For a seasoned property investor or a first-time buyer, three major points are ever the pivot to deciding whether to invest in a property or not. 

Buying property in Dubai is no different. But there are some facts about any property that you ought to know firsthand before booking a seat at the bargaining table;

• How is the infrastructure around the property?
• Does the government of the land have favorable policies for property investors?
• How is the economy of the resident country?

Dubai ticks all these three questions with positive answers that welcome you to the bargaining table.

Just to mention a few welcoming reasons to buying property in Dubai;

1. Dubai is a tax-free (income, property, or capital gains) environment making it appealing to investors.
2. Booming tourist industry – there was an 89% increase in number of visitors from 2021 to 2022. This creates a high demand for rental properties and translates directly to an excellent investment opportunity.
3. Competitive property prices – Compared to other developed cities worldwide, Dubai’s real estate offers relatively low prices.
4. Strong ROI – All the above-mentioned reasons lead to a high return on investment.
5. You will get a golden visa – this applies for buyers of property in freehold zones. They get the visa for 2 or 20 years which come with its own benefits like opening bank account for international transactions, and they won’t be required to live in the country permanently.

In this extensive guide to buying property in Dubai, I’m going to bring you to speed on all it takes to purchase property in Dubai.

We will look at the laws and legal procedures of acquiring property, the requirements, we will then compare off-plan and secondary market properties, and finally help you settle well in the community once you are a happy owner.

At the end of this article, you should be confident enough to start the process of purchasing property in Dubai, armed with factual data on where to get the best value for your money.

Let us break this whole concept down, shall we?

Property market in Dubai

According to a “Dubai Property Market Forecast For 2023” report, the Dubai property market is poised to witness the biggest price growth in the world.

A 75% increase in sale from 2021(AED 149 billion) to 2022(AED 261 billion) just reflects how dynamic the market is.

AI-powered research by Dubai-based proptech Realiste predicts that high-end, luxury homes prices will shoot by 6.75 to 20.3 percent whereas its equivalent in London will only witness a 3.5 % increase.

The competitive advantages of:

• Zero property taxes,
• High yields,
• And affordable prices

Are the driving force for the sustained growth.

The study by Realiste acknowledges the significant growth in prime neighborhoods like Palm Jumeirah, Port de la Mer, and Safa Park.

Let us look at the prime neighborhoods in Dubai.

Prime neighborhoods in Dubai

Some residential areas in Dubai offer a magnificent skyline, modern amenities, and ease-of-access to social facilities.

They include:

1. Downtown Dubai

This had to be the first because it is the most popular neighborhoods in Dubai. It is home to:

• The world famous Burj Khalifa
• The Dubai Mall
• The Dubai Opera

This is a perfect fit for those who love to be in the center of the action. With a stable increase in property prices in the recent years, this is a great opportunity for property investors.

2. Palm Jumeirah

Located on one of the artificial islands off the coast of Dubai, and considered to be the city’s most luxurious neighborhood, Palm Jumeirah offers private beaches, swimming pools, and a wide range of amenities.

Properties for sale here include luxury villas, townhouses, and apartments. It is an ideal opportunity for high-end clients seeking for luxurious living.

The average price per m² here is approximately $7,887, while the average price of property is $830,452.

3. Business Bay

Home to major multinational corporations and top business figures makes it a prime location to own property.

With an exclusive view across Burj Khalifa Lake Park, this neighborhood is a dream of many. It is a rapidly developing neighborhood and becoming a popular choice for investors.

The average price per m² here is approximately $5,536, while the average price of property is $354,685.

4. Emirates Hills

Surrounded with lush green landscapes, and some of the top golf courses, this neighborhood is ideal for individuals seeking exclusive lifestyle.

5. Al Furjan

This is a neighborhood comprising of villas and its proximity to Al Maktoum International Airport offers great accessibility to other parts of Dubai.

The average price per m² here is approximately $3,095, while the average price of property is $232,614.

6. Arabian Ranches

This is a gated community found in the heart of Dubai. 

It is known for luxurious properties and high-end amenities, making it a popular investor destination.

7. Dubai Marina

A well-connected investment location known for modern sky-scrapers, prime location, luxurious properties, and a vibrant night-life.

Here you will get penthouses, villas, and luxury apartments.

These are just but a few of the prime neighborhoods offering high potential for property buyers in Dubai.

Once you are decided on your target neighborhood, you should be aware of the laws of the land pertaining buying property.

This is to ensure that you are in good books with the government and to avoid any legal tussles.

