Looking to buy property in Dubai? Write to us on WhatsApp and we will select the best options for you. Everybody buys from us!
Introduction:
Dubai is one of the most popular destinations for foreign buyers who are looking for luxury apartments in a dynamic and cosmopolitan city. Dubai offers a high standard of living, a stable and diversified economy, a tax-free environment, a rich cultural and entertainment scene, and a strategic location in the Middle East and North Africa region. Dubai also boasts some of the most spectacular and innovative real estate projects in the world, ranging from skyscrapers to islands, from waterfronts to deserts.
However, buying a luxury apartment in Dubai is not a simple or straightforward process, especially for foreign buyers who are not familiar with the local market and the legal system. There are many factors to consider, such as the location, the quality, the price, the payment plan, the registration, the taxes, the fees, the risks, and the returns of the property. Moreover, there are different strategies for buying an apartment in a building under construction, depending on the purpose and the goal of the buyer.
In this article, Real Estate Group will provide a step-by-step guide to buying a luxury apartment in a residential building under construction in Dubai, UAE in 2023 for international buyers. We will cover two main strategies: buying an apartment in a building under construction for living and buying an apartment in a building under construction for investing. For each strategy, we will discuss the following points:
- Choosing the best areas of Dubai
- Choosing a real estate agency in Dubai
- Choosing an apartment to live in or to invest in
- Formalizing the purchase of an apartment in a building under construction
- Calculating the profit and the taxes of the investment strategy
By the end of this article, you will have a clear and comprehensive understanding of how to buy a luxury apartment in an under-construction apartment building in Dubai, UAE in 2023 for foreign buyers. You will also be able to make an informed and confident decision on which strategy suits you best and which apartment meets your needs and expectations.
Chapter 1: Choosing the best areas of Dubai for buying luxury apartments in 2023.
Dubai is a city that offers a variety of options for buying luxury apartments, whether for living or for investing. However, not all areas are equally suitable for different purposes and preferences. In this chapter, Real Estate Group takes a look at some of the best areas in Dubai to buy luxury apartments in 2023, based on their location, infrastructure, amenities, environment, future development plans, projects, prices and expected returns. We will also highlight the advantages and disadvantages of each area, and provide some examples of luxury apartment projects in each area.
For living:
If you are looking for a luxury apartment to live in Dubai, you may want to consider the following factors:
1. Location and accessibility: You may want to choose an area that is close to your workplace, your children’s school, your family and friends, and other places that you frequently visit. You may also want to avoid areas that have heavy traffic congestion, noise pollution, or security issues.
2. Infrastructure and amenities: You may want to choose an area that has well-developed infrastructure and amenities, such as roads, public transport, water, electricity, internet, healthcare, education, shopping, dining, entertainment, and leisure facilities. You may also want to choose an area that has a vibrant and diverse community, with cultural and social events and activities.
3. Security and environment: You may want to choose an area that has a high level of security and safety, with CCTV cameras, security guards, and police patrols. You may also want to choose an area that has a clean and green environment, with parks, gardens, beaches, and waterways.
4. Future development plans and projects: You may want to choose an area that has promising future development plans and projects, that will enhance the value and the quality of life in the area. You may also want to avoid areas that have potential risks or uncertainties, such as legal disputes, environmental issues, or market fluctuations.
Based on these factors, some of the best areas of Dubai for buying luxury apartments for living in 2023 are:
1. Downtown Dubai: This is the heart of the city, where you can find some of the most iconic landmarks, such as the Burj Khalifa, the Dubai Mall, and the Dubai Fountain. This area offers a luxury lifestyle, with high-end amenities and facilities, such as hotels, restaurants, cafes, cinemas, galleries, museums, and theatres. This area also has a vibrant and cosmopolitan community, with cultural and social events and festivals, such as the Dubai Opera, the Dubai International Film Festival, and the Dubai Shopping Festival. This area is well-connected to other parts of the city, with the Dubai Metro, the Dubai Tram, and the Dubai Water Taxi. However, this area also has some disadvantages, such as high prices, high traffic, high noise, and high competition.
2. Dubai Marina: This is the world’s largest man-made marina, where you can find some of the most luxurious and innovative real estate projects, such as the Cayan Tower, the Princess Tower, and the Marina Gate. This area offers a waterfront lifestyle, with stunning views and access to the Arabian Gulf, the Palm Jumeirah, and the Bluewaters Island. This area also has a wide range of amenities and facilities, such as marinas, yacht clubs, beaches, pools, gyms, spas, malls, restaurants, bars, and clubs. This area also has a lively and diverse community, with sports and leisure activities, such as sailing, fishing, diving, golfing, and cycling. This area is well-connected to other parts of the city, with the Dubai Metro, the Dubai Tram, and the Sheikh Zayed Road. However, this area also has some disadvantages, such as high prices, high traffic, high noise, and high competition.
