Buying an apartment in Dubai is often a complex step for first-timers and expats who don't live in the Emirates. Understanding how to buy an apartment in Dubai is daunting. But we at FazWaz UAE are here to help. We'll simplify the complex task of how to buy an apartment in Dubai covering what you need to know from legalities to finding the right location. Let's explore our guide below; we'll walk you through every single step ensuring your home-buying procedure in Dubai is smooth sailing.
Buying apartments in Dubai is a growing trend as evidenced by a 12% increase in sales compared to Q1 2022 and a substantial 25% increase when compared to Q2 2022. This surge in interest is particularly noticeable in sought-after locations like Dubai Silicon Oasis, Jumeirah Lake Towers (JLT), and International City. These areas are favored not only for their modern living facilities but also for their strategic positioning allowing residents to avoid heavy traffic and making daily commuting more convenient. This upward trend in buying Dubai flats is more than just a passing phase; it's a reflection of the city's growing appeal as a place to live and invest.
Down below you will find why now buying apartments in Dubai is very popular, particularly among expats. Alongside, we'll delve into the factors attracting investors and residents alike.
Expats are increasingly buying apartments in Dubai for several favorable factors. Here's why many are choosing to invest in Dubai's real estate market now:
Yes, expats can buy an apartment in Dubai with two options: freehold property and leasehold apartments. Freehold property allows expats to have full ownership of both the land and the property itself in designated areas giving them the freedom to sell, lease, or modify the property without restrictions. For example, areas like Dubai Marina and Jumeirah Lake Towers (JLT) often offer freehold properties. Marina Promenade, Almas Tower, Garden Homes, and Golf Views Seven City are examples of freehold apartments available in the respective areas in Dubai.
On the other hand, leasehold properties means that an expat can lease a property for a long period, usually between 10 to 99 years, but the land remains owned by a local landlord. Leasehold is often found in areas like Deira—Port Saeed, Al Rigga, and Al Murar.
The main difference between these two options is the ownership of the land. Freehold provides complete ownership rights while leasehold only allows the right to use the property for a specific time. Both options, on the contrary, cater to expats offering different benefits depending on individual needs and investment goals.
When it comes to buying an apartment in Dubai, you should pay careful attention to legal steps and property ownership laws. There are four essential legal steps below to buy an apartment in Dubai providing a clear path for homebuyers.
Finding the right apartment in Dubai requires careful consideration of various factors. Here's a brief guide to help first-time expats navigate the buying process:
Once the payment method is decided, you can move forward with signing the agreement of sale. Taking you one step closer to owning your new apartment in Dubai.
If you're looking to secure financing in Dubai, getting a mortgage is an essential step. Here we will show you a simple way to approach it:
Finalizing your apartment buying process in Dubai means you'll need to pay administrative costs to the Dubai Land Department.
| Cost of Buying Property | Fee |
| Dubai Land Department Fee | 4% (The property value) |
| Property Registration Fee | |
| - Properties value below AED 500,000 | AED 2,000 + 5% VAT |
| - Properties value above AED 500,000 | AED 4,000 + 5% VAT |
| Fees Issuing Title Deed | AED 250 |
| Agent Fee | 2% (The property value) |
Dubai apartment market has seen significant fluctuations over the past three months. In May 2023, the sales value reached an impressive 18.67 Billion AED marking an 88.4% increase year-on-year with apartments accounting for 55% of all property sales. June continued the upward trend with sales of 17.40 Billion AED, a 39% increase year-on-year, and apartments making up 57% of sales. However, July saw a slight dip, with sales dropping to 15.82 Billion AED, a 4% decrease year-on-year, and apartments comprising 42% of the total sales.
Despite the decrease in July, the data clearly shows that apartments have been the top choice for property buyers in Dubai over the past three months especially among expats. The consistent majority share of apartment sales, compared to villas, plots, and commercial spaces, highlights a strong preference for this type of property. Many expats currently choose apartments as their preferred option likely due to factors such as affordability, availability of amenities, and the appeal of modern apartments living in a bustling city like Dubai. Besides, the numbers tell a straightforward story: in a market that occasionally fluctuates, apartments remain a favored option reflecting the lifestyle and financial considerations and making them particularly attractive to both locals and expats alike.
The recent trends in Dubai's property market clearly indicate that apartments are not just a current preference but also a promising option for the future. Apartments in Dubai offer a wise investment and a comfortable living solution with their consistent appeal to both locals and expats. If you plan to move or invest, now it is your opportune time to explore the vibrant apartment market in Dubai. You can easily press search for your apartment now and take a step towards securing a property with modern demands and future growth in this vibrant city.
Language
Price display
