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Dubai’s luxurious real estate projects, including the Burj Khalifa and Emaar Beachfront, have garnered global acclaim, matching the city’s top-notch amenities. For entrepreneurs and investors seeking to secure and expand their capital, purchasing high-end properties in Dubai in 2023 may prove to be a dependable strategy. These properties are especially lucrative due to their increasing popularity and demand.
In January 2023, the Dubai Land Department (DLD) released impressive data for the previous year, revealing that the city’s total property sales volume exceeded AED 265.6 billion (equivalent to over USD 72.3 billion) in 12 months, a record-breaking high for the real estate market in this metropolis. In monetary terms, property sales increased by approximately 78.3%, and the number of transactions rose by 62%.
Remarkably, transactions for homes situated in luxurious areas experienced a 97% surge in value and an 85% increase in the number of deals.
Areas of Dubai
Numerous regions proffer the prospect of acquiring freehold property, which endows
absolute private ownership rights. Among these locales are the most affluent vicinities
in the city, including Downtown Dubai and Palm Jumeirah, burgeoning business
centers such as Business Bay, and refined residential communities such as Dubai Hills
Estate. Additionally, sought-after resort communities like Dubai Marina, as well as
novel waterfront districts like Dubai Creek Harbour and Emaar Beachfront, offer
similar opportunities. It is worth noting, however, that several other freehold areas
within the city afford non-residents the privilege of procuring real estate, beyond the
aforementioned locales.
Property Types
Dubai presents a vast assortment of properties that offer a diverse range of
configurations tailored to cater to every discerning preference. The city boasts an
impressive selection of highly sought-after options, comprising of studios, as well as
one to five-bedroom apartments located within complexes of varying heights.
Moreover, discerning buyers seeking premium residences can indulge in luxurious
penthouses and duplexes occupying the uppermost floors, equipped with private
swimming pools, terraces, and opulent amenities. For those seeking a heightened
degree of privacy, villas and townhouses situated within gated communities present
an alluring alternative.
Living in Dubai
Dubai’s thriving economy and unparalleled lifestyle allure a plethora of foreign
nationals with its opulent resort perks, cutting-edge infrastructure, flawless services,
and an ideal business atmosphere. Investing in villas in Dubai offers an indulgent
lifestyle in a city that basks in perpetual summer, complemented by an extensive
range of amenities. Another compelling advantage lies in the UAE’s welcoming policies
towards expatriates: those purchasing property valued at AED 750,000 (USD 204,000)
or above are eligible for a three-year residence visa, whereas those investing AED 2
million (USD 544,500) or above can acquire a 10-year Golden Visa, securing
permanent residency. Despite these benefits, property prices per square meter in
Dubai remain affordable in comparison to major European and American cities.
Dubai Investment Properties
Monitoring the ever-fluctuating property prices in this city can prove to be a challenging yet invigorating undertaking. The premium echelon of Dubai’s real estate market persists in soaring, propelled predominantly by a steady stream of affluent
foreign and local buyers. Notably, the iconic Palm Jumeirah community epitomizes this trend, where property prices have ascended steadily since the inception of the man-made archipelago. In the past year alone, home values there have surged by a remarkable 54%, with over 100% growth registered since the advent of the pandemic. Similarly, Jumeirah Bay has witnessed an extraordinary 100% appreciation in property prices within a mere 12 month timeframe. It is worth noting that sales of deluxe properties in Dubai, valued at a minimum of AED 37 million (USD 10 million), have reached a historic pinnacle, signifying an impressive 63% increase compared to the previous year. Despite this, the number of available listings has dwindled due to the scarcity of inventory in the area, further driving up the demand and consequently, the prices for exclusive residences. Downtown Dubai, centrally situated in the city, is another highly coveted real estate locale.
Advantages
The real estate market in the city is exhibiting a trend of stabilizing pricing, with a
possibility of a surge this year owing to the heightened demand for high-end
properties. Foreign investors seeking to purchase real estate in Dubai are presented
with a unique opportunity that offers convenience and flexibility, as transactions can
be conducted remotely without the need for physical presence in the country.
Investing in the Dubai Real Estate Market
Dubai’s real estate market is an alluring investment destination, driven by several
factors, including the local property value that provides a reliable and secure
investment opportunity with high and stable returns. Rental properties in Dubai, for
instance, generate an average annual return of 5-8% for long-term leases, with some
communities reaching over 10%. For short-term leases, returns can reach 11-13%
annually with the aid of a management company to handle tenant acquisition and
selection. The UAE’s flexible taxation system is another advantage for investors, with
no individual income tax imposed, enabling landlords to keep the entire rental income.
Investing in properties during the construction stage and selling them when the
building is commissioned also presents an opportunity for significant profit, with a
potential return of up to 20-30%. Buyers typically provide a down payment of at least
20% of the property’s value, with the remaining balance paid according to an agreed
schedule, which may include payment upon completion of the building.
Why Purchase Property in Dubai with Silverstone Luxury Realty
For those looking to purchase real estate in Dubai, it is highly recommended to enlist the expertise of professionals in handling the process and sourcing of your respective property. With Silverstone Luxury Realty, investors can rely on the transparant guidance of experienced and licensed brokers who will consult, manage, and address their queries in order to identify suitable properties that match their unique preferences. Our agency also handles all the necessary paperwork to finalise the transaction, providing investors with a seamless and hassle-free experience. To get in touch and begin the process, please call us today or complete a callback request, and we will promptly respond at your convenience.
