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Featured Blog

Initially, it might have been only Emirati nationals could own property across the United Arab Emirates. The year 2002 brought about a change in the market when the government began allowing expats to buy property and gain full ownership. The Dubai real estate market has flourished and grown since those days, and investors are spoiled for choice when it comes to residential, commercial, and off-plan properties, and gain unmatched ROIs.

For clients who are new to the market or investors who want to learn more about the Dubai property market, we have provided a breakdown of all the aspects of real estate in Dubai, from ownership rights to developers.

 

Types of Properties

Residential Property

These properties include apartments, villas, and townhouses, and there’s a perfect home out there for every Dubai resident due to the wide variety of projects. From affordable to ultra-luxury, Dubai residential market shows no signs of slowing down. Dubai features several types of unique homes:

  • Apartments: Located in mid to high-rise buildings, apartment units are typically flats or suites which are perfect for individuals or small families. Apartment style units are most popular in Dubai, especially in busy districts like Downtown Dubai or Dubai Marina.
  • Villas: Larger homes located within communities which are great for large families. Most villa communities are situated outside the main city or away from the busy areas to ensure a more private setting with natural greenery.
  • Townhouses: Townhouses are semi-detached units that are located in the city limits. Townhouse units are usually more affordable compared to villas, which is great for first-time buyers and first-time investor.
  • Duplex: Duplex homes are usually two units that are attached like two townhomes or even apartments. In Dubai, Duplex apartments are gaining popularity in up and coming districts and communities.
  • Penthouse: Penthouses are usually apartment units that are located on the highest floor of a residential building.

Commercial Property

Dubai is an influential global commercial center and is a popular base for companies in the Arabian Gulf region’s fast-growing markets. Dubai is quickly becoming known as a hub for several kinds of new foreign and local organizations, multi-national corporations and startups that are flourishing in this growing business center.

Dubai offers environmentally sustainable commercial spaces for rent and sale in most sought-after parts such as Downtown Dubai, Business Bay, JLT, JBR, Marina, World Trade Centre, Emirates Tower and many more.

Types of commercial properties:

  • Office space: There are several business districts in Dubai that feature state-of-the-art office spaces. Whether it's a startup, small-time business, or a major corporation, Dubai can provide the best office spaces for any kind of business and industry.
  • Retail space: With more international brands coming to the UAE, and also the opening of new malls, there is a higher demand for retail and showroom spaces.
  • Warehouse: Areas like Al Quoz and other industrial areas feature spacious warehouses for heavy machinery or large industrial equipment.
  • Staff accommodation: Several companies need specialized areas for staff accommodation for their workers and employees.

Off Plan Property

Off plan properties are purchased before the completion of construction. The overall price of off plan properties is a lot lower than ready properties as developers provide competitive payment plans where most of the cost is paid post-handover.

One of the most significant benefits for buyers who invested in off plan property is that once the project is completed and ready for handover, its market value goes up significantly. Those who invested during the off plan stage will be able to enjoy the capital gains and a high return on investment (ROI) that will surpass the original investors’ payment. These properties can be residential or commercial.

 

Types of Property Ownership

Freehold Homes

  • Buyer has absolute ownership of the property outright including the physical structure and the land it stands on, forever
  • Owner’s name is registered as the “landowner” in DLD Registry
  • The owner can perform renovations as they see fit on the property, have full rights to sell or lease the property at their discretion, and an heir may inherit it upon the owner’s passing
  • The owner can choose not to reside in the property

Leasehold Homes

  • A property can be taken on a lease from a freeholder for 99 years
  • The ownership of the property will revert to the landlord at the end of the lease as they own the land.
  • Leaseholder has the option of reselling the unit at any given time without impacting the value of the leasehold property
  • Getting improvements and renovations require written approval from the freeholder
  • The freeholder is usually responsible for repair arrangements

 

Financing a Home

Mortgage Buyers

Buying or investing in property is not easy. Fortunately, there are several kinds of payment plans or options that clients can use to help buy their property. Clients can invest in the property of their choice with the help of mortgage loans set up by banks or other agencies. So instead of paying the entire sum at once, clients can easily pay the large expenses in a set period of time. Many developers and banks all over Dubai offer unique mortgage solutions to first time buyers and investors, to reduce the risk of bankruptcy. Most real estate agents and developers encourage new investors and buyers to take up mortgage options to finance their property.

Cash Buyers

For some residents, the idea of buying property and real estate up front is much more convenient. Cash buyers are able to provide the exact amount without the use of mortgage loans or options. There are several affordable projects and developments where even residents of mid-incomes would be able to pay for it with cash alone. Projects like Arjan, Dubailand, Jumeirah Village Circle, Dubai South, Dubai Sports City, and so much more.

