How to invest in Dubai real estate in 2024

Concluding 2023 on a high note, Dubai’s real estate market has achieved its highest residential capital gains — or profit realized from the sale of a property — in a decade. Earlier in June, a staggering $1.3 billion worth of sale and mortgage transactions were made in the city within just a single day. So, if you’re looking for real estate investment in Dubai, now is a prime time.

 

Why invest in Dubai real estate?
 

Put simply, Dubai offers promising lucrative opportunities in terms of real estate investment. This boom can be traced back to the Freehold Law of 2002. Revolutionizing property ownership rules, the landmark legislation allowed non-UAE citizens to engage freely in buying, selling, leasing and renting properties. 

Today, Dubai’s appeal as an investment destination is far from waning. A strategic geographical location, ambitious infrastructural projects, world-class amenities and reputation as a tax haven are key factors that attract investors locally and globally. And with the continuous influx of expatriates and tourists, there’s a steady demand for both residential and commercial properties.

In the broader UAE, you can qualify for a 2-year residence visa if you invest in ready property. If you want a longer residence, a 10-year Golden Visa is available if you’re investing a minimum of AED2 million on a brand new or previously owned property.

Read: How to get Golden Visa UAE 2024 – Application, Requirements, Benefits

 

Dubai’s real estate landscape

 

There are different types of properties you can invest in. There are apartments, villas, townhouses and commercial ones. There are also those that are already finished and are still under construction.

According to data powered by DXB Interact and the Dubai Land Department, apartments are the most popular in the local real estate market. In the fourth quarter (Q4) of 2023, 25,971 apartments were sold, followed by villas (6,660) and commercial properties (1,121). 

Regarding property prices, off-plan apartments lead with an average of AED1,814 per square foot. Ready apartments follow at AED1,197, then off-plan villas at AED1,146.

How well your investment performs also depends on where the real estate is located. In Q4 2023, the top-performing areas in terms of value are Palm Jabal Ali, Dubai Marina, Business Bay, Downtown Dubai and Palm Jumeirah. If by volume, the top 5 will be Jumeirah Village Circle, Al Merkadh, Business Bay, Dubai Marina and Dubai Hills Estates.

 

Source Link: https://economymiddleeast.com/newscategories/real-estate/