Buying property in Dubai

Well known for its high standard of living, unparalleled business opportunities and fantastic weather, the number of people looking at property for sale in Dubai has been steadily on the increase for many years now. According to the Dubai Land Department, the first nine months of 2023 saw a record-breaking 116,116 new property transactions totalling approximately Dh430 billion ($117 billion) – which is 33.8 percent more property transactions than the same period the year before. The third quarter of the year saw the highest rise in property prices in a decade and prices are expected to rise by up to five percent in 2024, too.

Whether you are an individual, a family looking for a luxe new lifestyle, or an investor seeking out new lucrative investment opportunities, the golden emirate has something for you. Read on for our guide to the most popular residential areas and communities in Dubai.

The top spots to buy in Dubai

Dubai Hills Estate
Smack bang in the middle of the city, nestled amongst Downtown Dubai and Emirates Hills and within view of the Burj Khalifa, this luxurious development offers stylish villas, townhouses and apartments, masses of green spaces and communal facilities and an 18-hole championship-grade golf course. Plus, a variety of shopping malls, schools, nurseries, universities, hospital and places of worship in the community and in nearby areas.

Arabian Ranches
Dubailand’s biggest and most well-established development, The Ranches, as it is fondly known, offers the ultimate expat lifestyle. Offering some of the villas for sale in Dubai on large plots, with unique designs in different sub-communities, excellent facilities and atmosphere, a world-class golf course, schools, health centres and much more, make this a complete lifestyle offering of its own and popular with home buyers.

The Palm Jumeirah
Who hasn’t heard of Palm Jumeirah? The iconic development enjoys never-ending beaches of golden and white sand, turquoise water, some of the city’s top restaurants, bars and retail spaces, hotels, a water park, concerts, events and much more. Popular with residents and international investors, and offering some of the most unique Apartments for sale in Dubai and beachfront villas, Palm Jumeirah is a guaranteed crowd-pleaser for families and professionals.

Emirates Living
One of the first large community developments built in Dubai, Emirates Living consists of The Springs, The Meadows, The Lakes and Hattan, The Greens, The Hills and The Views. Each community has its own look and feel, all united with the same exceptional standard of landscaped green areas and communal facilities. All of the properties have lakes in close proximity, offering kilometres of walkways and cycling paths, as well as restaurants, cafes, schools, shops and lots more, making it a popular spot for those looking for freehold opportunities to purchase family homes.

What you need to know

When it comes to buying property, there are many properties for sale in Dubai that’ll meet your budget and your specific needs. Read on to discover the right type of property purchase for you.

Freehold
There are many areas of Dubai that offer freehold properties, whereby you own the property and the land it is built on. Dubai Marina, Palm Jumeirah, Arabian Ranches, Emirates Hills, Jumeirah Golf Estates, Jumeirah Lake Towers and Emirates Living, to name but a few.

Leasehold
If you are looking for less of a financial investment, a leasehold property can often offer great security at a lower price. Why? Because while properties are normally available on a leasehold for 99 years, in a leasehold, you do not own the property or the land outright – there is a condition where the land and property eventually need to be returned to the original owner. Dubai Silicon Oasis, Green Community and other areas are popular with leasehold investors.

Off-plan
In the first nine months of 2023, off-plan sales in Dubai totalled Dh100 billion and that is set to continue with nearly 80,000 homes currently under construction, scheduled for completion by the end of 2027. The benefit of buying off-plan is competitively lower prices than ‘ready homes’, however, the downside is that you can end up waiting longer than expected.

Mortgages
Up to 80 percent of property value can be financed in a mortgage, with a repayment period of 25 years (and before the age of 70). Both fixed rate mortgages and variable rate mortgages are available when buying a property in Dubai, for residents and non-residents alike. Credit history and proof of employment will be required, of course, as well as other necessary paperwork.

Depending on where your property is, the type of property you are purchasing and the type of investment (freehold or leasehold) there may be some other costs that you will want to factor in. For example, some residential areas charge community fees and maintenance fees. Also, in the process of buying a property, you may have government fees and other charges to cover. It is important to consult a property agent to get the best up-to-date information on the type of property and the location you are interested in.

From quiet neighbourhoods of coastal villas to bustling urban apartment blocks, the emirate has something for everyone. With the city’s popularity with investors both locally and internationally growing year on year, never has there been a better time to think about purchasing a property for sale in Dubai