 

Buying vs. Renting Property

Homeownership might have been a routine step in an adult’s life cycle in the past, however, Dubai residents are more likely to carefully consider their options and delay the process. There is no universal path or answer for those debating whether to buy their first property or continue renting, however, can provide some guidance by outlining the pros and cons of each and advising clients based on their personal and financial goals.

Renting a Home

  • Flexibility: Renters can explore different types of homes (styles and sizes) before committing long-term to just one.
  • Career and Finances: Buying a property can tie up most of your money and you must take into consideration any changes in your finances. Renting can allow for financial comfort due to the smaller payments
  • No expenses: As a tenant, it is the landlord’s responsibility to take care of maintenance issues. Some contracts even require the landlord to pay for utilities such as water, chiller, and/or electricity.

Buying a Home

  • Equity: Every mortgage payment increases your degree of ownership in your home, in contrast to tenants who basically pay for an owner’s mortgage. Also when the mortgage is paid off, it is possible to borrow against the equity in your home to purchase more property.
  • Designs: Owners do not have to get approvals or lose deposits over renovations and interior design changes.
  • Maintenance: As a homeowner, you can choose how to approach a maintenance issue and go with the maintenance company you prefer. You can also opt for property management services to save you time and stress.

 

Short-Term Rentals

 

Driven Holiday Homes specialize in short-stay rentals and high-end concierge services in Dubai. Offering a wide range of apartments and villas, our portfolio features unique properties such as designer-furnished units and grand waterfront villas all across Dubai in prime locations such as Downtown, Business Bay, Palm Jumeirah, Dubai Marina, and Jumeirah Beach Residence.

Our attentive team of professionals offers a global experience tailored to each unique guest. We go above and beyond to ensure our guests have the ultimate experience by providing maintenance, housekeeping, and personal assistance services. Guests can enjoy high-end luxury services with the comfort of a personalized home. Guests can stay on a daily, weekly, or even on a monthly basis on some of the upscale residences in City Walk, Tajer, Index Tower, and Old Town.

The short to long-term rental market is not only growing but will also become a key factor in Dubai’s future tourism plans. Dubai’s Tourism Vision 2020 aims to welcome 20 million visitors per annum and the growing holiday homes market surely will play an important role in reaching that goal, as well as creating a new revenue stream for property owners. Now, buy-to-let owners have another option other than long-term, fixed-price contracts with a single tenant, and can gain a greater and quicker income. Dubai is the 7th most visited city in the world, several tourists and short-term residents prefer the feel of a home rather than a hotel for their short stay.

The short-term rental system is also highly beneficial to property owners, who can often generate higher returns through the holiday homes system, as opposed to the long-term tenants. This also allows the owner to have access to the property when they require it, and they have the peace of mind that experienced property managers are maintaining their asset when they are away.

Services for Owners

  • Property inspection
  • Property management
  • Housekeeping
  • Key management
  • Bookings management
  • Advertising & reporting
  • Interior design & furnishing
  • Bills management

Services for Guests

  • Chauffeur
  • Housekeeper & nanny
  • Personal chef
  • Car rentals
  • Visa assistance
  • Tours
  • Outdoor and watersport activities
  • Personal shopping services
  • Restaurant, club, and spa bookings

Real Estate Developers in Dubai

Many iconic projects are currently under construction in Dubai with work process progressing by leaps and bounds to deliver on time. UAE real estate continues to be one of the most resilient and robust industries in the country despite some economic challenges.

Still, several projects are introduced by Dubai’s massive real estate developers who became famous around the world for their designs and exotic structures. Dubai has been among the top emirates that remains thriving within the real estate business, as it has proven to be adaptive to the considerable changes in the market. Among the many factors contributing to the uniqueness of the Dubai real estate market, the existence of such large-scale developers has proven to be a real added value to the sector activity.

Dubai developers had a hand in the state’s urban transformation and the establishment of its current status as one of the world’s top business and tourism destinations. Driven Properties offer you a comprehensive list of the UAE’s most sought-after and trusted property developers in Dubai that are officially registered with the Dubai Land Department (DLD). We provide you with complete information about the developer’s history, its mission, and vision, as well as its portfolio of off plan and ready projects. Simply explore through this page to find the developer that will provide you your property of choice.

  • EMAAR
  • Damac
  • Meraas
  • Nshama
  • Sobha
  • Nakheel
  • Dubai Properties
  • Aziz Developments
  • Omniyat

The Benefits of Dubai Property Ownership

  • High return-on-investment (ROI)
  • Short-term rental system
  • No income tax
  • Visa for property owners and dependents
  • An extensive and detailed transport system
  • Global financial hub & growing economy
  • Host to the next World Expo 2020