Apartments for Sale in UAE Since the United Arab Emirates (UAE) government allowed foreigners to purchase apartments for sale in the Emirates, the real estate sector has experienced a tremendous boost through global investments. The UAE is renowned for its stunning architectural wonders, skyscrapers that touch the sky, and distinctive structures like the Palm Jumeirah and the Burj Khalifa.
The country, once known for its oil-based economy, now heavily relies on tourism and real estate as well. The increasing prospects in tourism and job opportunities directly contribute to the demand for housing options and residential units. To meet the needs of people from diverse cultural and financial backgrounds, you can find Apartments for Sale in UAE with various budget ranges, sizes, designs, and facilities.
Apartments for Sale in UAE, Advantages of living in the UAE
Living in the United Arab Emirates means opening the doors to luxurious life and globally competitive career opportunities. Additionally, the country is culturally rich, hosting people from every corner of the world, and providing immense learning opportunities.
As a result, singles, couples, families, wealthy individuals, business tycoons, and celebrities are considering settling in the UAE, especially in Dubai or Abu Dhabi, which serve as centers for both professional opportunities and tourism.
Due to the increasing influx of foreigners each year, residential units, especially Apartments for Sale in UAE, are quickly rented and easily sold to achieve profitability. Good return on investment and substantial rental income are key reasons investors favor real estate investments in the UAE.
Best areas to find Apartments for Sale in UAE
Dubai, Abu Dhabi, and Sharjah are the most popular destinations to find Apartments for Sale in UAE. Dubai, known for its vibrant and dynamic lifestyle, is a famous choice among those who love city living and want to immerse themselves in the Arabian nights. Apartments for sale in Dubai are sought after by professionals, celebrities, businessmen, and investors, known for their luxurious amenities.
On the other hand, individuals who prefer tranquility and proximity to the cultural heritage of the UAE seek apartments for sale in Abu Dhabi. It is a relatively quieter emirate, offering the same level of luxurious living and upscale housing and amenities as Dubai.
Additionally, apartments in Sharjah are highly popular among Dubai professionals who choose to live in Sharjah due to their affordable housing prices. Since these individuals are mostly working professionals, one and two-bedroom units in Sharjah are in high demand.
Reasons to Buy Apartments for Sale in UAE
With its rapidly growing global population, the UAE is home to magnificent skyscrapers, residential towers, massive shopping centers, exquisite shops, artificial islands, and world-class amenities catering to all tastes and preferences.
To meet the increasing demand of residents, the UAE offers a large and diverse range of housing options for citizens and foreigners alike. However, non-residents need to remember that foreigners can only purchase properties in specific areas or freehold zones. The reasons to buy Apartments for Sale in UAE include:
- Stable Currency: The UAE Dirham has been pegged to the US Dollar since 1973, making it one of the most stable currencies globally since 1997.
- Tax Incentives: The UAE offers various incentives, including zero income tax, zero capital gains tax, and zero wealth tax, maximizing returns for investors and business owners.
- World-Class Healthcare: With significant investment in the healthcare sector, the city provides optimal choices for health and well-being.
- Easy Connectivity: The UAE is a direct flight away from 97 countries, with leading airlines operating from Dubai airports.
- Cultural Diversity: Home to over 200 nationalities, the UAE is a safe global haven symbolizing inclusivity, diversity, and security.
- Safety: The UAE ranks among the safest countries globally, boasting a law enforcement system developed over the years, resulting in low crime rates.
- World-Class Infrastructure: Offering a flourishing community with excellent infrastructure, public transportation, public parks, and more.
- Strategic Location: With outstanding city infrastructure, legal systems, public transport, public parks, and entertainment, the UAE is strategically located.
- Open and Free System: Open economic policies and minimal government control facilitate direct foreign investment, providing a global competitive edge.
How to Buy Apartments for Sale in UAE
The process of purchasing Apartments for Sale in UAE takes approximately 6 weeks, and investors do not need to complete the process themselves; they can seek assistance from lawyers. Lawyers verify contract conditions and the legal status of the property. The steps include:
- Property Selection: The property can be chosen remotely, and licensed agents can assist investors in selecting a property based on their needs and preferences.
- Sales and Purchase Agreement: The seller and buyer sign the sales and purchase agreement, which includes information such as property address, size, cost, transaction terms, and who pays relevant fees.
- No Objection Certificate (NOC): If the investor is buying a mortgaged property, they must obtain a No Objection Certificate from the bank. Other required documents include a salary statement from the developer and a property transfer certificate.
- Property Registration: After completing all payments and signing the contract, the buyer and seller need to register the deal with the Dubai Land Department. The contract registration request is submitted through the Real Estate Regulatory Agency's application.
Prices of Apartments for Sale in UAE
Apartments are the most common type of property available for sale at reasonable prices in the United Arab Emirates. Since the UAE government introduced foreign-friendly real estate policies, allowing non-residents to buy properties in freehold areas and focusing on developing the tourism industry, many foreign property buyers have chosen this dynamic UAE real estate market for investment.
Most Apartments for Sale in UAE can be found in Dubai, with a vast array of options available in luxurious projects, including the iconic Burj Khalifa. The second popular destination is the capital city, Abu Dhabi. The remaining emirates offer significantly fewer options, mainly due to their smaller size and population.