Let us now look at the existent laws about property acquisition in Dubai.

Laws pertaining buying property in Dubai 

There exists a law concerning property registration in the Emirate of Dubai called Law No. 7 of 2006.

This law provides for directions concerning buying property for nationals and foreigners and directs as follows:

• Article 4: The right to own real property is restricted to UAE and GCC nationals, companies owned in full by them, and to public joint stock companies.
• Non-nationals can be granted right to freehold ownership without time restrictions or leasehold rights for a period not exceeding 99 years.

Freehold ownership means the owner will enjoy free ownership forever and is free to use the property for any purposes in accordance with the local regulations.

While leasehold rights mean you hold the rights to use and occupy the property for a specific period of time, after which you can renew, extend, or return the property.

In simple terms, leasehold rights give the buyer a right to own the physical property for a duration of time; between 50-99 years, but not the land the property is built on.

In Dubai, a foreigner can own property on freehold in areas designated as freehold. The foreigner can also choose to buy leasehold property for a duration of 99 years.

There are 9 freehold zones in Abu Dhabi and 50 in Dubai.

With the laws out of the way, lets now see the legal steps to go through when purchasing property in Dubai.

Legal steps to buying property in Dubai

Now that we are aware of the laws about buying and owning property in Dubai as a local and a foreigner, it is time to familiarize ourselves with the legal steps that you must follow to purchase property.

Kindly note that we have not listed preliminary steps e.g., looking for property, researching about the developer, etc. That’s why New Developments is here for you. To bring your dream of owning property in Dubai to a reality. 

The legal steps to buying property are the mandatory steps that will help incase of a conflict with the developer.

The legal steps are:

1. With The Assistance of a Professional, Formulate A Contract Between the Buyer and The Seller

After all the hustle of finding the perfect-fit property for your lifestyle and pocket, now comes the other important part – paper work.

For this you MUST be guided by a professional to avoid any costly mistakes that can occur later. This also rules out the inclusion of ambiguities in the contract to be signed.

The contract must include;

• Agreed sale price, 
• Seller’s and buyer’s information, 
• Mode of payment,
• Security deposit details, 
• And specific property details like completion date, conflict resolution etc.

This helps make the purchase and transfer of the property smooth by placing the buyer and seller on the same page.

2. Sign The Formulated Agreement of Sale

The agreement, also known as Form F in the RERA Real Estate Forms or MOU will be prepared by the real estate agent who will also act as the witness during the signing.

The form is signed by both the buyer, seller, and the witness. The buyer will be required to pay 10% security deposit to the Registration Trustee and the deposit will be refunded on property handover.

3. Apply For a No Objection Certificate (NOC)

A No Objection Certificate (NOC) is a permission statement given to a person or a company to proceed with the purchase or construction of a property. It is an official document required to complete a real estate transaction.

This is a necessary document before the property ownership is transferred to the buyer.

A meeting between the buyer, seller, real estate agent, and the developer in the latter’s office will happen. Application and payment of NOC will proceed if there are no outstanding service charge on the property.

4. Effect Ownership Transfer with Dubai Land Department (DLD)

This is the last step of becoming the legal owner of the property you’ve purchased.

The buyer and the seller will go to the Dubai Land Department, and present the documents listed bellow for the property ownership transfer to be effective:

• Original identification documents for both buyer and seller.
• Original NOC issued by the developer.
• Signed MOU
• A cheque for the property payable to the seller.

Once all these have been verified, you become a legal owner and a title deed in your name will be issued.

Congratulations on being the newest owner of property in Dubai.

Let us now look at the requirements needed for one to buy property in Dubai.

Factors to consider before buying property in Dubai

There are a number of considerations to have in mind before making the purchase. They include;

Affordability – You have to factor in the total cost of the property plus the maintenance, administrative, and tax costs that apply to your property. 

As a norm in the real estate realm, you should always have a few extra cash remaining after your purchase for any unintended eventualities, an extra 10% of the whole property cost.

Rental yields – The rental income expected should comfortably pay your mortgage and maintenance expenses. 

Trends and Market conditions – This is a prerequisite if you want the best value for your money. With many properties coming up, prices may decline or better properties might be built. Finding out about these trends will help you make an informed decision.

Location – Depending on your taste and preference, amenities and infrastructure around the property will be a decision factor. 

