Best Time To Buy A Property In Dubai 2023

Coping Mechanism Of UAE

Due to the hazard of the Covid-19 pandemic, everyone was affected in the worst way possible, leaving everyone blank in regards to what should be their next ideal step, especially investors.

After the pandemic, UAE has taken the center seat in this new world and Dubai has become the heart of UAE. Dubai is a blessing in disguise that blossoms all types of properties and its exceptional ultra-modern amenities and services. 

Residing in Dubai is as if someone is dreaming with one eye open for people worldwide who are investing in Dubai. The future has so much in store for the City of Dreams and its investors. 

Property developers in Dubai such as Emaar, DAMAC, Sobha Realty, and many more real estate developers provide exquisite luxurious amenities and services that are rare to find in a single package. 

Dubai Real Estate At A Glance

In 2023, Dubai’s real estate sector set a benchmark due to several reasons, beginning from the money flowing via foreign investors into the Emirate’s Residential Real Estate Sector. 

Hence, Dubai is consistently experiencing a booming phase with regard to property.  Dubai's real estate market has now acquired a safe position when it comes to leading real estate.

Now, let's talk about the factors that have played a major role in the incredible growth journey of Dubai's real estate market: 

Benefits Of Investing In Dubai’s Real Estate

The following are several unique advantages of investing your money in the real estate market such as: 

1. Pleasing Market Position and High Rental Yields

Dubai has attracted potential investors worldwide during the last decade resulting in an increase in the amount of investment as well as the number of investors. Dubai’s real estate market offers a great return on investment (ROI) on properties for international investors. Dubai has outperformed prime global cities such as New York, London, and Hong Kong with its exquisite utilities. 

Areas like Downtown Dubai , Dubai Marina, and Jumeirah Village Circle have secured their place as the leading iconic areas which generate higher rental yields of 7 - 8%. 

With time, a rise in the value of the property has been witnessed to obtain sky-high possibilities for returns in the emirate’s real estate market. 

Dubai is a global city and a business hub that has undergone rapid development in the past few decades which is an alluring enough reason to invest in Dubai. 
 
2. Encouraging Initiatives and Ordinance By Government 

The UAE government has always done its utmost to make the process of property purchase smooth and easy for all potential investors in the real estate market of Dubai. 

These crucial initiatives include the formation of a new real estate committee that regulates and controls future supply and is anticipated to majorly support the residential sector of the UAE. 

Among the group of incentives, UAE’s Golden Visa regulations have played a key role to attract investors. For instance, zero property tax, strict legal framework, and increased transparency level in data are the key initiatives that were taken by DLD.
  
3. Rampant Growth Of City 

Dubai is running ahead of all the other countries and has become one of the fastest-growing cities worldwide. Dubai has observed exceptional growth that too at an extraordinary pace whether it is in terms of population or its economy. 

Most of the credit for the growth of the city goes to its business-friendly environment and the exceptional beauty of its strategic location acts as fuel that leads to a thriving economy. 

Any property investor whether it is an existing investor or planning to be one in Dubai knows how growth has converted its market into a high demand for real estate.  With its high-rise towers, affluent resorts, and ultra-modern architecture, Dubai has become one of the most popular destinations for investors looking to put their hard-earned money into real estate. 

It has lured the attention not just of local people but of people from all around the world due to its high rental yields, stable property prices, and favorable investment environment. 

4. Property Worth Your Money

It is a stated fact that we all tend to invest our money in a property that is ideal for us in every manner i.e. in terms of location, infrastructure, amenities, and neighborhood. This has been the case for all people across the globe with regard to the real estate industry. 

The trend of the Real estate market of Dubai has changed and the market is now reacting to flat-lined prices that mark bargains for potential investors and homeowners.

5. Increasing population

Dubai is getting bigger and bigger every year and almost halfway through 2018, a little over 3 million people started residing in the heart of the Emirates. Five years back, that figure reduced to 2.2 million, while the predictions are out that 2027 will be the year that is going to set the mark up to 5 million. 