Prices of Apartments for Sale in UAE vary widely, often depending on the apartment's location, type, size, and various other factors. Affordable options can be found in less densely populated emirates, such as Fujairah and Umm Al-Quwain.
The average cost of apartments in the UAE per square meter is approximately AED 18,950.
Advantages of Buying Apartments for Sale in UAE
Luxury apartments in the UAE are fluid, high-yield properties, making them excellent for both residence and investment. These residences feature well-designed floor plans that satisfy even the most sophisticated experts.
Specifically designed Apartments for Sale in UAE, furnished with elegant furniture and numerous premium services, offer access to a wide range of amenities within a single building. Developers compete to attract potential investors by creating projects with distinctive architectural designs, allowing apartment owners to live comfortably without stepping outdoors. Typically available to residents are:
- Swimming pools and equipped recreational areas.
- Access to a private beach on the Arabian Gulf coast.
- Modern fitness centers.
- Spa lounges and lounge areas.
- Shops and restaurants.
- And many other benefits.
- The complete set of services depends on the complex's location and master plan.
- Foreigners can now easily buy freehold apartments in the UAE, as the city has many areas for expatriates where they can enjoy full ownership rights and equality with UAE citizens.
Apartments for Sale in UAE for Investments
The UAE is a modern, vibrant, and highly foreign-friendly city, with the majority of its population consisting of citizens from other countries. In Dubai, traditional Arab culture seamlessly blends with access to landmarks unparalleled anywhere else globally, such as the famous Burj Khalifa skyscraper, the man-made Palm Jumeirah archipelago, and the largest mall on earth, Dubai Mall.
The infrastructure in the UAE aims to cater to the diverse needs of different groups, making local life comfortable for retirees, young professionals, families with children, and those looking for high-return investments. If you are seeking apartments with high returns, consider purchasing in the UAE, where you can be confident in protecting your funds.
Prices of Apartments for Sale in UAE are continuously rising, with demand for ready apartments in the UAE being the highest in the following areas:
- Business Bay
- Dubai Marina
- Downtown Dubai
- Jumeirah Village Circle
- Other popular places include Dubai Hills, La Mer, City Walk, and other communities.
- Properties purchased for investment purposes in popular UAE areas yield between 5-8% annually, while short-term investments can achieve 11-13%.
Factors to Consider Before Buying Apartments for Sale in UAE
When contemplating the purchase of Apartments for Sale in UAE, several crucial factors should be taken into consideration to ensure a well-informed decision.
Financial Capability
The first and foremost consideration is whether you can afford the property. Take into account not only the property price but also maintenance costs, administrative fees, and taxes, which can add up to 7-8% of the purchase price.
Rental Yields
Rental returns in the United Arab Emirates range from approximately 5-8% annually. If you plan to lease your property, ensure that the rental income covers mortgage expenses and maintenance.
Apartments for Sale in UAE, Length of Stay
Before investing in UAE real estate, consider whether you intend to commit to the country for an extended period. Sometimes, renting a property may be more profitable than purchasing, depending on your goals.
Market Trends and Conditions
Exploring current market trends and understanding how the real estate market is evolving is a good idea. New developments may be underway, or prices might be dropping in certain areas. The more you know about market conditions, the better your chances of securing the best deal.
Apartments for Sale in UAE, Location
Consider your family's lifestyle and the facilities you need nearby, such as schools, childcare centers, cafes, or restaurants. Make sure to choose the option that best suits your needs.
Quality
Check the age of the property you are investing in and whether it requires renovations. Also, ensure that the developer building your property has a good reputation.
Buying New vs. Under Construction Properties
In the UAE, you can purchase either a newly built property or one still under construction from developers. Alternatively, you can buy a property with a previous owner. Each option has its pros and cons, depending on your goals and preferences.
Newly built properties often align with modern trends, offering space efficiency and energy efficiency. Additionally, you can purchase a new property in different construction stages, providing more options to choose from.
Properties under construction usually have lower prices, requiring an initial payment of 10-20%, with the remaining amount paid upon completion. However, construction might take longer than expected.
Resale properties may demand more money for renovations and repairs. Nevertheless, you won't have to wait long to obtain ownership and move in.
If you are applying for a two-year residence visa, you cannot invest in properties under construction; the property must be completed.
Documents Needed for Purchasing Apartments for Sale in UAE as an Expat
The required documents for property purchase may vary by emirate and the circumstances of the property acquisition. Here are typical documents needed for an investor preparing to buy property in the UAE:
- Passport.
- Current residence visa or residency permit in the UAE.
- Sales and Purchase Agreement (SPA) or Memorandum of Understanding, outlining the terms and conditions of the property purchase.
- No Objection Certificate (NOC) from the developer or previous owner for secondary market purchases, confirming no outstanding fees.
- Official power of attorney if the investor is using a representative to conduct the transaction.
- For properties purchased through a mortgage, prior approval is needed before signing the sales agreement. The Dubai Land Department requires obtaining mortgage approval before applying for a No Objection Certificate.
- Upon completing all legal procedures, the property ownership deed will be issued in the investor's name, making them official property owners in the United Arab Emirates.
