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Discover Dubai’s booming real estate market and find your perfect property with the assistance of the city’s top 5 real estate agents. Over the past two decades, Dubai has rapidly transformed into an attractive expat destination, characterized by its impressive skyline of sleek glass and steel towers that have emerged majestically from the desert landscape.
With the guidance of these reputable agents, you can navigate the dynamic real estate landscape and unlock a wealth of opportunities to invest in luxurious apartments, exquisite villas, and thriving commercial spaces. Embrace the cosmopolitan charm of Dubai and make informed decisions with the expertise of the top real estate agents in the city.
The city is an international playground for the wealthy, with the world’s tallest building – the Burj Khalifa – surrounded by some of the best sports, shopping and entertainment facilities found anywhere.
Experience the allure of living in Dubai, a city that embraces expatriates worldwide. The process of purchasing a home in Dubai is similar to that in the UK, where buyers can explore various properties and make offers through trusted agents. Discover the possibilities of finding your dream home in this cosmopolitan hub.
Buying off-plan is common, but purchasers should make some checks to ensure the seller has rights to the property and the money to complete the deal. Buyers can deposit any money they need to pay before the project is complete with the government’s Dubai Land Department.
Expats do face restrictions. The United Arab Emirates has a dual legal system. Dubai is covered by emirate and federal laws that bar foreigners from some neighbourhoods or from buying some types of property.
Table of contents
Dubai Property Market
Dubai property is one of the world’s most active real estate markets. Buyers and sellers have seen enormous swings in prices over recent years.
Here’s a snapshot of the current market according to expat cost of living monitor Numbeo:
- Income to price multiplier: 3.58
- Mortgages and rents consume around 26 per cent of household income
- Rental yields for investors are about 11.05 per cent in the city centre, dropping to 10.97 per cent in the suburbs.
Renting a home
Renting one bedroomed apartment in the city centre costs £1,547 monthly while renting a similar flat outside the city centre reduces to £900 monthly.
A larger three-bed home in the centre costs £2,886 monthly and £1,755 in the suburbs.
Buying a home
Home buying costs are generally expressed as the cost of a square metre.
Buying a city centre apartment costs around £3,100 psm, and one in the suburbs is priced at £1,858 psm.
The average mortgage interest rate for a 20-year fixed-rate loan is 4.07 per cent.
State of the market
The property market in Dubai always seems vibrant but currently reflects the state of the world economy. Property prices are stuck in a rut, hardly changing this year and with sales well below expectations.
Popular neighbourhoods
As a modern city, Dubai has a lot of new build homes in newly created neighbourhoods.
Among the most popular places to live in Dubai are the Dubai Marina, Jumeirah Beach Residence and Emirates Hills.
Many city centre buildings are apartment blocks, thinning out farther into the suburbs in favour of villas.
Choosing A Property In Dubai
Before agreeing on the purchase and before signing a contract, make some inquiries to ensure the seller is genuine:
- Check your agent or developer is licensed as a broker in Dubai with the Dubai Land Department
- View other properties completed by the developer to check the finish and workmanship
- Understand the price, any additional costs and when they are due to be paid
- Confirm that you can buy the property as a foreigner
- Check the property price against similar properties to ensure it’s a fair deal
- Seek independent legal advice from a lawyer not tied to the seller
- Also, speak to your local IFA for the latest financial advice in Dubai
Top 5 Dubai Property Web Sites
Hundreds of real estate brokers and agents clamour for business in the hectic Dubai property market.
Like all property markets, many agents specialise in luxury properties, mid-market family homes or a flat for expats.
Here are Dubai’s top five real estate agents.
Fam Properties
Fam Properties is a real estate and property portal dominating the Dubai market.
The website offers guidance and property searches for homebuyers, renters and landlords.
The main office is in Jumeriah and opens every day except Friday. Satellite offices cover the main neighbourhoods. Fam Properties also has a smartphone app for keeping up-to-date with the market, arranging viewings and searching for properties.
Fam Properties covers most property markets – from buy-to-let investments to bare land.
Website: famproperties.com
D&B Properties
D&B Properties has operated in Dubai for at least ten years and proudly demands to be ranked among the most popular agents in the city. The brokerage started as off-plan specialists and grew into a multi-property market entity.
Specialities include marketing family villas, holiday homes, commercial buildings, and portfolio management.
Website: dandbdubai.com
Provident Real Estate
Provident Real Estate is a one-stop shop for property and real estate deals. That covers everything from home sales to property investment. Provident is one of the older real estate brokers – opening for business as a two-man operation in 2008. Now that enterprise has grown into a multi-branch brokerage entirely covering Dubai.
Website: www.providentestate.com
Driven Properties
Driven Properties is a specialist off-plan real estate brokerage. The firm works with many of Dubai’s biggest developers and maintains an in-depth and up-to-the-minute catalogue of off-plan apartments and villas. Driven Properties is also a management firm for investors. Like many other agents, Driven Properties has a relocation and mortgage service for expats.
Website: www.drivenproperties.com
Bayut
Bayut is not so much a real estate brokerage but the largest search portal for property across the Middle East and North Africa.
The Dubai portal takes listings from almost every Dubai real estate business and presents thousands of homes and other properties in a single easy-to-search app.
Website: www.bayut.com
Buying A Home In Dubai FAQ
Are you considering buying a home in Dubai? This FAQ section answers common questions about the property market, expat ownership, required documents, investment visas, and more. Get the information you need to purchase a property in this dynamic city.
EXpats can buy real estate in designated neighbourhoods of Dubai, such as Palm Jumeirah, Dubai Marina, Downtown Dubai, Arabian Ranches and Jumeirah Beach Residence. These are some of the most popular expat neighbourhoods.
Personal documentation needed to complete a property purchase is minimal – just a passport, UAE ID card if you have one, the property reservation form, credit card details and a completed customer details form.
A property buyer can apply for a UAE investment visa if the total investment is more than £215,000 in a maximum of three homes.
Anyone can buy freehold real estate if they stick to the designated neighbourhoods. The property can also pass down as an inheritance.
An off-plan home is bought before construction has been completed. Many developers offer discount deals to off-plan buyers. In the past, the market is fraught with scams and uncompleted projects.
Dubai is one of the members of the United Arab Emirates. The country is ruled by a royal family who have maintained control for many years. Dubai is considered politically stable, while the economy is ranked the fourth largest in the Middle East.
The economy is moving away from a reliance on oil and gas. Instead, rising sectors include finance, banking, technology and tourism.
Non-residents can get a visa when buying a property in Dubai costing around £214,500, excluding fees, like closing costs and transfer fees.
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