Visa-to-Dubai

Jack Lory

Apartments for Sale in Dubai: The Complete Guide for 2024

Dubai, Home

Dubai is one of the most popular destinations for real estate investment in the Middle East. With its booming economy, tax-free living, and luxurious amenities, buying an apartment in Dubai has become an attractive prospect for investors and end-users from all over the world. 

If you’re considering purchasing an apartment in Dubai, this comprehensive guide will provide you with everything you need to know – from the best areas to buy, types of properties available, prices, payment plans, and tips for choosing the right apartment that meets your needs and budget.

Why Buy an Apartment in Dubai?

There are several compelling reasons to invest in Dubai real estate:

Strong capital appreciation: Property values have increased substantially over the past decade, with further growth predicted. Buying at the right time allows you to benefit from rising prices.

Rental income: There is high demand for rentals, especially for furnished units. Yields of up to 8% can be achieved.

Tax-free living: The UAE has no income or capital gains taxes. You get to keep all your earnings.

Luxurious amenities: Dubai offers a high standard of living with access to beaches, malls, golf courses, and more.

Visa options: Investors can get a residence visa valid for 3 years, which is renewable. 

Future-ready infrastructure: Dubai is future-focused, with massive investment in infrastructure. This brings long-term growth.

Best Areas to Buy Apartments in Dubai

With many distinct communities, choosing the right location is crucial when buying Dubai real estate. Here are some of the most popular neighborhoods properties by Driven Properties Dubai:

Downtown Dubai: This area has it all – the Dubai Mall, Burj Khalifa, Dubai Opera, and lots of dining and entertainment options. It’s ideal for those who enjoy the vibrancy of urban living. Prices range from AED 2,000 – 3,500+ per square foot.

Dubai Marina: A waterfront community perfect for beach lovers. Features jogging track, restaurants, and stunning views. Typical prices are AED 1,300 – 2,500 per square foot. 

Jumeirah Lakes Towers (JLT): A modern community with lots of mid-range apartments. Has amenities like gyms, pools, retail outlets. Prices range from AED 1,100 – 1,800 psf.

Business Bay: A central location close to Downtown with new high-rises, waterfront access and amenities. Apartment prices range from AED 1,100 – 2,200+ psf.

Palm Jumeirah: This man-made island in the shape of a palm tree has ultra-luxury apartments. Prices range from AED 2,500 psf on the trunk to AED 4,000+ psf on the fronds.

Types of Apartments for Sale in Dubai

Dubai offers apartments for all budgets and lifestyles:

Studios: Small units with combined living & bedroom. Ideal for singles. Sizes start at 400 sq. ft.

1-Bedroom: Entry-level units suitable for couples or singles. Around 650 – 900 sq. ft. 

2-Bedroom: Mid-sized units perfect for couples, families with one kid. Approx. 1,100 – 1,400 sq. ft.

3-Bedroom: Larger units for bigger families. Around 1,700 – 2,500 sq. ft. 

Penthouses: Luxury units with private terraces, sometimes a pool. Sizes over 2,500 sq. ft.

Townhouses: 3 to 4-level detached units with private garden/yard. Sizes from 2,000 – 5,000+ sq. ft.

When selecting an apartment, consider factors like size, number of rooms, amenities, views and how it meets your lifestyle needs.

Apartment Prices in Dubai 

Apartment prices in Dubai can vary drastically based on location, developer, amenities and unit size. Here are average prices across communities:

Studios: AED 600,000 to AED 1.2 million 

1-bedrooms: AED 800,000 to AED 1.5 million

2-bedrooms: AED 1.3 million to AED 2.5 million  

3-bedrooms: AED 1.8 million to AED 4 million

Townhouses: AED 3 million to over AED 10 million

Penthouses: AED 8 million to AED 50+ million for luxury units

The price per square foot can range from as low as AED 800 psf in secondary areas to over AED 4,000 psf in premium downtown or beachfront locations.

When setting your budget, consider factors like community, amenities, floor level, view, and stage of construction. Off-plan units are 15-25% cheaper than completed apartments.

Payment Plans for Buying Off-Plan Property

Most developers offer payment plans for off-plan purchases to ease the financing. Typical plans are:

Post-handover payment: 10-20% downpayment on signing the contract. Balance on completion.

During construction: 1-10% on signing, 10-20% at certain construction milestones, remaining on handover. 

Spot payment: One full payment on signing the contract. Entitles you to maximum discount.

Always review the payment schedule carefully before committing. Some plans require substantial payments within 60 to 90 days of signing. Check for hidden fees too.

Developers often partner with banks to provide financing options. This allows buyers to get a mortgage for up to 80% of the property value.

How to Choose the Right Apartment in Dubai

When selecting an apartment in Dubai, consider these tips:

Know your budget: Be realistic about what you can afford. Factor in purchase price, mortgage payments, service fees, utilities, etc. 

Decide on location: Choose a community that suits your lifestyle and budget. Balance proximity to work, amenities, schools, etc.

Research the developer: Opt for established developers with a track record for delivering quality projects on time. 

Consider amenities: Check what’s included, like parking, gym, pool, recreation facilities.

View floorplans: Ensure the layout meets your needs. Consider aspect, views, noise levels, privacy too.

Inspect everything: During site visits, check finishes, workmanship, quality of materials used, etc. 

Check resale value: Some communities have higher rental demand and resale value.

Negotiate contracts: Understand all terms & conditions before signing. Check for hidden fees.

Buying an apartment in Dubai is a major investment. Do thorough research and due diligence to make the best choice.

Conclusion

Purchasing a property in Dubai can be a highly rewarding investment if done right. With its cosmopolitan lifestyle, tax-free regime and global connectivity, Dubai will continue seeing strong demand from investors and end-users for quality Apartments in Dubai for Sale on Driven Properties.

This guide has provided an overview of the best areas, types of apartments, price range, payment plans and factors to consider when shopping for your dream home in Dubai. Do comprehensive research, examine your finances, work with trusted real estate consultants and you’re sure to find an apartment that matches your needs and long-term goals.

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