Developer – the reputation of the developer and their previous projects will also guide your trust towards their project. You’ll want to invest in a developer who has previous successful projects

Deposit and Tax for buying property in Dubai

The following taxes and fees are applicable upon buying a property in Dubai:

1. Transfer tax – This varies depending on the location of the property. For example, it costs 4% in Dubai and 2% in Abu Dhabi. The transfer tax is paid in a 50/50 arrangement from both buyer and seller.
2. Registration fee – This is a one off, standard fee depending on the value of the deal. There’s a cut off where if the value is below $137,000, the fee is $545, but if it exceeds $137,000, the n the registration fee to be paid is $1,090.
3. Administration fee – a one-off payment of $147
4. Certificate of Ownership administration fee of $68.

If the property in question is a commercial one, then the buyer will pay an additional 5% VAT.

NOTE:

• No annual tax is charged for owning property.
• If your property is a rental, your rental income is not subject to taxation.
• Seller and buyer pay the transfer tax half-half.
• The average costs of basic utilities for an 85m² apartment are $163 per month.
• The internet costs around $100 per month.

Off-plan or secondary market?

In any property market globally, primary (off-plan) and secondary (re-sale) products are a subject of contention.

The existence of both in any specific location is a positive indicator for investors. Even though they are driven by different factors; increased urbanization, supply and demand, economic trends, etc., there should be a minimal price gap difference between the two.

For the past three years, the property market in Dubai has been favorable for off-plan properties signifying a booming economy and an increased population.

For you to decide on whether to invest in an off-plan or secondary property, consider these:

For Off-plan Property;

• The low upfront costs make off-plan properties cheaper than their secondary counterparts. The payment breakdown offered makes it cheaper in the long run. The deposit and subsequent installments are lower than the one-off payment needed for the secondary market. 
• Due to a staggered payment plan, capital appreciation will result in a higher return on equity. 
• The primary market is full of offers making it a much easier and affordable option for investors.

For Secondary Property;

• The component of existent rental yields equates to an instant return on investment. Rental yields in Dubai are equivalent or exceed mortgage rates.
• The risks of cancellation and delays as with off-plan properties is non-existent for the secondary market.
• Great deals from sellers in a haste to dispose their properties give investors an advantage.

How to settle well in Dubai?

Dubai has already established itself as a number one travel destination as the world’s leading trade and economic hub.

The directive of the government to lower barriers of foreigners doing business has made it an excellent place to invest and live.

Availability of modern and state-of-the-art amenities and infrastructure just add to the reasons why Dubai is becoming an ideal place to settle with the family.

As a non GCC national, you’ll require a UAE residency visa in order to reside in Dubai.

Types of residence visas in Dubai

1. Work permit visa – This is provided by employers and range from one to three years.
2. Green Visas – This is a self-sponsored visa for a period of 5 years.
3. Medium to Long-term investor visas – For investors who’ve bought property worth AED 2 million or more. 
4. Golden visas for special professions – A ten-year visa for specialized professionals such as doctors, engineers, scientists, and researchers.
5. Retiree Visas – Expats over the age of 55 are eligible for the renewable 5-year visa upon meeting a set criterion.

The benefits of having either of these range from;

• Permission to open a bank account for global transactions
• Permission to buy property, get a driving license, and to operate freely in the leading economy hub.
• Access to social amenities and modern infrastructure
• Residency in UAE.

That’s a wrap! You are now a resident of Dubai. Remember to stick to the legal steps when buying property to safeguard your investment from any eventualities.

At New Developments, we will walk with you through all the steps of property purchase. Ensuring that you comply with the local law and getting the most value for your property.

Do you have any concerns you want addressed? Comment below and we will definitely make everything clear.

The post How to Buy Off Plan Properties in Dubai appeared first on Dubai Real Estate Blog.

According to Dubai Land Department(DLD), from 6th August to 12th August 2023, a total of 3103 real estate and properties valued at AED 9.7 billion were transacted. This shows how massive the real estate business is in Dubai.

There’s never been a better time to invest in off-plan properties in Dubai as now.

So, what exactly are off-plan properties? And why should you consider investing in them?

In this guide, we will explore both sides of the coin to help you navigate this lucrative market and make informed decisions.

Key Takeaways

• Off-plan properties in Dubai is an enticing investment opportunity to own property in the world’s most vibrant and dynamic city.
• Beware of all potential risks associated with off-plan properties in Dubai to avoid disappointments.
• Conducting thorough research on all aspects of a property as well as utilizing experienced professionals are mandatory for stress-free investment.

What are off-plan properties?

