the UAE real estate market has increased lately thanks to a number of foreign homebuyers and property renters finding the emirates more appealing. For info on options and rules, email us.