Want to buy real estate in Dubai? Write a request in WhatsApp and Real Estate Group will find the best options for you. Everyone buys with us!
7. Dubai Sports City.
Dubai Sports City (DSC) is a unique and dedicated sports complex in Dubai, spanning over 50 million sq ft. It is a hub for sports and fitness, with various venues, such as stadiums, arenas, academies, and clubs. It is also a residential and commercial community, with various projects, such as villas, townhouses, and apartments, with sporty and stylish features.
DSC offers a range of apartments, from studios to three-bedroom units, with cozy and comfortable features. It also offers a range of amenities, such as schools, clinics, supermarkets, and mosques. DSC is one of the best areas to invest in Dubai for high rental yields, as it offers budget-friendly and quality apartments in a healthy and active environment. According to Real Estate Group, the average rental yield for apartments in DSC was 7.3% in H1 2023, while the average capital appreciation was 5.9% in the same period.
The ROI for flipping apartments in DSC is also fair, as the area has a high demand for renovated and improved units. The initial investment cost is also relatively low, as the average price per square foot for apartments in DSC was AED 575 ($157) in H1 2023, according to Real Estate Group.
The average price per square foot for apartments in Dubai Sports City was AED 604 ($155) in Q3 2022, up by 7.25% from AED 563 ($153) in Q3 2021. An example of a residential complex in this area is Emirates Sports Rooms and Hotel Apartments, which is a 4-star hotel and serviced apartment project offering studio, 1 and 2-bedroom units with views of the city and the golf course. A 1-bedroom apartment in Emirates Sports Rooms and Hotel Apartments with a size of 700 sq. ft. was listed for sale at AED 420,000 ($114,441) in November 2022.
1. Business life: Dubai Sports City is a hub for various businesses, especially in the fields of sports, fitness, and wellness. The area has a number of commercial properties, such as offices, warehouses, and showrooms, that cater to different needs and budgets. The area also has a supportive and innovative environment, with facilities such as the Dubai Sports City Business Park, the Sports Village, and the Sports Academy. The area also hosts various sports events and tournaments, such as the Dubai Desert Classic, the Dubai Tour, and the Dubai International Triathlon.
2. Infrastructure and transportation: Dubai Sports City has a well-developed infrastructure that provides convenience and comfort to its residents and visitors. The area has a network of roads and highways that connect it to other parts of Dubai and the UAE. It also has public transportation options such as buses and taxis, and will soon have metro stations as part of the Route 2020 extension. Dubai Sports City also has a reliable supply of water, electricity, and gas, as well as telecommunication and internet services. The area is also equipped with security and emergency services, such as police stations, fire stations, and ambulances.
3. Cultural life: Dubai Sports City has a vibrant and dynamic cultural life, with opportunities and activities for different sectors and interests. Some of the cultural attractions and events in Dubai Sports City are:
- Dubai Miracle Garden: A stunning floral attraction that features over 150 million flowers arranged in different shapes and designs, such as a giant Mickey Mouse, a butterfly garden, and a floral castle.
- Global Village: A cultural and entertainment destination that showcases the traditions and products of over 90 countries in themed pavilions. The village also has live performances, carnival games, fireworks, and food stalls.
- Quoz Arts Festival: A festival that celebrates the creative and artistic scene of Dubai, with live music, art exhibitions, dance shows, workshops, and food trucks. The festival was held at Alserkal Avenue on January 28 and 29, 2023.
- Dubai Shopping Festival: A festival that offers amazing retail and entertainment experiences, with incredible promotions, discounts, and prizes. The festival also features a nightly drone light show, fireworks, concerts, and cultural events. The festival runs from December 15, 2022 to January 29, 2023.
- Chinese New Year: A celebration of the Chinese culture and traditions, with various activities and events, such as lantern displays, dragon dances, fireworks, and special menus. The celebration will take place from January 20 to 29, 2023.
4. Entertainment venues: Dubai Sports City offers a variety of entertainment venues for its residents and visitors, such as theme parks, sports activities, and nightlife venues. Some of the entertainment venues in Dubai Sports City are:
- IMG Worlds of Adventure: A massive indoor theme park that features four zones based on Marvel, Cartoon Network, Lost Valley, and IMG Boulevard. The park has thrilling rides, interactive attractions, live shows, and dining outlets.
- Dubai Autodrome: A motorsport circuit that hosts international racing events, such as the Dubai 24 Hour, the Gulf 12 Hour, and the Hankook 6 Hour. The circuit also offers driving experiences, karting, and laser tag.
- Dubai Polo and Equestrian Club: A club that offers polo, equestrian, and leisure activities, such as horse riding, show jumping, dressage, and spa treatments. The club also has restaurants, lounges, and event venues.
- The Irish Village: A pub and restaurant that offers a taste of Ireland, with live music, sports screenings, and traditional food and drinks.