The laws regarding visas and the ownership of business have made Dubai even more appealing as the perfect location for investment. Reason being that the laws regarding visas have become exceptionally smooth.  It has made traveling and residing a hassle-free procedure. 

This also represents a large number of audience investors who are seeking properties to rent.

FACTORS TO DETERMINE BEFORE BUYING PROPERTY IN DUBAI

The following are varied exceptional factors that you should carefully examine before investing your hard-earned money such as: 

1. Recognize your objective

It is mandatory for people to recognize their motive behind investing a large amount in a particular property in which they are interested. This will help them to identify the type of property they buy. 

You need to think about certain things, for instance, whether you are an investor, the amount of return on investment you are anticipating etc. 

As a result, you get several factors shortlisted that will determine for you whether an off-plan property will be a righteous choice for you, how much area to choose, the proportion of investment, etc.

2. Indulge In A Thorough Research

It’s extraordinarily crucial to do rigorous research and evaluate the market before buying a property, experts say.

Always consider all the factors such as: 

• Determining the rental yields you are expecting out of a property
• Whether or not the area is in demand and its future prospects

How developed and acclaimed your neighborhood is and about the utilities. 
After determining all such important factors, Set a budget for yourself and do your analysis on the kind of units that are available, the prices of the property as well as the different payment plans that are being offered.

Finally, choose the property that clicks to you and that stands all your necessities and wants. 

3. Freehold or Non-Freehold

The Dubai government has large parts of Dubai that have been nominated as freehold areas . It includes the prospects where foreign buyers can own the property entirely.

Although, there are several prevailing non-freehold zones that are open for purchase only to GCC nationals.

However, in recent years, pockets of non-freehold areas have evolved and are now open for purchase to all nationalities.

4. Synchronization Of Finances In Order

All first-time buyers should know that along with the deposit fee come an affiliation of different fees such as:

• Transfer fees, 
• Agency fees, 
• Sales progression fees, 
• Mortgage arrangement fees, 
• Mortgage insurance fees 

People need to take note of this before making their purchase and calculating their return on investment in a property in the Emirates. 

Consult A Mortgage Adviser

You should take a mortgage adviser for all the necessary information as they can give you detailed information about all the costs that are involved in buying your first property in Dubai. 

The Fees which are linked to the transaction are paid majorly by the buyer and add up to between 6 percent and 7 percent of the purchase price

DLD fee = 4% of the purchase price, though you are supposed to pay 0.25 percent of the loan amount if you are opting for a mortgage, 

When it comes to the broker, he will charge 2 percent, unless you are planning to buy an off-plan where your developer will pay your broker, and you might pay additional professional fees to a mortgage broker. 

The great news about investing in UAE property is that there are no capital gains, property, or income taxes which eventually saves a lot of money and yields greater returns. 

5. Recognize Operational Costs

It is vital to evaluate the operational cost involved in the project as you do a thorough analysis and shortlist different property options in the UAE. Such costs include service charges and maintenance fees, though it varies depending on the type of property you are buying.

You will be amazed to know that villas and townhouses have lower maintenance and service charges in comparison to an apartment in Dubai.

The charges depend upon the location of the area, its neighborhood, utilities, and additional services being offered in that development.
 
Basically, these operational costs are attached in addition to the property value and are charged on an annual basis. 

6. Work With A Licensed Broker

It is vital for all buyers to work with a knowledgeable broker who has a reputable image in the market and specializes in this segment. 

They will ensure all the rights and investments of buyers are protected while they are looking for a property.

You should make sure that you check your broker's registration number (BRN) as it means that they are certified by the Real Estate Regulatory Agency.
 
As a buyer, you want to be sure that the information you are being provided about the market and the pricing is absolutely accurate and genuine. Agents who are Rera-qualified have the entire access to data from the Dubai Land Department.

It is important that for such a huge investment you are choosing an agent to endow you with their wisdom regarding the property.

What Not To Do?

If possible, investors should steer clear of all freelance agents as they do not have a legal remedy and such an act is against the best and genuine interests of buyers. 

