Flats in Business Bay and other areas of Dubai in 2023
Property in Dubai
In the UAE, the real estate market is growing steadily: for example, in the fall of 2022, sales increased by 60% compared to the fall of 2021. As demand rises, so do prices. At the same time, experts have prepared several justifications that will allow predicting general trends in the rental market in 2023. First of all, it should be noted that the increase in prices still had an impact on the number of concluded lease agreements. Now potential tenants prefer to look for a permanent property. Flats in Business Bay for foreigners can become a profitable investment option.
Real estate in Dubai
You can buy real estate in Dubai at the price of a one-room apartment in a new building in a million-plus city, from USD 440,000 (USD 120,000). For this money, you can become the owner of a one-room apartment of 35 sq. m. with finishing, a parking space and a swimming pool in a warm country and all the amenities at hand: shops, gyms, parks and more.
It is also important to choose a developer that offers interest-free installments or a convenient payment plan. For example, the developer DAMAC, one of the leaders in the luxury real estate market in the Middle East, always offers convenient payment schedules:
- 20% of the cost at the time of the transaction,
- 60% - while construction is underway,
- 20% - when you receive the keys.
Now in Dubai, demand exceeds supply, both for sale and for rent. In August 2022, sales increased by 67.5% compared to August 2021, and the occupancy rate for rental properties in Dubai is currently at its highest level in 5 years. In the most prominent areas (rental rates for apartments increased by 18%, 11%, 19% and 14%, respectively, compared to the previous year):
- Dubai Marina,
- Business Bay,
- Downtown Dubai
- and JLT.
Flats in the Business Bay area
Most of all, there is the demand for exclusive design properties in the central regions. For example, DAMAC now has interesting properties in the Business Bay area.
DAMAC is an interesting developer in general: it is one of the leaders in the elite real estate market in the Middle East. Their properties are always distinguished by original concepts, advantageous location and are great for investment - they are almost always completely sold out long before construction is completed. Recently they sold a complex developed together with the Italian brand Roberto Cavalli, and now they have a new project, once together with the jewelry brand de GRISOGONO.
In the UAE, developers report to the state and are subject to serious requirements: for example, they must buy land and work only through an escrow account. This means that the developer will not be able to receive the money until you receive the keys. Therefore, in the UAE, you are unlikely to encounter the fact that the house will not be built.
You can even buy real estate in the UAE remotely, without leaving your country: the developer will send you all the documents by mail. You can pay, even with cryptocurrency, and the whole process will take no more than 30 days.
What other benefits are there for investors?
- Unlike many other states, in the UAE you will not face sanctions and asset freezes;
- There is no income tax in Dubai, and if you rent an apartment by the day, you can get up to 12% per annum;
- If you buy an apartment from AED 753,000 (USD 205,000), you can get an investor visa for yourself and your family.
Real estate agency in Dubai
Despite rapid growth, the Dubai real estate market now offers excellent options at prices comparable to those in the European capitals. If you decide to invest in housing, you should definitely consider this opportunity. And you can save time and money by contacting experts who will not only help with the choice of real estate, but will also guide you through all stages of the transaction as quickly and comfortably as possible. AX CAPITAL will be your guide on this journey and the agency’s specialists are sure to make it as enjoyable as possible.
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