The demand for real estate in the UAE among foreign citizens has been actively growing recently. And there are several reasons for this. In the article, we will tell you why it is worth investing in an apartment in Dubai, buying a houses in Akoya Oxygen, what housing options are available on the real estate market, and at what price. And also we will figure out in which locations it is more profitable to buy apartments.
Real estate market in Dubai
Buyers can purchase housing both in installments and mortgages. The interest rate in Dubai starts from 2.35%. According to First Abu Dhabi Bank, foreigners can buy real estate in the secondary market at 3.9% per annum. The approach to local residents and foreigners is different: non-residents approve the transaction only upon making an initial payment of 50% of the cost of housing, and local residents – 20%.
People who are not residents of the UAE have the right to purchase real estate with full ownership only in special freehold zones. This list includes about 80 areas.
Also read: What Types of Commercial Real Estate Can You Buy?
The average cost of flats in Dubai
In Dubai, you can find the right accommodation option for any budget. The cost of an apartment is affected by its location, in particular the prestige of the area, as well as the class of housing, and the stage of construction. According to the Dubai Land Department, a square meter in an unfinished residential complex costs USD 4,720, or AED 17,34. Thus, among hundreds of options for elite and expensive housing in Dubai, you can find an apartment at a price equal to the option in the center of a European capital.
The starting price in premium-class flats, especially in projects on the coastline, is higher: more than USD 20,000 (about AED 73,462) per 1 square meter. Villas on the market are offered at a price of USD 2,800 (almost AED 10,285) per 1 square meter.
Residential complexes with apartments
Let’s consider some areas and residential complexes in more detail.
Akoya Oxygen
The complex is presented with low- and mid-rise buildings with options from studios to spacious three-room apartments. The location near Sheikh Mohammed Bin Zayed Road provides a convenient connection to the city. The project includes 270 houses commissioned in 2021. A studio can be purchased here for about USD 83,000 (AED 304,867). An apartment of 103 square meters with two bedrooms will cost USD 288,000 (AED 1,057,850).
Barsha Heights
The prestigious Barsha Heights is just 2 km from Palm Jumeirah. The infrastructure is well-developed, there is a kindergarten, many business centers, parking lots with space meters, and a green area for walking. The cost of a one-room flat starts at USD 118,000 (AED 433,430).
Orchid Creek Beach
Those who are looking for off-plan real estate can pay attention to a new residential complex within walking distance from the city’s Creek Beach. This is the best choice for both living and renting out. According to forecasts, it will be possible to rent a one-room apartment in the complex for more than AED 8900 per month. At the construction stage, the price of apartments starts from USD 300,000. Delivery is scheduled for 2025. A one-room apartment with an area of 62.3 square meters costs USD 315,000 (AED 1,157,026).
Culture village
Another coastal complex that is recommended to pay attention to is Jaddaf Waterfront. Here, luxurious residences coexist with luxurious five-star hotels. The cost of premium-class apartments on the shore of the bay starts from AED 8900 per square meter. A one-room flat with an area of 76 square meters is being sold at a price of USD 268,000 (AED 984,390). Two-bedroom apartments (167 square meters) will cost more than USD 870,000 (AED 3,195,597).
Also read: Why A Mobile App is Important for Real Estate Agencies
Real estate agency in Dubai
Ax Capital is a real estate agency in Dubai. The experience of the agency allows, first of all, to competently organize a deal, guided by the interests of the clients. In the agency, the client receives a calculation of the cost of apartments, the cost of registration, and calculations of payments on the loan. Active cooperation with the largest banks, construction, and investment companies allows the agency to take into account and promote the various interests of the client, choose the best ways to solve problems, provide flexible discount systems, various mortgage and combined lending schemes, provide legal protection, prepare and execute documents, support transactions.
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