The real estate sector in Dubai is one of the most significant economic projects, thanks to the rapid development of buildings and large real estate projects. This architectural progress attracts investors from all over the world. The Dubai real estate market also stands out for its diverse offerings, providing numerous investment opportunities in residential apartments, luxurious villas, as well as advanced commercial properties and offices. The financial and legal ease of transactions is also a factor that attracts investors and buyers, making Dubai a prime destination for real estate investment. Here at Miar Real Estate Company, you will find special offers.

Dubai Properties

Real Estate in Dubai

The real estate sales rate in Dubai increased by 12.2% in the first six months of 2024 compared to the same period in late 2023. This rise in property prices and rental costs in various areas of Dubai has boosted buyers’ and tenants’ confidence, increasing demand. Haider Ali Khan, CEO of Bayut, Dubizzle, and head of the Dubizzle Group in the Middle East and North Africa, commented on the continuous growth and prosperity of the Dubai real estate market, which is supported by several factors, including facilitating all procedures for investors and dealing with transparency. Additionally, many new projects are under construction, leading to a significant rise in real estate transactions, reaching new levels over the past six months.

Does Buying Property in Dubai Grant Residency?

Many people look forward to obtaining residency in Dubai through purchasing property. This decision has significantly increased real estate sales in Dubai, noticeably raising the demand for properties.

• When purchasing property worth AED 1 million, the buyer is granted a three-year property residency.
• Purchasing property worth more than AED 5 million grants the buyer a five-year residency.
• Purchasing property worth more than AED 10 million grants the buyer a ten-year residency.
• Recent amendments by the Dubai Land Department added a residency entitlement clause, granting investors who purchase property worth AED 750,000 to AED 1 million a two-year residency in Dubai.
• Buy Villa In Dubai
• Villas For Sale Dubai

Real Estate Prices in Dubai 2024 with Miar Real Estate Company

Real estate prices in Dubai in 2024 vary according to location and type of residence. Here are the average property prices in some popular areas in the UAE:

• Palm Jumeirah: Villas and homes are sold at very high prices, with the average villa price around AED 13,495,000 per square meter, equivalent to approximately $850,912. Apartments in Palm Jumeirah are sold at prices suitable for everyone.
• Business Bay Apartments: The average price for an apartment in Business Bay is about AED 14,000,574 per square meter, equivalent to around $3811764. This area is known as a business center, attracting many buyers and tenants who want to be close to the business community.
• Dubai Marina: Prices in Dubai Marina vary according to the area’s luxury level and location, starting from AED 178,0000 (around $484618) and reaching AED 20 million (around $5,450,000).
• Dubai Hills City Apartments: Prices in this area depend on the luxury level and location, starting from AED 719,000 (around $196,000) for apartments and reaching AED 95 million (around $25.86 million) for 6-bedroom homes.

Buying Property in Dubai in Installments

Dubai is one of the best locations where many investors desire to make their commercial investments. However, due to financial constraints on buying property in cash, authorities in the UAE have implemented plans to facilitate installment purchases of property, offering different installment plans. Here are the details of the various installment plans:

1. Buying Property in Installments After Delivery: After purchasing the property and transferring ownership, you can pay for it in periodic installments over a period ranging from 3 to 10 years.
2. 10/90 Installment Plan: Before owning the property, the buyer must pay 10% of the total amount as a down payment.
3. Installment Plan During and Upon Delivery: You can pay installments either during construction or upon receiving the property. Usually, installments are paid during the construction period before the investor receives the property keys.
4. Rent-to-Own Installment Plan: The UAE offers this plan for customers’ convenience, allowing them to own the property easily.
5. Real Estate
6. Damac Hills

Best Real Estate Companies in Dubai

Dubai’s real estate companies have gained global fame after completing numerous significant projects within the city, achieving remarkable success and making Dubai a distinguished destination with luxurious properties and strong infrastructure.

Frequently Asked Questions

Do you recommend buying property in Dubai?

Many people want to own property in Dubai but feel some concern. Here are the pros and cons of buying property in Dubai:

Advantages of Buying Property in Dubai:

• Diverse Properties: Dubai’s real estate companies focus on commercial properties, residential apartments, villas, hotels, townhouses, and offices. This diversity is a positive aspect of buying property in Dubai.
• Investment Opportunities: You can buy property for investment purposes, renting it out for an annual return. Buying properties under construction is also advantageous as they can be cheaper than finished properties, with many offers for new investors.
• Freehold Ownership: The Dubai government has designated several areas where investors and non-GCC residents can own property.
• City Development: Dubai continually develops its real estate, transportation, public transportation, and entertainment facilities to make life easier for its residents.
• Emirates Hills
• Damac Hills Dubai
• Economic Stability and Security: Dubai maintains security and safety for its residents through its police force.

Requirements of Buying Property in Dubai:

• High Costs: Purchasing property involves several costs, such as registration fees, insurance fees, and realtor fees.
• Financial Challenges: Interest rate increases and mortgage costs pose financial challenges.
• Financing Difficulties: Obtaining loans can be difficult due to interest rate fluctuations affecting the economy.
• Market Fluctuations: The real estate market is subject to economic and global changes, impacting property prices.
• Construction Delays: Project delays can cause issues for buyers and investors, such as potential rental losses and additional costs due to delayed project completion.
• Villas To Buy In Dubai
• Dubai Damac Hills

In conclusion, this article discussed the benefits of acquiring property or residential apartments in Dubai, the best real estate companies to deal with, the advantages and disadvantages of buying property, how to obtain residency through property purchase, and property prices in Dubai with comfortable installment plans. We hope this information has been helpful and wish you a profitable investment and a pleasant stay in the illustrious city of Dubai.