Dubai is a sought-after place when foreigners and expats move overseas. With a population that consists of 85% foreigners, property is fairly cheap and rents are high.
If you stay in Dubai long-term, I’d advise you to look around for potential property investments.
However, even if Dubai is fairly small, it’s important that you do research well in advance, to know which areas that suit you the most. Might it be a villa located in a calmer area or a high-rise apartment with a nice water view?
In this article, I list some of the most interesting areas you should have a look at.
1. Downtown Dubai
If you’re standing right at the bottom of Burj Khalifa, the world’s tallest tower, you’re in Downtown Dubai. The area is among the most expensive areas in Dubai, known for its high-rise buildings and upscale community.
You can find plenty of other well-known attractions in this area, for example, the world’s tallest performing fountain system, the Dubai Fountain, as well as one of the biggest shopping malls in the world, Dubai Mall.
The area is located right beside the Sheikh Zayed Road, which makes it the center of the city.
Property types and prices
Downtown Dubai is known for its luxurious high-end apartment towers. You can mostly find residential apartments in this area, with a lot of new development still going on.
If you’re buying an apartment for scenic views, don’t forget to look around if there is any other future development planned, might block your view.
Prices in this area are considerably high, probably the highest in Dubai.
You can find a one bedroom apartment for around AED 1,400,000 (USD 375,000) while a 3 bedroom apartment in Burj Vista costs around AED 6 million (USD 1.6 million).
Even if Dubai has high yields on average, average yields in the downtown are not as high as in many other areas.
This makes it a perfect residence for end-users, but you’ll find better options in other areas, in case you’re looking for high yields.
Below I’ve listed some popular projects, finished or under construction:
- Burj Khalifa
- The Lofts
- Burj Vista
- Act One
- The Residences
- Downtown Views
2. Business Bay
According to statistics released by the Dubai Land Department (DLD), Business Bay properties were most sought after in the first half of 2018
Business Bay is a neighboring district of Downtown Dubai, with plenty of high-rise buildings as well. It’s an emerging area and the business and commercial center of the city. You’ll be able to find many high-end shopping malls, restaurants, and hotels here.
With a recent opening of a high-end entertainment project called the Dubai Water Canal, this area managed to sustain prices, even when prices were falling in many other areas.
Business Bay is considered as a recently developed area, with plenty of skyscrapers and future projects still under construction.
From here, you have easy access to Safa Park, Sheikh Zayed Road, and Burj Khalifa, just to mention a few.
Many corporations from neighboring commercial areas have decided to move to Business Bay, thanks to more affordable prices and a continuous supply of new projects.
Property types and prices
You can find many newly developed high-rise apartments, for urban professionals and families.
The property prices here are lower than in Downtown Dubai, but with higher yields.
Two-bedroom apartments average at around AED 1,400,000 (USD 380,000).
However, prices vary depending on projects and neighborhoods.
- The Opus
- The Sterling
- Imperial Avenue
- Bahwan Tower (upcoming)
- MAG 318 (upcoming)
Even if we only select reputable agencies, below is a sponsored listing
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3. Dubai Marina
If you want to buy a waterfront property, this is a place to go.
Being one of the most iconic destinations in Dubai, many apartments offer you some of the best views in Dubai.
There’s a reason why it’s called “Pearl of Dubai.”
A report released by the Dubai Land Department (DLD) in the first half of 2018 ranks Dubai Marina as the second most sought-after area in Dubai, after Business Bay.
Similar information is shared by other newsletters, for example Property Finder, that ranks Dubai Marina as the most sought after area to rent and to buy.
The high demand is mostly because of its location, being located right in the center of the city. In addition, Dubai Marina has some of the best restaurants and hotels in Dubai, like The Address and Grosvenor House.
Thanks to its proximity to Downtown Dubai, Dubai Media City, and Dubai Internet City, it’s popular among working professionals and families alike.
Comparing with other areas, this is a good option if you’re looking for higher yields.
Property types and prices
You can find high-rise apartments, townhouses, and luxury villas in this area.
Prices are lower than in Downtown Dubai, but yields are high, as it’s one of the most trending neighborhoods.
Depending on the project, you can normally find apartments for 1-2 million AED. For example, a two-bedroom apartment in West Avenue is available for AED 2 million, which equals to a little more than USD 500,000.
- West Avenue
- Marina Quays
- Six Towers
- Le Reve
- The Jewels
- Bayside Residence
4. Palm Jumeirah
Palm Jumeirah is considered as a modern-day wonder, consisting of a 3 miles long and 3 miles wide artificial island in the shape of a palm.
The palm shape consists of a single trunk that connects the island with mainland Dubai and 17 fronts with different residential projects.
It was the first of the three similar islands planned, but the area suffered heavy blows during the 2008 financial crisis, pushing companies to scrap the other two projects, at least for a while.
The area was developed as a tourist attraction and a holiday destination, a reason why you can find many restaurants, hotels, and resorts in this area. Some examples are Fairmont The Palm and an award-winning hotel, Jumeirah Zabeel Saray.