7. Acknowledge The Buying Procedure

It is essential for you as a buyer to understand the entire step-by-step sale process in Dubai.

Asking your broker to take you on a tour involving all the steps of the sale process starting from the knowledge of how to make an offer, the negotiation process, the paperwork required, obtaining the no-objection certificate, transfer appointments, and the handover.

Honestly, the amount you are going to spend on investing will be the largest amount and major investment that you have ever spent.
 
Hence it is necessary that you understand the buying process thoroughly. 

You should take enough time to fully understand the system as it will only allow you to make well-informed and sensible decisions at every step. 

RAMADAN IN DUBAI: GREAT BARGAINING DEALS

"Ramadan 2022 has done an essential value addition and turned all UAE residents into value seekers", But how so? Is it the right time to buy property in Dubai?

When it comes to the investor’s point of view, It is mandatory to determine whether or not Ramadan is a good time to invest in Dubai’s property.

During this holy month, People may have to look with a lot more firm effort for offers and deals.
 
The holy month has also proven to be a flexible phase for potential investors.

What do people generally assume?

When it comes to the primary question- Is it the right time to buy property in Dubai? It is majorly assumed that Dubai's property market tends to slow down during Ramadan because it includes fewer working hours, public holidays, and vibrant religious celebrations. 

But do you know the reality though?

Real estate transactions might be a bit relaxed but Ramadan is the most significant and beneficial time to invest in any property in Dubai. Without any doubt, you can make the most of this exceptional time of the year.

For all those potential investors out there, if you ought to buy a property during this Ramadan, you usually benefit from a  brand new project that launches as this holy festivity will surprise you with remarkable Offers.

However, there are a few Dubai property developers who are known to be generous to potential buyers with exclusive offers.

One of which includes Dubai Land Department wavering the fees or offering a three-year waiver on service charges of the property. This offer includes where a buyer pays only 25% of the sale in advance before moving in and then you have to pay the other 75% over a three three-year period post-completion of the project. 

If you research in detail, you will witness that the leading developers often launch major off-plan projects just before the holy month starts. 

For instance, Emaar came up with 3 major projects in the real estate market around the end of April 2019 which was a time before Ramadan. “Emaar Golf Villas 4”, “Creek Edge” and “Elie Saab” were the names of those three significant and remarkable projects and were expected to be marked as sold out during Ramadan.

It is exceptionally common that all the renowned developers come up with exquisite offers to celebrate this holy month, which results in attracting all the potential investors. 

Another major live example is DAMAC Properties, a respectable and renowned real estate development company of the region that came up with an offer that will benefit people in economizing their pockets and saving up to AED 500,000.
 
People saved this huge amount on an elite domain of ready properties that includes apartments and villas in DAMAC Hills, Jumeirah Golf Estates, the Burj Area, Jumeirah Lakes Towers, and Jumeirah Village Circle.
 
Real Estate Companies like EMAAR, DAMAC Properties, and Sobha Realty are the leading luxury real estate developers in the region making it possible for people to enjoy this festivity with a lot more happiness. 

Such tremendous deals make the celebration of the Holy Month of Ramadan even more vibrant and joyful.

The beginning of the year has the real estate market at its peak level but real estate agents mostly advise investors to invest during Ramadan so that investors could enjoy all the major benefits of the generous deals. 

Top 5 Communities to Invest in 2023

1. DAMAC LAGOONS

Damac Lagoons Mykonos Townhouses is an exquisite property that is built in the Greece style. This property is a blend of the culture of Europe & Dubai. All the potential investors can customize the property's infrastructure according to their preferences.

It has been built with the aim of making all its residents satisfied as they enjoy the best of all three different cultures at the same time that too in a whole new aura and space.

This magnificent property ensures that people cherish every side of it and enhance their standard of living.

Moreover, this development has a joyful and vibrant environment where you will witness blue lagoons, tropical islands, sandy beaches, and mesmerizing utilities.

The living environment has a secure and colorful cocoon making living in this magnificent place a lot more tasteful. 

