Where Can I Buy an Apartment In Dubai?

When it comes to real estate holdings, studios are the smallest of them all. However, this does not mean that purchasing a studio apartment is easy.

Finding the appropriate property in Dubai, whether it’s a studio apartment or a villa, takes time and effort. If you haven’t done your homework properly, you could sign up for a bargain that sounds fantastic but is actually the polar opposite of that.

Let’s look at the processes that I personally follow for all of my customers and that you can also do if you want to buy a studio or any other sort of luxury property in Dubai.

Tip #1: Determine the Purpose of the Purchase

Whether you are purchasing an apartment in Dubai or a mansion, one thing you must first determine is why you are making such an investment. Apartments are among the greatest investment properties in Dubai since they are smaller in size, have a lower ticket price, are simpler to rent, and are also easier to sell.

Some of the reasons why my clients wish to acquire residential flats in Dubai are as follows:

Rental Earnings

As a real estate investor, you must be seeking deals that would provide a high return on your investment, right? Residential flats can provide extremely high profits. Because the buying price of an apartment is far cheaper than that of a townhouse or villa, you may begin earning rental income with a little initial expenditure.

Dubai International City, Discovery Gardens, Jumeirah Village Circle, and Dubai Sports City are some of the regions in Dubai where residential units may give extremely significant rental income.

Also read, 5 Things to Understand Before Buying Property in Dubai

These are well-developed, adequately populated neighborhoods, so finding a renter for your Dubai flat will be simple.

For example, I purchased a studio apartment in International City for AED 250,000 and rented it to a customer for AED 25,000 per year, yielding a 10% return. For another customer, I paid AED 460,000 for a studio flat in Jumeirah Village Circle (JVC) that was previously rented for AED 46,000. (10 percent yield).

Gain in Capital

Another (and maybe the most important) reason why individuals engage in real estate is the potential capital gain. We are all aware that property values rise with time. The real estate market goes through two distinct periods (upward cycle and downward cycle).

While there is no guarantee (no formula to predict) whether your property’s value will increase or drop in the next few years, there are some steps you can take to increase the chances of your investment growing in value.

Positioning yourself in a downward cycle is one method to ensure that your newly purchased condo in Dubai will rise in value. Keep a watch on the market to see where the prices are going. People like to purchase and feel more comfortable buying while prices are rising, but the true gains are generated when prices are falling.

How do you go about doing that? You simply wait and watch the market, and then buy the home when you believe the prices have dropped significantly. As a result, when the new upward cycle begins, your flat in Dubai will undoubtedly rise in value.

Another approach to ensure that the value of your Dubai property increases is to purchase in an underdeveloped/upcoming community/building. This does not imply that you should simply buy anything you can get your hands on. It is critical to do your study and comprehend market pricing patterns.

The only option to profit from your apartment in an under-development neighborhood is to purchase it at a low price in comparison to prime/developed districts in Dubai.

Use for personal purposes

You might have put money aside to purchase an apartment in Dubai so that you don’t have to pay rent. In comparison to the preceding two cases, we will approach properties in a somewhat different manner.

The first thing I do with my clients who want to buy an apartment in Dubai for personal use is sit down with them, have a conversation with them, and try to develop a mental picture of what they desire.

You can choose a studio apartment with a size of 350 sq ft as an investment as long as it provides you with high profits.

However, if you are looking to buy a similar house for personal use, this size may not be suitable.

On the other hand, a larger studio, such as 600 sqft, may be out of your price range, but the space is great for you. If you don’t have the money to buy or don’t want to utilize all of your cash right away, you can get a house loan.

Another distinction between buying an apartment in Dubai for personal use and buying for investment is that emotions are involved. Because this apartment will be your permanent residence, you should have a strong attachment to it before purchasing it.

Tip #2: Locating the Property

The first and most important stage in the process is to determine why you want to buy a house. It’s like a building block; get it incorrectly, and the entire structure will fall apart.

The next step is to locate the ideal property. You might employ the services of a real estate broker to locate the property for you. If you don’t already have a real estate broker in Dubai or are unhappy with the services you’ve been receiving, contact me and I’ll do all the legwork for you.