Off-plan properties are properties that are sold before completion, and sometimes before construction. In other words, you are buying a property yet to be built or one under construction.

Is it safe to buy off-plan property in Dubai?

Yes, if approached with caution and conducting proper due diligence. 

It is advisable to find out the developer’s track record, financial position, project registration, and reviewing the contract agreement.

For a peace of mind and an extra sense of security, engage a reputable real estate agent and seek legal advice.

What happens if I’m not able to pay my off-plan property in Dubai?

If through any unplanned event you find yourself not able to pay for your property, review the terms and conditions of the sales agreement.

Communicate with the developer while seeking professional services to understand what your rights and obligations are.

Depending on the stage of the project, you could either seek payment restructuring, termination, or face penalty.

This should be addressed promptly to help protect your investment and minimize potential risks.

Is Dubai a risky investment?

Dubai’s:

• Stable economy, 
• Strategic location, 
• Tax-free market, 
• Safe environment, 
• Modern legal system, 
• High return on investment, 
• World-class infrastructure, 
• And commitment to development and innovation,

 makes it an attractive destination for investors looking to diversify their portfolios.

However, as with any investment, there are risks associated with investing in Dubai’s real estate market.

Ensure to conduct thorough research, find reputable developers, and seek professional advice to reduce risks and to make sound investment decisions based on your ability.

Is it worth owning a property in Dubai?

Yes! And for several reasons;

1. Dubai offers a thriving real estate market with attractive ROI from rental income and capital appreciation.
2. The city’s strategic location, robust infrastructure, and a top tourist destination makes it an ideal investment destination.
3. Zero property tax from the government makes it a prime investment.
4. The ever-rising population in Dubai offers a ready market for renting and buying property.

Let’s now find out the advantages and disadvantages of investing in off-plan properties in Dubai.

The Pros of Investing in Off-plan Properties in Dubai

1. Potential for price appreciation

Investing in off-plan properties allows you to tap into the potential for price appreciation. As the property market continues to grow, buying at an early stage leads to substantial gains as the market value increases.

2. Flexible payment plans

Developers often offer flexible payment plans, with attractive installment options giving you the chance to spread the payment over the construction phase.

This makes it more affordable and easier to manage in terms of progress.

3. Newer buildings and amenities

Off-plan properties are part of newer developments and as such provides the chance to enjoy modern amenities, state-of-the-art facilities and designs.

This is attractive for people wanting to experience a new lifestyle and directly attracting higher rental yields.

4. Low initial cost

Investing in off-plan properties require a lower upfront cost compared to ready properties. 

Developers offer attractive launch prices, early bird discounts, or special incentives to encourage early buyers.

This is a cost-effective way to enter the property market and secure a valuable property.

5. Attractive add-ons

Developers offer attractive complimentary services such as free maintenance for a specified period, guaranteed rental returns, or inclusion of furniture packages.

This makes the off-plan property more appealing due to the added value.

Enough of the sweet side, let now turn the potential ugly side of off-plan properties in Dubai:

The Cons of Investing in Off-plan Properties in Dubai

1. Delayed completion

Construction timelines can be affected by a number of factors e.g., permitting, weather conditions, or unexpected challenges. It is essential to consider the possibility and be prepared for potential delays.

2. Market fluctuations

The real estate market is subject to fluctuations and off-plan properties are no exception. Market conditions, supply and demand dynamics, and a lot other economic factors may influence the property’s value.

It is therefore important to assess market trends in order to make informed decisions.

3. Limited information

There might be limited information about the property when it is up for sale, for example exact layout, final finishes, or the surrounding infrastructure.

Even though detailed plans and specifications may be provided, some aspects are uncertain until the project reaches an advanced stage.

4. Risk of developer default

This is a rare one, but it can still occur.

There exists a risk of the developer defaulting on their obligations during challenging economic times. It is always in your best interest to choose a developer with a reputable track record and financial stability.

5. Potential changes to original plan

Due to one reason or another, developers may make changes to the original plan. The changes are always for the good of the whole project but it is important to know the developers’ rights regarding any modification.

With the advantages and the disadvantages listed above, you can now make an informed decision when looking to purchase an off-plan property in Dubai.

If after completion you want to sell your property, then you can follow these simple steps.

How to Resell Off-plan Property in Dubai

Reselling an off-plan property follows a similar process to selling completed properties:

• Determine the market value of the property
• Assess current market conditions
• Advertise the property through various channels
• Prepare all necessary documentation
• Ensure compliance with relevant authorities
• Seek legal advice throughout this process.