Many of the world’s famous celebrities reside here, at least a temporary basis. Some examples are David Beckham, Brad Pitt, Boris Becker, Tiger Woods, and Michael Schumacher.
Overall, even if Dubai is small, it’s more of an outskirt area, serving as a second home for many wealthy expats.
Yields are not as high as the areas close to Downtown Dubai.
Property types and prices
Palm Jumeirah consists of 4000 exclusive villas and a few recently constructed apartment projects.
The prices of villas vary, depending on the size and location, most of the villas are big with 5-7 bedrooms.
You can buy a 6-7 room villa for around AED 6 million (USD 1.6 million). Five bedroom villas are available for a bit more than AED 3 million.
If you compare this area with other villa communities, like The Springs and Arabian Ranches, prices are higher.
- Carat Club Villas
- Five Palm Jumeirah
- Fronds Villas
- Marina Residences
5. Jumeirah Village Circle
This recently developed and modern area was designed to provide a peaceful village setting for residents. It’s located further away from the hustle and bustle in the city.
Jumeirah Village Circle was developed to accommodate mostly high-end villas and townhouses. It’s developed as a modern village with 2,800 spacious villas and 3,100, townhouses with plenty of green spaces between each block.
Being more of a village, you’ll still find sufficient amenities in this area, including parks, schools, sports fields, and community centers.
Jumeirah Village Circle is located just 25 minutes away from Dubai International Airport, making it a convenient location.
The area is most popular among families who want to live in a peaceful environment but with easy access to all the amenities of modern-day life.
Property types and prices
Compared to the more central areas, you’ll not find many high-rise buildings here.
You can find apartment projects like Belgravia III and Belgravia Heights that are 4-5 floors high. Personally, I prefer living in low-rise buildings, as it’s more convenient and gives me a more personal feeling.
There are some under-construction high-rise buildings as well, like Suites in the Skai.
Many villas have 4 bedrooms and 3 terraces, with a spacious garage for two cars. On average, you can buy a 4 bedroom villa for around AED 2 million, which equals USD 600,000.
Many families like this area and look for investment or renting properties, hence the yields are also higher here compared to some other areas.
The prices are still much lower compared to Downtown Dubai and Palm Jumeirah.
- Suites in the Skai
- Belgravia III
- Belgravia Heights
- Nakheel Villas
6. Jumeirah Lake Towers
Jumeirah Lake Towers has the highest concentration of high-rise towers in Dubai. It‘s a neighboring district of Marina Bay and located right across the Sheikh Zayed Road.
This area has around 80 apartments and mixed-use towers, as well as many high-end hotels. Being a densely populated residential area, you’ll find many restaurants, shopping malls, supermarkets, schools, hospitals, and entertainment options here.
You can find a high number of expats here and it’s mostly popular among families. But many other foreigners reside here, thanks to its proximity to neighboring commercial areas.
Dubai Metro passes through this area, while another road connects it with Abu Dhabi as well, so access to transportation is also a plus.
If you’re keen to live close to water, a beachfront property doesn’t necessarily need to be your choice. Jumeirah Lake Towers is surrounded by four artificial lakes placed in between the residential projects.
Worth mentioning is that it’s less crowded mainly thanks to having big parks and green spaces.
Property types and prices
You can mostly find luxury apartment projects in this area. However, there’s a large variety among apartment types, like penthouses, serviced apartments, and hotel apartments.
There are many off-plan projects here as well, like Seven CIty and IGO 101 Tower.
So how much does it cost to buy a property?
Penthouses usually range from 4-6 million AED, while a one-bedroom apartment can cost you 0.5-1 million AED.
- Bonnington Tower
- Dubai Arch
- MAG 214
- Seven City (upcoming)
- Banyan Tree Residences (upcoming)
- IGO 101 Tower (upcoming)
7. Arabian Ranches
Arabian Ranches is suitable for people who want to invest in luxury villas.
This gated high-end villa community has emerged as one of the most sought-after places in the last few years.
There’s still a lot of development going on in the area, with rising demand from investors. Most popular among families, it’s considered as one of the fastest developing areas in Dubai.
Arabian Ranches is developed in an outskirt of Dubai, right next to the desert, which keeps on a safe distance from city noise. But don’t worry, you’ll not miss much when it comes to entertainment and amenities.
Just giving you a couple of examples, the Dubai Polo & Equestrian Club and a huge golf course are located in the same area.
In total, there are 20 different sub-communities with different types of villas and locations.
Property types and prices
You can find spacious luxury villas as well as townhouses for small and large families.
If you’re interested in buying villas, this area is more affordable than Palm Jumeirah but slightly more expensive than the Springs, the two other popular areas for villa communities.
You can find luxury villas for an average price of AED 5 million, but there are many high-end projects with more sought-after views like Polo Homes. These will set you back up to AED 18 million (USD 5 million).
- Polo Homes
The Springs is a villa and townhouse community, and popular among families. It’s a master-planned family-friendly project that was developed by Emaar.
Located further away from the city center, this area provides your family with a relaxing and quiet environment, without compromising on any amenities.
