Dubai is rising as the business capital of the world, which has also helped its real estate quite a bit. In addition to that, the good return on investment that real estate offers makes this market quite investable.
However, like with every investment, without the right knowledge or guidance, a lot of risks are involved. This article mainly provides information about the apartments for sale in Dubai downtown and how you can get the most returns.
Why Should You Think Of Investing In Dubai?
- Get Higher Rental Yields:
This is one of the first incentives that you get to experience. Dubai’s downtown area is known to have more mature real estate markets. On average, any property investor or buyer can expect a gross rental yield ranging between five and 9%. That is a comparatively much higher yield than most other areas.
- Property Prices Are Lower:
In the global real estate market, Dubai has one of the lowest prices per square foot inch. This means the property prices here are lower than in most other cities. You can own a better property in a prime location here at better prices.
- New Visa Laws:
As per the new visa laws, homeowners of properties valued at over 1 million AED will get a 2-year residence Visa. For over 5 and 10 million, the owner will be entitled to a 5 and 10-year residence Visa, respectively.
- Better Tax Conditions:
Dubai is void of stamp duties and property taxes, which are commonly applied to other global markets. This reduces the cost of maintenance considerably, making your property even more profitable.
What Are Some Key Things You Should Consider Before Investing In Dubai?
Whether your aim is to live in that house or rent it, your ultimate goal is a strong return on investment. However, purchasing apartments that offer health return rates is not easy. It requires preparation from the get-go. Here mentioned are some points that can help you better choose your property here:
- Amenities available (education, childcare, transport, etc.)
- Size of the house and rooms
- Quality of materials used
- Timing and market conditions
- Loan approval
- Interest rates
- Regular maintenance costs
With these seven tips in mind, you will surely be able to find a property that not only is suitable for you to live in but also has a high resale value. Start by making a shortlist of suitable properties. Once you are satisfied, start comparing each aspect to find the one that suits your requirements.
How Can You Get A Better Return On Investment?
- Choose Apartments Over Villas:
Villas and townhouse in any real estate market cost a lot more than apartments. This is mainly because of the low to mid-average income of the population. However, this makes apartments the popular choice of real estate in this economy. Apartments for sale in Dubai downtown can yield better rents as well as resale values.
- Choose Prime Locations:
Buying apartments in better locations often have a big role to play in the resale value of the flat. Try and choose a location that is developing fast. For a property in a well-developed area as the cost of the property will also be high. However, in an area that is quickly developing, the resale values will increase ten times faster.
- Research The Community:
There is an annual maintenance charge applicable by the Dubai Land Department. However, this can sometimes fluctuate. This is done based on the Maintenance Index and the RERA Service Charge and can influence the overall returns on your property.
The charge per square foot varies with each community. All the updated details about the fees payable can be found on the official DLD website. Make sure you check the levied charges on the community of your choice before investing.
Although now you know more than an average man, you will still require some guidance in this department. There are several intricacies involved in finding the right apartment in Dubai.
You can always rely on EverHomes to keep delays at bay and seamlessly assist you through the whole procedure. On their online portal, you will also find details of properties here and compare their features and locational benefits.