- The Walk-in smart police station: A station that provides 24-hour security services to residents and workers in the oasis. The station provides 46 services divided into 4 packages: security services, community services, traffic services, and certificates and permits services.
5. Universities: Dubai Sports City is home to one university, the University of Balamand Dubai (UOBD), a branch campus of the University of Balamand in Lebanon. The university was established in 2018 and offers undergraduate and graduate programs in engineering, architecture, business, and health sciences.
6. Schools: Dubai Sports City has two schools, catering to different curricula and age groups. The schools are:
- Victory Heights Primary School: A school that follows the National Curriculum for England and the International Primary Curriculum. The school has over 1,000 students from over 60 nationalities, and offers a range of academic and extracurricular activities.
- Bradenton Preparatory Academy: A school that follows the American curriculum and the International Baccalaureate Diploma Programme. The school has over 1,500 students from over 80 nationalities, and offers a holistic and rigorous education.
7. Kindergartens: Dubai Sports City has several kindergartens and nurseries that provide quality early childhood education and care. Some of the kindergartens and nurseries in Dubai Sports City are:
- Wonder Years Nursery: A nursery that follows the EYFS curriculum and the Reggio Emilia approach. The nursery has over 200 children from over 40 nationalities, and offers a creative and playful environment.
- Building Blocks Nursery: A nursery that follows the EYFS curriculum and the Montessori method. The nursery has over 150 children from over 30 nationalities, and offers a supportive and respectful environment.
- Kids World Nursery: A nursery that follows the EYFS curriculum and the Skygarden approach. The nursery has over 100 children from over 20 nationalities, and offers a natural and adventurous environment.
- Little Champions Nursery: A nursery that follows the EYFS curriculum and the HighScope approach. The nursery has over 100 children from over 20 nationalities, and offers a stimulating and nurturing environment.
8. Stores: Dubai Sports City has a variety of stores and shops to suit different needs and preferences. You can find everything from supermarkets and pharmacies to fashion boutiques and electronics shops in the area. Some of the popular malls and shopping centers in Dubai Sports City are:
- City Centre Me’aisem: A community mall that offers a range of retail and service outlets, such as Carrefour, Centrepoint, Home Centre, and Magic Planet.
- The Ribbon: A shopping street that offers a range of retail and service outlets, such as Spinneys, Starbucks, McDonald’s, and KFC.
- First Avenue Mall: A shopping mall that offers a range of retail and service outlets, such as Geant, H&M, Mothercare, and Novo Cinemas.
- Sports Village: A shopping complex that offers a range of sports and fitness outlets, such as Adidas, Reebok, Puma, and Fitness First.
9. Restaurants and cafes: Dubai Sports City has a variety of restaurants and cafes to suit different tastes and preferences. You can enjoy a wide range of cuisines and dining experiences in Dubai Sports City, from fast food and coffee shops to fine dining and international restaurants. Some of the popular restaurants and cafes in Dubai Sports City are:
- Kickers Sports Bar: A sports bar and restaurant that serves American and international food, such as burgers, wings, and nachos. The bar has a lively and fun ambiance, and offers live music, sports screenings, and happy hours.
- Big Easy Bar & Grill: A restaurant and grill that serves South African and international food, such as steaks, ribs, and seafood. The restaurant has a cozy and elegant decor, and offers live music, sports screenings, and brunches.
- Nando’s: A restaurant that serves Portuguese and African food, such as peri-peri chicken, salads, and wraps. The restaurant has a colorful and casual atmosphere, and offers delivery and online ordering services.
- Pizzaro: A restaurant that serves Italian and Mediterranean food, such as pizza, pasta, and salads. The restaurant has a modern and chic design, and offers delivery and online ordering services.
- Shakespeare and Co.: A cafe and restaurant that serves French and international food, such as crepes, sandwiches, and cakes. The cafe has a vintage and romantic theme, and offers delivery and catering services.
- Costa Coffee: A coffee shop that serves hot and cold beverages, such as coffee, tea, and smoothies. The coffee shop also serves snacks, such as muffins, sandwiches, and cakes.
- Tim Hortons: A coffee shop that serves hot and cold beverages, such as coffee, tea, and iced cappuccino. The coffee shop also serves snacks, such as donuts, bagels, and cookies.
10. Hospitals and clinics: Dubai Sports City has a number of hospitals and clinics that provide quality health care and services. Some of the hospitals and clinics in Dubai Sports City are:
- Saudi German Hospital: A hospital that offers a range of medical and surgical specialties, such as cardiology, neurology, orthopedics, and oncology. The hospital also has a 24-hour emergency department, a pharmacy, and a laboratory.
- Medicentres: A clinic that offers a range of medical and dental services, such as general medicine, dermatology, orthodontics, and cosmetic dentistry. The clinic also has a pharmacy and a laboratory.
