People have grown tired of living in a single location at a stretch and have decided to move to a better place that offers a luxurious life at an affordable cost. With thriving business ventures and job openings in the UAE over the last few years, people are now flocking into different emirates, specifically Dubai. This tremendous population growth has a compelling need for more residential units across all the neighborhoods of the city. Being one of the hottest prospects to make an investment in recent years, Dubai is the go-to place for most overseas investors for all good reasons.
Most investors find this a lucrative option when they work with real estate agents in Dubai and effortlessly find the right type of property. Investing in a property is a wonderful way to generate passive income without worrying about any external factors. While it may seem more difficult than investing in other methods, it is also more profitable in the long term. For many years, real estate values have remained constant, making it a reliable investment option.
Property rights in particular locations, on the other hand, may offer a higher possibility of return for outsiders wishing to invest in the country. Over AED 300 billion worth of properties were sold in the last year, and this trend will improve further with increased sales and revenue. With new projects making the rounds every quarter, there will never be a shortage of residential options for expats or overseas investors wanting to make their best investment here.
Also read: How to Successfully Rent A Property in Dubai?
Factors to Decide The Best Place and Property Types
Even before an investor starts looking up the in-demand property types to stay on top of the property, they must indeed consider other critical points that decide the long term benefits an investor can enjoy in Dubai. Out of the many things to consider, the following points top the list:
1. Location of The Property
Being a buyer or a tenant hunting for a house, the primary criteria on their checklist would be the property’s location. The central regions of Dubai like Palm Jumeirah, Dubai Marina etc., are in high demand from both parties. This is an important criterion and must be considered by all the buyers before investing in a residential property in Dubai.
2. Purpose of Investment
Creating or expanding an investment portfolio is the main reason for overseas investors to buy properties in top countries like the UAE, UK etc. However, earning a passive income through rental yields is another point considered by most investors. Considering all possibilities, people can decide where and what type of property they can invest in 2023.
3. Transport Links
When purchasing a property in a particular neighborhood one must make sure whether the future tenant will be able to commute effortlessly to other parts of the city. Dubai is a major business hub, and the entire city is interlinked excellently. Public transport like metro stations and local bus stops must remain close to ease out their transportation.
4. Property Specs
Understanding people’s requirements by studying current market trends is the easiest way to decide which property will provide maximum revenue. The type of the house, its size, location, and age are some main points that tenants consider before moving in. Property prices and rental range are also set, keeping in mind all these factors and more.
Ideal Investment Options – 2023
In case investors have second thoughts about purchasing a property in Dubai due to the changing economic conditions across the globe, they can have complete faith and confidence and buy a property here. With mortgages with low-interest rates and affordable housing accommodations, this is the safest way to make the best investment.
People’s property preferences are changing due to different reasons. To make sure the property type matches the current demands and popularity in 2023, buyers must do their research appropriately.
1. Off-Plan Properties
There was a time when people would patiently wait for a property to get entirely constructed or straight away purchase a pre-owned household to save money. However, the post-pandemic preferences have changed altogether, and people wish to lead a comfortable and luxurious lifestyle at an affordable cost. This is where off-plan property comes into play where people can purchase one at the blueprint stage of the property construction.
2. Apartments
The forever favourite option for any investor would be an apartment in the central region of Dubai. Apartments have gained popularity among working-class people, and new and young families who move to Dubai. From busy streets to quiet neighbourhoods, apartments can be found almost everywhere in different variants. Apartments and studio flats in Dubai are promising investments where the demand for these property types will never go down.
3. Penthouse
Everybody entering Dubai is aware of the sea of skyscrapers and would do anything to rent a house with this breathtaking view. A luxury penthouse is one place that is built on the top floor of a building that comes with pools and tall windows for a picturesque view of the city. Penthouses are expensive and bring in the ideal ROI, due to the soaring demand for comfort and luxury from people.
4. Villas
Villas define luxury in every aspect. Dubai is the right destination to enjoy the perks of luxury these villas have to offer. These property types constitue two to five bedrooms. People looking to rent a villa are ready to splurge money for the same to live the most lavish life in Dubai. For people moving to bigger homes with a dedicated working space and open lawns, villas can be the best option for residence.
5. Open Plots
Unlike purchasing a fully developed housing project, investing in the land has been a trend that has been picked up after a long while. The per square foot price of the land is lesser than that of the completed property. Most people purchase these lands and construct the property of their choice. This cut-price option will provide more value to the investor in the long term and save them a humongous price.
