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
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:
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:
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
Financing a Home
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.
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
Buying a Home
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
Services for Guests
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.
The Benefits of Dubai Property Ownership