Apartment Living In Dubai
With all the years in the making, the Dubai real estate market now compares closely to leading real estate markets of the world. It is gradually moving away from an oil-based economy and relies less on oil-production in comparison to its neighbors. With its progressive governance, conducive trade environment and massive global appeal, it has grown to become a favorite with overseas investors and this has made the real estate market flourish remarkably from the 2000’s.
With considerate focus on tourism, trade, education, and technological advancements, Dubai has risen to be a favorite expat destination and there has been an increase in the number of people who move here to work and live.
Is it expensive to live in Dubai?
Dubai has a large community of expats living in the city, with over 92% of its population being expat or migrant workers. Regardless of which nationality one belongs to, Dubai is touted to be one of the most expensive cities in the world. However, when it comes to leading a fine quality of life, living in crime-free, secure environment and at the centre of the global economic expansion, the slightly high cost of living seems worth it. Every year Dubai’s rankings keep increasing on the quality of life index as compared to other global cities.
The following parameters are to be assessed when ascertaining the financial reality for an expat family living in Dubai –
- Health Insurance
How much does an apartment costs in Dubai?
Speaking strictly about apartment costs in Dubai, there is a wide range of options that are available. It all eventually depends on which area or neighbourhood you prefer to live in.
Dubai has a very well-developed real estate sector, meaning you can find pretty much any sort of housing you could wish for. Prices in the city centre and in exclusive expat areas outside of the centre are very steep – although you can still get more reasonably priced places if you don’t mind a bit of a commute.
Best places in Dubai to buy an apartment
There is no other city in the world quite like Dubai, which is home to iconic structures like the Dubai Creek Tower and the Burj Khalifa. Here’s a list of the best places to buy an apartment in Dubai.
- Jumeirah Village Circle (JVC)
- Dubai Marina
- Downtown Dubai
- Jumeirah Lake Towers (JLT)
- Business Bay
- Dubai Sports City
- MBR City
- La Mer
Is it worth to buy property in Dubai?
It is certainly worthwhile to own real estate in Dubai for the purpose of property investment. This tax-free income, as well as inexpensive mortgage registration fees, are two of the most compelling reasons to buy property in Dubai for both residential and investment purposes. Dubai remains one of the most popular tourist and residential destinations in the world. It gives the properties in this area a lot of investment possibilities
Can a foreigner buy property in Dubai?
You have the option to acquire in Dubai’s freehold property market in particular regions that have been permitted by His Highness the Ruler of the Emirate of Dubai, whether you are based overseas or a resident of Dubai. For the purpose of purchasing property, foreign investors are not obliged to have any form of residence or similar permit.
Is now a good time to buy real estate in Dubai?
Purchasing property in Dubai is a safe and attractive option from the perspective of an investor. It allows investors to get a decent price on a piece of real estate. If the economy continues to improve, this will result in even better returns on investment. Its resurgence is accompanied by an increase in the demand for rental properties.