Off Plan Apartments in Dubai
Why is it profitable to buy an off-plan apartment in Dubai?
Dubai is considered one of the fastest developing cities in the world as it attracts not only tourists and working professionals but also individuals looking for residential and commercial units to invest in. It is also important to understand that the emirate offers some of the best indicators for ROI in residential apartments, at a stable level from 5% to 8% per annum. In addition, depending on the size or value of the investment, international buyers can obtain investor visas for a period of 3, 5 or 10 years. All of these types of visas include the possibility of family sponsorship and can be extended countless times.
It is worth noting that the World Expo 2020 has had a significant impact on the Dubai real estate market and led to an increase in interest in the Emirates among foreigners, especially novice investors. In turn, the Central Bank of the UAE has reduced the ratio of credit to the value of the real estate to 20% for those who are buying housing for the first time. According to the Dubai 2040 Urban Master Plan, the built-up areas of the emirate will continue to develop and improve the image of Dubai. This means that real estate in Dubai will always be in demand, and now is the perfect time to invest.
Popular areas for buying off-plan apartments in Dubai
If you’re considering buying an off-plan apartment in Dubai, it’s worth paying attention to popular areas such as Downtown Dubai, Business Bay, Dubai Marina, and Dubai Creek Harbour.
- Downtown Dubai is the central district of the emirate. Connecting Old and New Dubai, it boasts a large number of attractions like the Burj Khalifa, The Dubai Mall and Dubai Opera, to name a few. Even though the area has existed for more than 20 years, it’s still developing. Downtown Dubai includes residential and commercial buildings and is in great demand among expats, entrepreneurs, working professionals, as well as tourists. Apartments from 1-BR to 7-BR are available for purchase, while the highest annual income is offered by 1-bedroom apartments, at an annual rate of 5.18%. The lowest price for a 1-BR apartment in Dubai Downtown is AED 720К (USD 196К).
- Business Bay is rapidly realizing its goal of becoming the central business center of Dubai, like Manhattan in New York, offering many first-class amenities and a dynamic lifestyle. The area is known as a multifunctional district with both residential and commercial complexes. Most of all, this area is attractive for working professionals, as well as businesspeople on business trips to attend forums, summits and other business events, who often rent housing for this period of time. Offering a wide selection of beautiful apartments, hotel suites, and serviced apartments, the area has become one of the most desirable addresses in Dubai, arousing equally high interest from tenants, buyers and tourists. The area is also close to the Dubai Design District and one of the oldest districts of Dubai – Jumeirah. Interested buyers and investors can choose to buy apartments with 1-5 bedrooms with different design layouts, the sale price of which starts from AED 575K (USD 157K).
- Dubai Marina offers an exceptional standard of resort-style living and is very popular among tourists and residents as it offers high-quality entertainment and recreation. Many choose to live here because of its close proximity to Downtown Dubai, Palm Jumeirah, the emirate’s iconic shopping malls, beaches, and many other attractions. Dubai Marina has also been top of the leaderboard in terms of one of the best places to rent luxury apartments for several years in a row and offers the purchase of apartments from 1-BR to 5-BR. With an investment yield of 5.7% per annum, the sale price of apartments with 1-BR starts from AED 500К (USD 136К).
- Dubai Creek Harbour is one of the most in-demand areas among recently launched property projects in the city. Located on the banks of the Dubai Creek, the area will house residential, commercial, and entertainment units. There are several good reasons to invest in Dubai Creek Harbour real estate, including the fact that it is home to several premium gated communities that provide a quiet and private living environment. Due to the neighborhood’s phased development, you can buy both finished properties and off-plan. In addition, upon completion, another unique landmark in Dubai will be located here – the tallest tower in the world – Dubai Creek Tower, with commercial space, restaurants and a one-of-a-kind observation deck. The mix-use community attracts singles, couples, and families looking for a comfortable life as it allows a perfect combination of work and leisure. Dubai Creek Harbour offers options for buying apartments with configurations from 1-BR to 4-BR and a return on investment of 5% per annum. The cost of a 1-BR apartment here starts from AED 780К (USD 212К).
*The price is valid for 2021
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