5 Residential areas to buy property in Duba
Dubai – home to marvellous architecture & robust economy has always remained everyone’s favourite. Whether it’s about buying an apartment in Dubai or investing in a villa or mansion, investors have shown first preference for this city. Thanks to tax-free laws & flexible payment plans, every buyer can come & invest freely where their heart is. However, the question remained confusing when buying an apartment in Dubai. Which area, neighbourhood & nearby locations to choose & consider? To navigate these queries clearly, here is the list of 5 best residential places to buy property in Dubai.
5 Residential areas to buy property in Dubai
Following are the best areas where buyers can invest in Dubai property with confidence
- Palm Jumeirah
- Business Bay
- Downtown Dubai
- International City
- Dubai Marina
Palm Jumeirah
Dubai’s Palm Jumeirah, a well-known and affluent neighbourhood, is becoming a popular destination for investors. It provides a variety of residential options and is famous for its opulent atmosphere and innovative projects like Palm Beach Residence and Raffles. With 1-bedroom apartments averaging AED 2.14 million and 2-bedroom units at AED 2.58 million, the stability of real estate prices contributes to its allure. The market for villa seekers is also thriving there, with 3-bedroom villas going for about AED 6.2 million. Because of its consistent pricing and opulent lifestyle, Palm Jumeirah is a very desirable place to invest.
- 2500+ Transactions recorded till November
- Worth AED 17500 Million in investment
- Home to commercial & entertainment spots
Business Bay
Dubai’s Business Bay is a thriving centre that combines commerce, business, and opulent living seamlessly. Due to its prime location close to the DIFC and the famous Burj Khalifa, freehold areas are particularly appealing to investors. These allow foreigners to own real estate. With more than 240 towers, the region provides a wide range of office space, from shell and core to semi-fitted options, all housed in cutting-edge structures with first-rate amenities. Furthermore, Business Bay caters to a wide range of preferences for renting or purchasing by providing residential options such as apartments, penthouses, and charming garden villas. It is not just for commercial endeavours.
- 6000+ Transactions recorded this year
- Worth AED 11000 Million in investment
- Hub of commercial activities
Downtown Dubai
Downtown Dubai is the epicentre of urban luxury and a bustling lifestyle, known for its magnificent high-rise apartments. Famous sites like the Dubai Mall, the tall Burj Khalifa, and the busy Mohammed Bin Rashid Boulevard can be found there. The Burj Khalifa, a global tourist attraction, guarantees the area’s enduring appeal. This is a very sought-after area for real estate; studio apartments usually go for AED 920,000, while one-bedroom apartments are more like AED 1.45 million. The combination of top-notch attractions and luxurious living makes Downtown Dubai an alluring option for both homeowners and investors.
- 4500+ transaction has been recorded to date
- Worth AED 13000 million in investment
- Known for its lively district & largest shopping destination
International City
Dubai’s International City, well-known for its diverse population and reasonably priced housing options, provides a distinctive residential experience. It creates a worldly atmosphere by reflecting the architectural styles of different nations. This neighbourhood is well-liked by people looking for affordable housing because it offers many studios and one-bedroom apartments. Slightly removed from the city centre, its location guarantees a tranquil living space while maintaining accessibility to Dubai’s top attractions. For those looking for an affordable yet culturally rich living experience in Dubai, both locals and foreigners are drawn to International City because of its unique architectural themes, diverse community, and reasonable prices.
- 90+ transactions recorded
- Worth of AED 400 Million investment
- Famous for rental apartments
Dubai Marina
Investors favor Dubai Marina because of its gorgeous villas, tall apartments, and an abundance of dining and shopping options. This seaside hideaway is well-known for its luxurious lifestyle and gorgeous surroundings, attracting a varied clientele. The average price of an apartment in Dubai Marina is AED 1.9 million for a two-bedroom apartment and AED 1.15 million for a one-bedroom apartment. Due to its sophisticated atmosphere, stable values, and amenities, Dubai Marina is a highly sought-after area to live in and invest in Dubai’s dynamic real estate market.
- 5400+ transaction recorded
- Worth of AED 17500 Million of investments
- Famous for architecturally impressive residential towers
Conclusion
High-net-worth individuals (HNWIs) drive a remarkable surge in the Dubai property market. Dubai’s real estate market is expected to generate $82+ billion in sales in 2024 due to a notable rise in the number of high-net-worth individuals residing in the city. This rise is attributed to several factors, including the UAE’s strategic location, efficient response to the pandemic, and favourable tax laws for investors. The focal points of this expansion are important locations like Business Bay, Palm Jumeirah, and Downtown Dubai. Even with growing costs, daily business is still quite active. Dubai is becoming a more and more popular destination for wealthy investors worldwide due to its combination of relative affordability and luxurious living, particularly in its premium districts.
FAQS
- Where in Dubai can foreigners purchase real estate?
In Dubai, foreigners can purchase real estate in areas designated for foreign ownership. The Ruler of the Emirate of Dubai sets these areas, which include Palm Jumeirah, Downtown Dubai, Arabian Ranches, Dubai Marina, and Jumeirah Beach Residence.
- Where in Dubai can foreigners purchase real estate?
In Dubai, foreigners can purchase real estate in areas designated for foreign ownership. The Ruler of the Emirate of Dubai designates these areas, which include Palm Jumeirah, Downtown Dubai, Arabian Ranches, Dubai Marina, and Jumeirah Beach Residence.
- How long can you stay there if you own a property in Dubai?
After buying property in Dubai, you can apply for a visa to live there. If you own the property and travel to the nation at least once every 180 days, your visa may be extended for two years.