The following are some of the most frequent ways to locate a studio apartment for sale in Dubai:

Engage the services of a real estate advisor.

Hiring a skilled real estate adviser to purchase an apartment in Dubai is usually a smart idea. There are a number of reasons why you should contact a competent real estate broker in Dubai. A skilled consultant, for example, is well-versed in all aspects of various groups and structures. Certain things may slip your mind, but having a professional broker on your side will guarantee that nothing is concealed from you.

People routinely write to me about off-plan projects in which they want to invest, and there have been numerous instances where I have flatly advised them not to pursue a certain project in which they are interested.

You may not know much about the developer as an outsider, and sales agents for these developers have been known to deceive customers. Many people I know have invested in a project just to wait and wait for it to come to fruition.

All of this may be avoided if you work with a qualified and experienced real estate advisor.

Obtaining information from your peers

One of your buddies might own the excellent condo in Dubai that you want to buy. Inquiring with your property-owning acquaintances is always a good idea. It could be your closest friend’s home that you adore, and you won’t know unless you inquire whether he or she is interested in selling until you do.

Also Read, 19 Home Cooling Tips

It may not be your buddy who is trying to sell their flat in Dubai, but that friend may have a friend who is wanting to sell their property in Dubai. So, always ask around in your small circle of friends and family, and run the possibilities by your realtor, to ensure you’re receiving a decent price.

Websites for Listing Real Estate

You may familiarize yourself with the market and what types of homes and pricing are available in various areas by visiting several property listing websites such as Property Finder, Bayut, Dubizzle, and Just Property.

You can apply different filters based on your choices, and a list of properties will be given to you.

Remember to seek the advice of your real estate agent for any flats for sale in Dubai that you find on these websites.

Tip #3: Compare Properties When Buying An Apartment

It is critical to compare as many properties as possible that suit your criteria in order to make an informed decision. Don’t get too caught up in the first property. Different areas/buildings in Dubai have different costs, which are mainly determined by the variables listed below.

Public transportation is available.

Whether you want to buy an apartment in Dubai for personal use or to rent it out, having access to public transportation is critical. According to a study done in Dubai, the price of flats located near a metro station increased by 15%.

According to a study done in Dubai, flats located near a metro station experienced a 15% rise in price and rent on average (in some cases this figure goes as high as 50 percent as well).

Amenities of the Building

If you intend to reside in the home, having adequate facilities is necessary. After all, you can’t spend your entire day at your newly purchased condo in Dubai. There are loads of living room ideas available on the internet, but if you have the budget to purchase living room furniture then start with the basics.

The same is true for your tenants. If the building in which you are purchasing the property has nice amenities such as a swimming pool, gym, and so on, your renters will be happier and remain for a longer period of time.

Management Corporation

There are several building management businesses in Dubai, and the type of Management Company in charge of the property might have an impact on your quality of life.

This is when having a reputable, experienced realtor on your side comes in handy. As a real estate consultant, I am aware of which companies manage particular buildings and what their reputation is.

The overall price/rental revenue appreciation in each building is directly proportionate to the management company’s competency in that property.

Asking Price 

Of course, you wouldn’t want to buy an exorbitant house in Dubai, would you? Overpriced houses, on the other hand, are almost unavoidable when looking for real estate in Dubai. How can you know whether you’re overpaying for a studio apartment in Dubai?

This is where your realtor comes in, presenting you with genuine statistics and an estimate of the property. Your realtor should be able to offer you a thorough financial analysis for all of the houses you have selected, and you should make your final selection based on the assessments.

Tip #4: Getting Your Apartment Ready To Sell In Dubai

It’s time to get your flat ready for your renter now that you’ve completed the procedure of buying an apartment in Dubai and registered all of the utilities.

If the unit is already rented, you will only need to transfer the lease contract from the previous owner to yourself.

If the flat is empty and you need to locate a tenant, you can list it with a leasing agent. I have a team of lease experts and property managers working for me. This group can handle anything from finding the ideal tenant to managing your property.

The last thing you want is to receive complaints from your tenant about minor concerns while you are away from home and unable to act quickly to remedy the matter.