3. Palm Jumeirah: This is the world’s largest artificial island, where you can find some of the most exclusive and prestigious real estate projects, such as the Atlantis, the Palm, the One and Only, the Palm, and the Palm Tower. This area offers a beachfront lifestyle, with panoramic views and access to the Arabian Gulf, the Dubai Marina, and the Burj Al Arab. This area also has a wide range of amenities and facilities, such as hotels, resorts, spas, malls, restaurants, cafes, and clubs. This area also has a serene and secluded community, with privacy and security. This area is well-connected to other parts of the city, with the Palm Monorail, the Palm Jumeirah Boardwalk, and the Sheikh Zayed Road. However, this area also has some disadvantages, such as high prices, high traffic, high maintenance, and high risk of erosion.
Some examples of luxury apartment projects in these areas are:
- Downtown Dubai: The Address Sky View, The Address Residence Fountain Views, Burj Vista, The Lofts, and The 118.
- Dubai Marina: Marina Gate, Sparkle Towers, Damac Heights, LIV Residence, and Jumeirah Living Marina Gate.
- Palm Jumeirah: The Palm Tower, The Royal Atlantis Residences, One Palm, Muraba Residences, and Serenia Residences.
The average prices of luxury apartments in these areas in 2023 are:
- Downtown Dubai: AED 2,500 per square foot
- Dubai Marina: AED 1,500 per square foot
- Palm Jumeirah: AED 2,000 per square foot
For investing:
If you are looking for a luxury apartment to invest in Dubai, you may want to consider the following factors:
1. Demand and supply: You may want to choose an area that has a high demand and a low supply of luxury apartments, which will ensure a high occupancy rate, a high rental yield, and a high capital appreciation. You may also want to avoid areas that have a low demand and a high supply of luxury apartments, which will result in a low occupancy rate, a low rental yield, and a low capital appreciation.
2. Rental yield and capital appreciation: You may want to choose an area that has a high rental yield and a high capital appreciation, which will maximize your return on investment. You may also want to avoid areas that have a low rental yield and a low capital appreciation, which will minimize your return on investment.
3. Vacancy rate and occupancy rate: You may want to choose an area that has a low vacancy rate and a high occupancy rate, which will ensure a stable and consistent income stream. You may also want to avoid areas that have a high vacancy rate and a low occupancy rate, which will result in a variable and uncertain income stream.
4. Competition and differentiation: You may want to choose an area that has a low competition and a high differentiation of luxury apartments, which will make your property stand out and attract more tenants and buyers. You may also want to avoid areas that have a high competition and a low differentiation of luxury apartments, which will make your property blend in and lose its appeal.
5. Future growth potential and risks: You may want to choose an area that has a high future growth potential and a low future risk of luxury apartments, which will increase the value and the demand of your property. You may also want to avoid areas that have a low future growth potential and a high future risk of luxury apartments, which will decrease the value and the demand of your property.
Based on these factors, some of the best areas of Dubai for buying luxury apartments for investing in 2023 are:
1. Dubai Creek Harbour: This is a new mega-development that is set to become the new heart of Dubai, where you can find the world’s tallest tower, the Dubai Creek Tower, and the world’s largest retail district, the Dubai Square. This area offers a waterfront lifestyle, with stunning views and access to the Dubai Creek, the Ras Al Khor Wildlife Sanctuary, and the Downtown Dubai. This area also has a wide range of amenities and facilities, such as hotels, resorts, malls, restaurants, cafes, museums, and parks. This area also has a promising and visionary community, with sustainability and innovation. This area is well-connected to other parts of the city, with the Dubai Metro, the Dubai Water Taxi, and the Al Khail Road. This area has a high demand and a low supply of luxury apartments, a high rental yield and a high capital appreciation, a low vacancy rate and a high occupancy rate, a low competition and a high differentiation, and a high future growth potential and a low future risk.
Looking to buy property in Dubai? Write to us on WhatsApp and we will select the best options for you. Everybody buys from us!
2. Dubai Hills Estate: This is a new master-planned community that is set to become the new green oasis of Dubai, where you can find the largest park in the city, the Dubai Hills Park, and the largest mall in the city, the Dubai Hills Mall. This area offers a golf course lifestyle, with stunning views and access to the Dubai Hills Golf Club, the Dubai Hills Lake, and the Burj Khalifa. This area also has a wide range of amenities and facilities, such as schools, hospitals, clinics, supermarkets, restaurants, cafes, and clubs. This area also has a luxurious and elegant community, with quality and style. This area is well-connected to other parts of the city, with the Dubai Metro, the Umm Suqeim Road, and the Al Khail Road. This area has a high demand and a low supply of luxury apartments, a high rental yield and a high capital appreciation, a low vacancy rate and a high occupancy rate, a low competition and a high differentiation, and a high future growth potential and a low future risk.
3. Mohammed Bin Rashid City: This is a new mixed-use development that is set to become the new cultural hub of Dubai, where you can find the world’s largest man-made lagoon, the Crystal Lagoon, and the world’s longest indoor ski slope, the Meydan One. This area offers a lagoon lifestyle, with stunning views and access to the Dubai Water Canal, the Meydan.
