Buying a home in Dubai: the guide
Dubai è uno dei sette emirati che compongono gli Emirati Arabi Uniti ed è situata a sud-est del Golfo Persico ed è una realtà che si è sviluppata velocemente negli ultimi vent’anni, diventando oggi una delle città più potenti del mondo.
Il forte sviluppo economico della “città d’oro” ha attirato l’attenzione di molti investitori che hanno visto in Dubai un’opportunità di business da non lasciarsi assolutamente scappare.
Sono sempre di più infatti gli imprenditori, i manager, i dirigenti e le personalità facoltose di tutto il mondo che scelgono Dubai come meta di vacanza o sede di affari, di conseguenza queste persone sono disposte a pagare cifre esorbitanti per poter soggiornare nel lusso ed usufruire delle bellezze di questa incantevole e affascinante città del medio oriente.
Se vuoi effettuare un investimento immobiliare che possa essere proficuo o vuoi cambiare vita e trasferirti in una città ricca dal punto di vista economico e culturale, ma non hai ancora deciso quale sia il posto giusto, Dubai è la città ideale. Leggi questo articolo per scoprire il perché.
The Benefits of Moving or Investing in Dubai
The United Arab Emirates are an ever-expanding reality, protagonists of an unstoppable and unprecedented economic progress, such as to make this small country, unknown until a few decades ago, a world economic power.
The advantages of living in Dubai or investing in the real estate market are manifold;
- Dubai is a city with a very low crime rate, where you can live your life in complete safety. Especially if you are planning to start a family or want to move with your children, this is the safest city in the world.
- In addition, the immense shopping malls, the kilometres of pristine white beaches, high-fashion shops and luxury restaurants make it possible to lead a comfortable life of fun, adventure and relaxation.
- The bustling life of this city does not allow for boredom. Dubai is in constant motion, night and day, and constantly offers stimulation to live life to the full.
If you are planning to start or relocate your business, Dubai is the right place to do so. With a thriving and ever-expanding economy and its strategic location connecting East and West, Dubai is the only place abroad that can guarantee secure financial returns.
- Dubai is a multicultural reality where a perfect blend of East and West has been achieved and where every culture manages to integrate without suffering any form of discrimination.
What are the Best Areas to Make a Real Estate Investment in Dubai?
The first element to consider before buying a property is the neighbourhood, which has a decisive influence on the initial purchase price and, subsequently, on the sale or rental price.
The relationship between neighbourhood and price is proportional: the better the area you want to invest in, the higher the purchase price.
In general, Dubai is a very safe and quiet city, so there are no particularly bad neighbourhoods. However, there are a few more popular areas that can represent a considerable opportunity to earn money.
Until a few years ago it was an expanse of sand, but today Dubai Marina has become the centre of the UAE economy. This district is part of the ‘New Dubai’ and is home to sky-high shopping malls, the world’s most important financial offices and endless skyscrapers. We consider Dubai Marina the most exclusive area of the city where it is worth buying a house. In particular, the Jumeirah Beach Residence was built a few years ago, a huge building complex that includes homes for both tourist and residential use. If you want to buy a house in Dubai, this is one of the most popular places
Dubai & Design District
As the name suggests, this district is populated by high-fashion shops, huge shopping avenues, hotels, villas and luxury homes. Investing in this area allows you to be at the centre of Dubai’s high society life, experiencing it at 360°.
Vicino alla famosissima attrazione turistica Burj Khakifa, Business Bay è il quartiere degli affari, dove sono presenti prestigiosi uffici di design e importantissime banche. In questa zona sono state costruite tantissime proprietà di lusso progettate per ospitare importanti uomini d’affari.
It is the ideal neighbourhood to buy a property if you want to get away from the hustle and bustle of the city and live in a quieter, less built-up area. Dubai Residential is in fact a district surrounded by greenery, where huge golf courses and parks have been built. In this area there are no skyscrapers but luxurious and spacious villas with all comforts.
What Type Of Real Estate To Buy?
After deciding which is the best area in Dubai to invest or live in, it is time to figure out what type of property to buy, based on one’s needs.
To buy a property, one can look at the many online advertisements to get a general overview of market prices and types of properties for sale.
Full and unlimited ownership
It is generally the most sought-after investment, because the buyer becomes the sole owner and has the possibility of reselling, renting or bequeathing the property. If you want to invest in this type of property, it is advisable to buy plots and land and then entrust the construction work to specialised companies that will realise customised projects. You can then have a house that exactly reflects your style and needs.
Ownership in usufruct
Con questo tipo di contratto si ha la possibilità di usufruire di un immobile che resta di proprietà di un altro soggetto. E’ possibile vivere l’immobile a lungo termine con contratti della durata da 10 a 100 anni, ma non è possibile vendere, distruggere o cedere in eredità l’immobile. Il diritto di usufrutto si estingue per scadenza del termine stabilito tra le parti o per morte dell’usufruttuario.
Finally, there is the possibility of concluding a timeshare contract, a cheaper solution than the previous ones, but one that includes many more constraints. First of all, when concluding the contract, it is necessary to indicate the periods of the year in which you prefer to use the property. The price varies depending on the period indicated and during the rest of the year the property will be inhabited by other co-owners.
What Are the Legal Requirements for Making Real Estate Investments in Dubai?
Buying a house in Dubai is much simpler than one might think. In fact, this country has a very lean and fast bureaucracy that allows complex business deals to be concluded in no time.
To buy property in Dubai there are essentially two procedures to follow depending on the type of property.
If the house you are interested in buying has already been built, you need to check that the owner is registered with the DLD, Dubai Land Department, which is equivalent to our Land Registry.
This procedure is essential to avoid falling victim to scams and deception, which unfortunately are always around the corner.
If, on the other hand, the house has not yet been built, it is necessary to make sure that the construction project is registered with the Real Estate Regulator Authority (RERA) before making any payments.
In this case one must proceed by making cash payments, according to the progress of the construction work, into an escrow account, which has been set up specifically for that real estate investment.
How much does it cost to buy a house in Dubai?
Having reached this point, only one aspect remains to be investigated, namely the investment cost of buying a house in Dubai.
Of course it is not possible to establish a precise price range, because the cost of investment varies depending on the area one chooses, the type of property and its size, whether it is a new property or a re-sale, what services are nearby, such as how far it is to the Metro stop, etc.
However, from our research we can help you by reporting what are the approximate prices of properties for sale.
To buy a flat in Dubai Marina with a size of 150/200 sqm and 2 bedrooms the price range is from 500,000 to 700,000 Euro.
If one wants to buy a luxury villa with an area of about 500 sqm in the Jumeirah Beach Residence complex, the price range is around 3 million Euro.
If one wants to open a business in Dubai and needs to buy an office, an investment starting from 200,000 Euro is necessary.
In conclusion, moving to Dubai is the dream of anyone who wants to make a change in their life or decides to invest in a business that can yield considerable financial returns.
Before taking any hasty steps, we advise you to go there in person and contact accredited local professionals, who speak Italian if possible, in order to ask for proper advice that can help you better understand how to move in real estate investments.
I am convinced that by following my advice you will certainly have a clearer idea of how to choose a property to buy in Dubai.
Now all you have to do is turn your life around and embark on this new adventure which, I am convinced, will give you a lot of personal and financial satisfaction.