Having 12 years’ experience in Dubai’s real estate, I can say that Dubai real estate market is one of the most dynamic markets in the world. It’s relatively easy to find your place within it.
It all depends on your budget, what you’re looking for and when you want to move into your new home or apartment. But there are plenty of options available that can meet your needs.
I have prepared this guide which will help you understand the real estate in Dubai market. So you can make informed decisions about where you want to live and how much you’re willing to spend when buying or renting a property in Dubai.
The Current State Of The Dubai Real Estate Market
Dubai is the most populous city in the United Arab Emirates, with a population of 2,964,000, a 1.47% increase from 2021. With the world’s tallest building (Burj Khalifa), largest mall (Dubai Mall) and busiest airport, it’s no wonder that it has become one of the most popular cities for real estate.
The real estate in Dubai is currently booming. There are a number of factors that make this region especially attractive for real estate investment. The Emirates has seen a number of new developments and construction projects over the last few years, and these have helped grow the population.
When I shifted in Dubai back in 2010, prices for real estate in Dubai plummeted 65 percent as a result of new supply.
But now,
There were 22,504 sales transactions registered in Dubai between April and June 2022. It was estimated that 59.15 billion AED or $16.1 billion was exchanged in total. As compared with the same period in 2021, real estate sales increased by 45.9%.
The United Arab Emirates (UAE) is also a low-tax jurisdiction, which makes it especially appealing for foreign investors. This combination of high demand and low supply means that prices will remain high for some time to come.
But What Does This Mean For The Market As A Whole?
This means that there are plenty of opportunities out there if you know where to look! It might take some time and some research but don’t give up hope yet. In addition to Dubai, Abu Dhabi and Ras Al Khaimah also have large areas available for development so it would be worth exploring these options too!
Why Invest In Real Estate In Dubai?
Dubai is an international business hub and a popular tourist destination. It’s also one of the safest cities in the world, and it’s well-connected with other major cities around the globe. Demand for residential property is consistently high, and developers are building more homes than ever before.
In comparison with popular cities like London and New York, Dubai offers superior property yields. The average return on investment is 7.5%, and the gross rental yield is between 6-10%. Furthermore, Dubai property prices are competitive with those of other major international hubs like London, New York, Hong Kong, Paris, and Singapore.
If you’re looking for an investment opportunity, investing in real estate in Dubai is a smart move. But if you’re buying property as your home base, be aware that prices fluctuate considerably depending on supply and demand.
What’s The Best Advice?
The best advice is to get a good idea of what’s currently on the market. So that you can make the most informed decision possible. Price and location; and it’s not uncommon for prices to double every couple of years.
Many people want to buy in new developments. But there are plenty of great properties still available in established communities too. One thing’s for sure – wherever you choose to live, will never be far away.
Alternatively, Arabian Ranches offers beautiful villas and townhouses with plenty of green spaces. If you’ve got a bit of cash to spend or are willing to invest over time then Jumeirah Lake Towers (JLT) is perfect for you!
These serviced apartments offer all kinds of features, from gyms and swimming pools to children’s playgrounds and community centres. And as they’re centrally located, it’s easy to explore Dubai at your leisure.
It sounds like the local real estate in Dubai has something for everyone! With such a wide range of options, finding the right one for you should be pretty straightforward.
And when you do find the perfect place to call your own, don’t forget to give some thought about who’ll help take care of it. There’s no better way to show off your city than by showing someone else how much you love it.
How To Get A Real Estate License In Dubai?
In order to get a real estate license, you must be a UAE national, have resided in the country for at least six months and be over 21 years old. If you’re not national, then first you will have to get Residency Visa.
4 Steps involved in getting real estate license in Dubai
- Obtain A Residency Visa (For Expats)
- Apply For DREI Certified Training
- Take The RERA Exam
- Obtain The Realtor License
You must also provide your Emirates ID card or passport. To register as a broker, you need an LLC or limited liability company that is at least one year old, where all partners are UAE nationals and have lived in the country for at least five years.
Once registered, an individual may sell residential property with the help of another broker but cannot sell commercial property without being an authorized agent of a developer.
How To Become A Real Estate Agent In Dubai?
One way to get into the real estate market is to become a real estate agent. It is not necessary for you to be an experienced investor or have any knowledge of the industry. There are many universities, academies, and schools that offer courses and training programs that can teach you all you need to know.
The courses are typically taught by professionals who have decades of experience in the field. They will help you get your foot in the door so that you can start selling homes without needing to learn on the job.
If this is a problem, then it would be best if you found your own clients. Because they will often want a 24-hour service with easy access to their agents during emergencies and crisis situations. Your company may also provide you with some kind of office space to work out of.
To do this, one strategy would be to find properties that fit what your clients are looking for and make sure they are aware when these come onto the market. Make sure you’re licensed by the government so as not to break any laws!
Conclusion
If you are considering purchasing a property in real estate in Dubai, it is best to hire an experienced real estate agent. The agent can help you look at the different neighborhoods and get a feel for what would be best for your lifestyle.
They will also know about any upcoming projects or new developments that might influence the market. A good real estate agent will make this process smoother so you don’t have to do all of the research yourself!
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