Remember to do all this under the guidance of a qualified real estate agent who has experience in off-plan transactions in Dubai.

To culminate all these, here are the top tips for investing in off-plan properties in Dubai.

Top 5 Tips for Investing in Off-plan Properties in Dubai

1. Research about the developer and the project

Before committing your finances to a project, find out the developer’s reputation, track record, and financial stability.

Go through their previous projects, their customer reviews, and testimonials. After you are satisfied with the developer, research about the project.

Where will it be located? Which amenities will be included, and the potential growth of that area.

2. Understand the payment plan

Compare your financial abilities to the offered payment plan. Consider the down payment amount, installment structure, and frequency of payment. Also, preempt the potential consequences of late/missed payments.

3. Consult with real estate experts

Use the services of a real estate expert to know the market trends, pricing modules, investment potential, and any other valuable insight.

This will guide your decision-making process.

4. Evaluate location and growth potential

Look for areas that offer good infrastructure, proximity to key amenities, major roads, and any new upcoming development.

Any property in an area with strong economic growth and active government initiatives is a clear indication of property value appreciation in the future.

5. Review contracts and legal aspects

Before committing your finances to an off-plan property, seek legal advice to ensure the contracts are fair, transparent, and protect your rights as an investor.

Some of the key clauses to check are; delivery dates, penalty provisions, and dispute resolution mechanisms.

Conclusion

Whereas investing in an off-plan property in Dubai offers a unique opportunity, informed investment decisions are mandatory due to the  high amount of money to be invested.

By conducting thorough research, seeking expert advice, and evaluating your financial position, you can align your investment strategy for a successful, rewarding venture.

Also remember that off-plan properties in Dubai offer potential for price appreciation, flexible payment options, and access to modern facilities and amenities.

The post Why Should You Buy Off-plan Properties in Dubai? appeared first on Dubai Real Estate Blog.

The breathtaking desert-themed development, divided into Arabian Ranches 1 and Arabian Ranches 2, has well-established sub-communities such as Al Mahra, Al Reem, Aseel, Camelia, Reem Community, Samara, and more. The exclusive gated community has an 18-hole championship golf course, two large lakes, 15 full-size tennis courts, 19 half-size basketball courts, and two international-sized polo fields.

It is located on Sheikh Mohammed bin Zayed Road and has easy access to major highways for quick access to anywhere in Dubai. The peaceful residential area is only a 25-minute drive from Dubai International Airport and is close to Global Village, the Dubai Polo & Equestrian Club, the Burj Khalifa, and Downtown Dubai.

Things to Consider While Purchasing Off Plan Properties in Arabian Ranches

Here is the complete process of buying an Off Plan Property in Arabian Ranches Dubai.

1. Locate a property that meets your requirements in terms of size, price, budget, and location. Current sellers are asking for their original asking price or less. Do not be duped into purchasing an overpriced property. The property is still under construction, and no profit is being realized at this time. Single row properties are more expensive than back to back units. Plot sizes for single row properties are typically larger.

2. Inquire about the seller’s payments made toward Emaar’s payment plan. It is critical to understand the seller’s payment status because some sellers are falling behind on payments to the developer and accruing late payment fees.

3. Determine the cash required to purchase the property.

4. An MOU is signed once the price has been agreed upon by the seller and buyer.

5. The buyer and seller visit Emaar’s finance department (Emaar Square building 2). Any pending instalments and late payment fees are paid by the buyer on behalf of the seller (if applicable, and if seller and buyer agree to do that)

6. Once all pending payments have been made, the property is cleared, and the seller applies for NOC online through his Emaar account. Emaar charges 5,000 dhs for a NOC for off-plan properties, seller and buyer must agree who pays this amount.

7. The NOC will be generated within 24 hours and sent to the seller and buyer via email. After receiving the NOC, the buyer and seller can print a copy and proceed to the registration trustee office (DLD representative office authorized for property sale transactions) to complete the property transfer process to the new owner’s name.

Things to Consider While Buying Property Directly from Emaar

1. Emaar Properties requires 40 percent of the original property value to be paid to the developer when purchasing property.
2. 2. Any late payment penalties must be paid in full before Emaar will approve the sale of their property.
3. 3. Each community has a standard payment plan for which the client can inquire about the amount that the original property owner should have paid to date. For example, property owners in the Lila and Rasha communities should have paid 90 percent of the property value to date. Property owners in the Samara community should have paid 80% of the property value by now. The list goes on and on.
4. Certain banks offer off-plan financing, subject to special terms and conditions. The majority of current transactions in Arabian Ranches 2 are, however, in cash.

