Downtown Dubai Real Estate

It depends on the areas and amenities.

On the primary market of Jumeirah Village Triangle and Jumeirah Lake Towers, the cost is $3,900 per m². In the Business Area, it starts at $7,700 m².

Finding the perfect property with the best price can be a great opportunity for business development, housing, and investing. There are no property and capital growth taxes, and no limits for foreign nationals, but there are high rental yields, a stable estate market, and attractive developing infrastructure.

You can visit the OAE with a tourist visa, but a residence visa is needed to purchase Dubai properties for sale. For permanent residence, you will need an Emirates ID. Buying real estate for an amount from $205,000 entitles you to an investor visa valid for 3 years with the possibility of extension.

Investors prefer the Golden Visa to become a landlord in Dubai. This visa offers a stay of up to 10 years. To obtain the visa, one must purchase a property worth at least $545,000 and each case is considered individually. The Golden Visa doesn't have a sponsor requirement, and its holders can live, study, work, and access healthcare without limitations. The visa holder can leave the UAE at any time without risks of the visa cancellation. In addition, this visa can also be used to issue sponsorship visas for family members and household staff.

“DLD” is the registration fee on properties for sale in Dubai, and it is 4% of the value. Additional fees off plan can also be applied by real estate companies for documentation. The relevant Administration Fee varies from $1 to $1.50 per square meter, depending on the developer. The fee for the title deed is $10, and a mortgage can be up to 500 AED. It is worth noting that there is an Annual Service Charge, which varies from $8.70 to $87.10 per square meter. Utility bills are not included in this fee.

You can be a tenant in Dubai communities, but some specific legal requirements can be applied. You need to have Foreign Ownership or Residency Status if you’re interested in renting your place. You can rent out your property yourself, but it is important to consider all the legal nuances. A special license is not required if you rent out for a long term. In the case of short-term rentals, a license will be required. Owners usually work with specialized companies that handle property licensing and management.

The Jumeirah Triangle is one of the top properties for sale for investors, as well as the Business Area. Besides that, there is the Marina Area, primarily for luxury properties and high rental yields but also for residential properties and investors.

There’s a visa called Property Investment Visa, and buying property in your dream skyscraper can be one of the ways to obtain this resident permit which can be valid for up to 10 years. It's also known as Golden Visa because there’s a minimum purchase value of 2,000,000 AED ($545,000) to get it. There is also a 3-year investor visa, which can be obtained after purchasing real estate worth $205,000 or the equivalent in AED.

A creator of the Arabian Ranches, Burj Khalifa, Downtown Bay, and others, Emaar Properties is one of the biggest. There’s also Nakheel Properties with Palm Jumeirah, The World Islands, Palm Jebel Ali, District 1, JVC, JVT, and Dubai Islands. Other names would be Damac Properties, Meraas, Dubai South, Sobha Realty, and Dubai Properties. There is also Ellington Properties with a high standard of construction quality. Other significant players in the Dubai market are Imtiaz and Iman.

After finding the right area to purchase properties, you need to determine the foreign ownership, through freehold or leasehold of property in Dubai. There’s also a required minimum investment of 1,000,000 AED. You should carefully select projects that fit your request. After that, you should make an EOI or unit reservation in cash equivalent ($13,600). Then the first installment payment and land tax (20% + 4%) will follow. The final stage will be the signing of the purchase and sale agreement (SPA) and registration of the transaction in the Land Department. The process can take up to 4 weeks. You will receive a document confirming the ownership by mail.