- Your Health Clinic: A clinic that offers a range of medical and wellness services, such as physiotherapy, chiropractic, acupuncture, and massage. The clinic also has a gym and a spa.
- Prime Medical Center: A clinic that offers a range of medical and dental services, such as pediatrics, gynecology, endocrinology, and implantology. The clinic also has a pharmacy and a laboratory.
- Zee Medical Center: A clinic that offers a range of medical and aesthetic services, such as dermatology, plastic surgery, laser hair removal, and skin rejuvenation. The clinic also has a salon and a spa.
Real Estate Group predicts that Dubai's real estate market will continue to grow over the next few years, outperforming most other luxury real estate markets around the world. Property prices will rise at a slower pace than the past three years, but still show a positive trend. The average capital appreciation forecast for Dubai is 2-4% for 2024, while the average rental increase forecast is 5-10% for the same year. The GDP growth forecast for Dubai is 2-3% for 2024.
Real Estate Group predicts that some neighborhoods and property types will grow better than others, depending on supply and demand dynamics, property quality and amenities, and neighborhood location and accessibility. For example, Dubai Marina, Jumeirah Village Circle, and DAMAC Hills are expected to witness a surge in the return on investment (ROI), with Dubai Marina offering an ROI of 7.2% and Jumeirah Village Circle offering an ROI of 6.8% in the coming days. On the other hand, some established areas may experience more restrained growth compared to emerging and suburban districts.
8. According to Real Estate Group, the main fees and taxes that real estate investors in Dubai will have to pay in 2024 are.
Property transfer fee: This is a one-time fee that is paid to the Dubai Land Department (DLD) when buying or selling a property. The fee is 4% of the property value, plus an additional AED 580 ($158) as an administrative charge.
Registration fee: This is a one-time fee that is paid to the DLD when registering a property under the investor’s name. The fee is 1.5% of the property value, plus an additional AED 400 ($109) as an administrative charge.
Mortgage registration fee: This is a one-time fee that is paid to the DLD when taking out a mortgage to finance a property purchase. The fee is 0.25% of the loan amount, plus an additional AED 290 ($79) as an administrative charge.
Valuation fee: This is a one-time fee that is paid to a certified valuer when obtaining a valuation report for a property. The fee may vary depending on the size, type, and location of the property, but it usually ranges from AED 2,500 ($681) to AED 10,000 ($2,723).
Agency fee: This is a one-time fee that is paid to a real estate agent or broker when buying or selling a property. The fee is usually 2% of the property value, plus VAT.
VAT: This is a tax that is applied to most goods and services in the UAE, including real estate transactions. The standard rate of VAT is 5%, but some transactions may be exempt or zero-rated.
Housing fee: This is a monthly fee that is paid to the Dubai Municipality by property owners or tenants. The fee is calculated as 5% of the annual rental value of the property, divided by 12 months. The fee is deducted from the electricity and water bills.
Knowledge and innovation fee: This is a monthly fee that is paid to the Dubai Municipality by property owners or tenants. The fee is calculated as 10% of the housing fee. The fee is deducted from the electricity and water bills.
Service charge: This is an annual fee that is paid to the developer or the owners’ association by property owners. The fee covers the maintenance and operation of the common areas and facilities of the property, such as security, landscaping, cleaning, etc. The fee may vary depending on the size, type, and location of the property, but it usually ranges from AED 10 ($2.72) to AED 25 ($6.81) per square foot.
Insurance: This is an optional fee that is paid to an insurance company by property owners or tenants. The fee covers the protection of the property and its contents from various risks, such as fire, theft, flood, etc. The fee may vary depending on the size, type, location, and value of the property, as well as the coverage and terms of the policy. According to Real Estate Group, the average cost of property insurance in Dubai is AED 1,500 ($408) per year.
These are some of the main costs that real estate investors in Dubai have to pay in 2024, but there may be other costs that are not mentioned here, such as legal fees, utility fees, maintenance fees, etc. Moreover, these costs may change over time or differ from case to case. Therefore, Real Estate Group advises that you do your own research and consult with a professional real estate agent or consultant before making any investment decisions.
Want to buy real estate in Dubai? Write a request in WhatsApp and Real Estate Group will find the best options for you. Everyone buys with us!
Conclusion:
Dubai is a city that offers a variety of opportunities for real estate investors, with different areas catering to different preferences, budgets, and goals. Whether you are looking for high rental yields, high capital appreciation, or high ROI for flipping, you can find a suitable neighborhood in Dubai to invest in apartments in 2024.
However, before you make any investment decision, you should do your own research, consult with experts, and compare the pros and cons of each strategy and area. Real Estate Group hopes this article has given you some ideas and insights on where and how to invest in Dubai to get high returns.
Leave a request to Real Estate Group today on WhatsApp and let us help you find your dream property in Dubai.
Happy investing!