Conclusion: With key features and amenities such as green spaces, play areas, cycleways, bus routes, community pools, walkways, smart fuel station, and lakes, as well as dog-friendly walking options, the gated community allows residents to live an active lifestyle. They also have access to retail and dining options

The post How to Buy an Off Plan Property in Arabian Ranches appeared first on Dubai Real Estate Blog.

Purchasing off plan property is one of the most difficult decisions you will ever make. When you put your life savings on the line, you want to be sure you’ve made the right choice. Given Dubai’s ever-increasing real estate supply, many prospective home buyers are frequently left perplexed and frustrated. Here are some guidelines to help you weigh and narrow down your options.

Pick the Right Developer

When it comes to selecting off plan properties, it is critical to look at a developer’s history of deliveries, quality, and services. Select your developer wisely. While some developers have a stellar reputation for their communities and quality, others provide more spacious units at a better value.

Choose the Most Suitable Community

If you go golfing every weekend, it may make sense to spend a little more money to live in a golf course community, where you can benefit from being close to that amenity and most likely enjoy offers and discounts on your hobby. Living Legends, Akoya, and Jumeirah Golf Estates are all excellent choices. If you want to instil in your family the importance of social, economic, and environmental sustainability as a way of life, Sustainable City is an excellent choice.

Property Age

The more maintenance a home requires, the older it is. More upkeep means more expenses. If you are purchasing an off plan property, whether new or old, make sure to hire a qualified property inspection service. Do-it-yourself solutions or having your real estate agent check to see if the faucets are leaking or the paint is uneven can cost you thousands of dollars in the long run. Spend money on a certified property inspector and you’ll save money in the long run.

Location in Dubailand

Nobody likes long commutes or being stuck in traffic for hours on end. Choose a neighbourhood that is convenient for you and your family. Do your research about:

• How long would it take to travel to and from work?
• How congested are the routes?
• Where do your children attend school? Do the school buses go to your new house?
• How simple and quick is it to get to nearby major roads and highways?

Transportation

Knowing the RTA’s planned road map can give you an idea of the area’s future development and alleviate your concerns about traffic congestion. Research about:

• How many current and future access points to this community are there?
• What does the RTA have in store for the future?
• Are there any major highways on the horizon?

Property Price

Sticking to your budget is important, but it’s also important to understand the benefits of slightly stretching your budget. Work within a range to determine whether the extra 100,000 dirhams you’ll pay in mortgage payments over the next 20 years is worth it in the long run for a slew of extra benefits.

Fees and Charges

Remember that buying a home entails more than just the purchase price, so be prepared and plan your budget accordingly.

Typical extra costs include:

• Dubai Land Department Charges of 4%
• Brokerage Fee of 2% Miscellaneous Fees such as Developer NOC, Bank Evaluations, and Conveyance Fees
• Charges for Annual Community or Service

The charges from the builder may vary depending on the community and are usually based on the property’s built-up area or plot size.

Future Value of Investment When it comes to buying a house, we tend to make an emotional decision rather than a strategic one. Even if you don’t intend to sell, always buy to sell. Consider that extenuating circumstances can occur at any time and take precautions to reduce your risks.

The post Things to Consider When Buying Off Plan Properties in Dubailand appeared first on Dubai Real Estate Blog.

Dubai Water Canal is among the landmarks of the city. It is a man-made water canal opened on November 9, 2016. The ambitious project was first unveiled on October 2, 2013. The canal sidewalk includes one shopping center, four hotels, 450 restaurants, luxury housing, walkways, and cycle paths. It is a 3-kilometer/1.8-mile project that extends from Business Bay to the Persian Gulf via Safa Park and Jumeirah. The width varies between 80 meters (262 feet) and 120 meters (393 feet). It is 6 meters/20 feet deep and is crossed by bridges that are 8 meters/26 feet high. It creates new public spaces and facilities totaling 80,000 square meters/86-square feet, as well as private marinas for boats and a trade center at the canal’s entrance.

The canal is crossed by three pedestrian/bicycle bridges, including the Dubai Water Canal Bridge, also known as the Twisted Bridge and the Bridge of Tolerance, which was named on November 15, 2017 by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Here we will tell you about the nearby attractions to this amazing spectacle.