Greenery, lakes, and parks surround the community, making it a perfect option for families. The only drawback is the access to the city center, and you’ll probably need a car to take you around.
Median prices have declined by 6% in the past years, making it a more affordable option, and one of the most sought-after neighborhoods in Dubai.
According to Propertyfinder Trends, the area became the second most popular area to buy and the most popular area to rent in 2017.
Property types and prices
In total, there are 4,800 villas and townhouses in this gated community. You can find 2-4 bedroom villas for reasonable prices.
Comparing to the other three areas known for villas (Jumeirah Village Circle, Palm Jumeirah, and Arabian Ranches), Springs is more affordable. In fact, you can buy a villa of the same size in the Springs for less than half the price compared to Palm Jumeirah.
On average, you can find a townhouse for AED 2-3 million.
- Springs 1 to 4
I hope that you found this article useful and also recommend you to read my separate article that explains how you can buy property in Dubai as a foreigner.
FAQ (written by The Property)
In this short FAQ, The Property explains the process to buy property in Dubai, how to get an investor visa, and more.
Note: The Property is a sponsored listing in this article
What is the process to purchase property in Dubai?
The process to purchase property in Dubai can be complex, so it’s important to understand the steps involved before making a purchase. Here’s a general overview of the process:
1. Find the right broker for you: It’s important to find a licensed professional with good experience and understanding of the market who will work closely with you to secure the right property.
2. Choose the property: Start by researching properties that fit your budget and requirements and investment goals.
3. Make an offer: Once you’ve found a property you like, you’ll need to make an offer. This is typically done through a written agreement that includes the offer price and any conditions of the sale.
4. Secure financing: If you require financing, you’ll need to arrange this with a bank or other financial institution. They will require documentation such as proof of income, a credit report, and information about the property you’re purchasing.
5. Finalise the sale: The final steps include signing the contract, transferring ownership, and paying any remaining fees, including the purchase price, agency fees, and registration fees.
6. Register the property: Once the purchase is complete, the property must be registered with the Dubai Land Department. This involves paying a registration fee and submitting all required documentation.
It’s important to note that regulations and procedures can vary depending on the type of property and the parties involved in the transaction. It’s always best to work with experienced professionals who can guide you through the process and ensure a smooth and successful purchase.
Can I buy a property in Dubai with crypto-currency?
Yes, it is possible to buy a property in Dubai with cryptocurrency. Over the past few years, some developers have announced that they are accepting crypto as a form of payment, including Bitcoin, USDT and Ethereum.
However, it’s important to note that this option is not yet widely available and may not be accepted by all developers or real estate companies. If you’re interested in purchasing a property in Dubai using cryptocurrency, it’s important to do your research and seek professional advice.
You may need to work with a specialized payment processor or broker to facilitate the transaction, and you’ll need to ensure that all legal and tax requirements are met.
Can I get an investor visa when buying property in Dubai?
Investors and property owners in Dubai are eligible to obtain an investor visa in Dubai.
10 Year Golden Visa
To obtain a 10-year investor visa in Dubai, you must meet the following conditions:
1. Required AED 2 million property or owned part (one or more properties) under the applicant’s name
2. If the property is mortgaged, the bank must be paid at least AED2 million of the property’s worth. In this scenario, a NOC letter and a paid amount letter are also necessary from the bank.
3. A husband and wife can own a home together, although a marriage certificate is necessary.
The process of obtaining a UAE Golden Visa through property investment
Step 1: The consumer goes to a DLD Service Centre.
Step 2: The consumer provides the necessary papers and pays the costs.
Step 3: The medical evaluation takes place in the centre.
Step 4: Passport visa stamping.
- The accessibility of a digital copy of the title deed certificate
- Personal photograph
- Valid health insurance
Do I have to present in Dubai in order to purchase a property?
No, you don’t have to be physically present to buy a property in Dubai. The purchase process can be completed remotely, with a power of attorney, a real estate agent, and other professionals.
However, there are some steps in the process that may require your presence, such as signing legal documents and attending the final transfer of ownership. If you’re unable to be physically present for these steps, you can appoint a representative who can act on your behalf.
It’s important to note that the laws and regulations around property purchases in Dubai can be complex, and it’s recommended to work with a professional who is familiar with the local laws and procedures.
Can I sell an off-plan property?
First of all, you have to know that while it is perfectly legal to sell off-plan property in Dubai, developers set certain restrictions in order to keep these transactions under control. Most companies allow a resale, once 30-40% of the total property value is paid off, and a payment plan can be transferred to the new owner.
So, upon paying a minimum required amount and obtaining approval from the developer, you can start searching for a potential buyer, with the help of an experienced real estate broker. The buyer and seller have to finalize both the terms and the price, sign contracts and also obtain a NOC in order to register the new buyer.
Finally, once the transfer is complete, the new owner will take over all the outstanding payments. It is essential to know that the new purchaser is responsible for paying the 4% DLD Transfer Fee, even though it would have already been paid by the initial buyer.
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Looking at buying a property in dubai 9n a clean and safe and popular beautiful area.
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