Get ready to experience several colors of leisure, comfort, and exceptional beauty. 

2. DAMAC HILLS 2 

DAMAC HILLS 2  is an amazing development by DAMAC Properties is specifically designed to offer a unique experience where you will experience a whole new side of luxury in Dubai.

This is a water-themed community that comes with a rare and unique style of living i.e. this place is a blend of villas, apartments, and hospitality that comes with fully furnished properties. 

Here, you will have access to all the luxurious and ultra-modern utilities as you live amidst nature, wellness, utilities, and all the world-class features that make this place a dream destination for you. 

This is a place that welcomes happiness where uniqueness and vibrant together, both fall in a single place. This is a place that you can easily label as "home". 
These homes are great both from the outside and inside, and you will realize this once you'll start living in them. At DAMAC properties, luxury living has never looked better.
 
3. DAMAC HILLS

The Damac Hills is a community consisting of villas, apartments & townhomes. It is a well-incorporated community that has all the contemporary state-of-the-art amenities like peaceful gardens, lakes, football fields, etc. 

This community offers an ideal living space as it has a dedicated green zone for all residents. 

The community also has a family-friendly area i.e. different sports courts, along with the community and live the life you have always dreamed of for you and your loved ones. 

This location has a Trump International Golf Club, Carrefour supermarket, Jebel Ali School, salons, and cleaning services within a few minutes of walking. 

The interior has modern designs and contemporary features, an open and spacious arrangement, a huge dining area, a living area, and kitchen, a large parking space, and a beautiful terrace to do gardening or hosting parties. 

4. DUBAI MARINA

Dubai Marina by Emaar is one of the substantial seaside developments one can find in Dubai.
 
The development has luxurious malls, hotels, service residences, residential towers, schools, and healthcare facilities. 

It comes with a vibrant neighborhood where you can cherish appealing views and ultra-modern architecture. 

DAMAC BAY Cavalli is one of the famous developments of this community located in Dubai Harbour and has Sea-Facing Apartments. The infrastructure has creative designs including contemporary kitchens with creative wall separations, and elite-style bathrooms and bedrooms attributing to high-class living.  

5. PALM JUMEIRAH

Palm Jumeirah is the largest and most unique manmade island on Earth. The unique infrastructure has an appealing infrastructure that makes this place an ideal one to invest your money and looks stunning. 

The property has been named after a palm-like shape. 

This community has varied luxurious hotels, premium dining restaurants, large waterparks, aqua-ventures, restaurants, theme nights, and many more such exquisite utilities to enjoy.
 
Several villas, townhouses, apartments, and hotels on this island are breathtaking and have a magnificent and unique shape.

After a few minutes walk, the locality is lined with a cluster of supermarkets, malls, etc. 

This community is known as a perfect holiday destination for the residents and visitors and offers a high level of living comfort. 

This development comes with beachfront hotels and resorts and comes with a dedicated parking facility for each family 

Also, the place offers a smooth conveyance i.e. traveling through Palm Monorail, a famous mode of public transportation.

CONCLUSION

I hope I have given you a clear understanding of the best time to invest in an off-plan property in Dubai. This topic has several factors that are affiliated with it. I have explained all those factors i.e market factors, Initiatives taken by the government, consistent growth, population growth, and buying a property that is worth giving value.

If you’re a real estate enthusiast or an aspiring investor or you are wondering whether or not is it a good time to invest in Dubai real estate? 

The answer is that Ramadan is the ideal time to invest in Dubai's real estate! 

In the market of Dubai's real estate, infinite opportunities to make a profit are preset.  

There are several famous communities in which you can invest and live a luxurious life.
 
Also, another major thing is to determine all the necessary factors before buying g property in Dubai. 

So, whether you’re looking to buy a property in Dubai, as a long-term or short-term rental, with a particular budget set in mind, then there’s definitely something for you on the platform. 

All the above-mentioned key pointers are significant to understand as these factors are the ones that make the real estate market of Dubai a positive and friendly environment for all investors.