La Perle

La Perle, a visual masterpiece by renowned director Franco Dragone, raises the bar in the realm of theatrics. This production dazzles audiences night after night with spectacular costumes, high-tech projections, incredible gymnastics, superb stunts, and a plot inspired by Dubai’s vibrancy. Everything happens on a custom-built ‘aqua stage,’ which floods with water and drains in seconds, setting the stage for daring water-themed feats like heart-stopping falls from heights of up to 25 meters.

Safa Park

Safa Park is a popular local hangout and one of the city’s best green spaces. A jogging track, separate football and basketball fields, and plenty of play areas for children will not disappoint. Come early to make the most of the sun. We recommend bringing your own picnic basket or using one of the public BBQ grilling stations to light up your midday meals. Take the kids on a ride on the park’s train after they’ve had their fill of the monkey bars and swings.

Tolerance Bridge

Since it opened in 2016, the Dubai Water Canal has literally changed the city. The 3.2-kilometer-long rivers have effectively turned parts of it into islands. Three elegant pedestrian bridges span the Canal, allowing tourists to pass through at strategic points while taking in the breathtaking views. The iconic arc-shaped bridge was renamed the Tolerance Bridge in 2017 to commemorate the 22nd International Day of Tolerance.

Al Habtoor City

Al Habtoor City is a thriving hub that includes three five-star hotels, a dining destination, and the La Perle by Dragon theater. Restaurants here serve the best in foreign flavors, from zingy Mexican specialties at Zoco to South African steaks at The City Grill and Parisian pastries at BQ – French Kitchen. Following that, the V Lounge on the V Hotel’s 30th floor is a popular stop, with a lively tempo and sky-high city vistas that never fail to impress.

Marasi Marina To truly grasp the enormity of the Dubai Canal, a cruise through it is recommended. Exclusive Yachts is an excellent option, with luxury cruises departing on a regular basis from the Marasi Marina in Business Bay. You’ll also pass under the Sheik Zayed Road Bridge, where the iconic colorful waterfall gushes overhead – don’t worry, you won’t get splashed because sensors turn off the waterworks as soon as a boat is detected nearby. Riding the Dubai Ferry, an official mode of public transportation that connects key shorelines throughout the city, is an excellent way to see more maritime wonders while on vacation

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Downtown Dubai is the heart of Dubai, and it is always changing. The neighborhood is a hive of activity, with several landmarks and world-famous attractions such as the Burj Khalifa, the Dubai Mall, and the Dancing Fountains. It is always attracting travelers, and there are always fresh things to do. The region is most recognized for its high-end lifestyle. It used to be a vertical neighborhood, but the real estate market has expanded to include numerous villas and off plan properties as well.

Off Plan Properties in the Downtown are also well connected to the city’s other major commercial and residential regions. It is a rather dynamic and bustling neighbourhood, strategically placed along Sheikh Zayed Road, E11, across Al Wasl and adjoining Business Bay. For non-drivers and frequent travellers, Downtown is one of Dubai’s best districts. Downtown Dubai is a popular destination due to its numerous amenities, which include expensive hotels, fashionable leisure spots, and enormous shopping malls.

Major Attractions

The World famous attractions of Downtown Dubai include:

• Burj Khalifa
• Dancing Fountains
• Dubai Mall
• New Year Fireworks
• Luxurious Amenities
• Family friendly off plan properties

Overview

Downtown Dubai, developed by Emaar Properties, is a seamlessly connected multi-purpose neighborhood that attracts people from all over the world. In terms of property kinds, there are high-end luxury flats, making Downtown one of the best places to rent apartments in Dubai. Elegant penthouses and podium villas are also available in the luxury residential skyscrapers.

Off Plan Properties in Downtown Dubai

The neighborhood has become a sought-after residential address. Depending on the building, the flats in Downtown Dubai come in a variety of designs and arrangements. There are studios to four-bedroom condos available. However, investors and future renters will have the option of renting 5-bedroom flats in off plan properties. Each tower’s architectural style differs, as it does with all large developments. Downtown Dubai has it all, from low-rise Middle Eastern souq-inspired apartment towers in Old Town to more contemporary skyscrapers.

Community

The community has established a standard for modern vertical communities. The Residences, Boulevard Point, and other complexes have a large number of villas centered on the podium floors. Opera Grand is also an off plan project with a limited number of townhomes available.

Hotels in Downtown Dubai

Downtown Dubai is the hub of luxury hotels in the city. Some of the most sought after hotels in the heart of the city are:

• Armani Hotel Dubai
• Palace Downtown
• The Address Boulevard
• Manzil Downtown Hotel
• Vida Downtown Hotel

Public Transportation

Among Dubai Metro customers, the Dubai Mall/Burj Khalifa Metro Station is a popular choice. The Emirates Towers Metro Station is also a short walk away. Moreover, Bus stops on the F13 route are available to people reliant on public transit in Downtown Dubai, in addition to the numerous registered taxis that service the area.

Supermarkets in Downtown Dubai

Apart from the large Waitrose hypermarket in the Dubai Mall, there are numerous other supermarkets in Downtown Dubai, including Spinneys and Al Maya, as well as smaller foods and corner stores in buildings further out from the mall, which frequently provide home delivery services.

Clinics and Hospitals in Downtown Dubai

Mediclinic has a location at Dubai Mall. The Emirates Hospital is located in Business Bay, which is close by. Pharmacies are also conveniently accessible because they are located at strategic locations across the town.

Verdict Downtown Dubai off-plan properties draw residents who are new to the area as well as those who have lived there for decades. People from all around the world visit the lively sector because of its celebrity and global appeal.

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Here’s everything else you need to know about the Heart of Europe project.

Sweden Island

Sweden Island will have palaces outfitted by Bentley Homes with glass roofs and individual snow rooms, inspired by Swedish Viking Vessels. The $27 million beach palace was one of the first houses on the island to sell out. It will contain ten four-story palaces, seven-bedroom waterfront houses, a gym, sauna, and snow room on each ground floor, and a glass-roofed party area on the rooftop.

Germany Islands

The horseshoe-shaped Germany Island, with its own bar, verdant gardens, white sand beaches, and twisted palm palms, will face an azure-blue lagoon. It will have 15 beachfront villas and 17 lagoon villas, each with four or five bedrooms and designed in a Bauhaus style.

Switzerland Island

Villas with water views, access to beaches, a seawater lagoon, and private swimming pools are available on Switzerland Island. The villa chalets are made of wood, stone, and glass. A vast blue water lagoon in the island’s middle will be reminiscent of Switzerland’s large lakes. Beachfront and lagoon villas with master bedrooms, swimming pools, and viewing terraces are available.

Europe Island (Côte D’Azur Resort)

The Côte D’Azur Resort is made up of four boutique hotels named after the famous and beautiful cities of Monaco, Nice, Cannes, and St. Tropez in the south of France. Suites and penthouses with huge balconies giving breathtaking sea views will be available at the four boutique hotels.

Monaco

Monaco will offer upmarket contemporary French fine cuisine, high-end retail boutiques, and a big white sand beach. There will also be lagoon pools and a copy of Monaco’s famous marina.

Portofino Hotel

The Portofino Hotel will be situated on the Main Europe Island. It is going to be a family hotel that will feature Italian-style suites with kids rooms, a kids club operated by a leading kids club operator, restaurants and cafes serving Italian cuisine and organic food, and will be designed to look and feel like the Italian city of Portofino, with colorful terracotta buildings. A spectacular hanging garden with 31,000 plants will adorn the exterior.

The resort has five swimming pools and even a snow-play area where kids can make snowmen. For added entertainment, incorporate synchronized swimming exhibitions. All guests will arrive by boat at the island’s own fully-serviced private Paraggi Bay marina. Employees at the front desk will speak Italian, and the hotel will take Euros as payment.

Venice

This will be the world’s first underwater resort, with eating and accommodations below the surface, inspired by the floating metropolis. Restaurants, bars, and shops will all be submerged, with views of the coral reefs and gondolas passing by above. Masked carnivals and opera concerts will be among the entertainment options.

Honeymoon Island

The heart-shaped Maldivian-inspired island will be a couples’ getaway surrounded by Seahorse Floating Villas with prices ranging from $5 million to $10 million each. The island’s Empress Elizabeth Hotel, the first dedicated seven-star wedding hotel on the island, is located next to the island and offers couples the opportunity to celebrate their union while viewing white sand beaches and crystal clear oceans.

Floating Villas

The Floating Seahorse Villas, which are connected to Honeymoon Island by jetties, were created for investors and second-home owners. Each of the three levels will be approximately 4,000 square feet and will include state-of-the-art technology and outdoor climate-controlled zones. The underwater level will be the main attraction, with unparalleled views of the coral reefs.

Environment Impact

The Heart of Europe will be in charge of the growth of over 100,000 coral reefs and will include 100-year-old Spanish olive trees from Andalusia, Spain. There will also be the world’s first climate-controlled wet street and snow plaza on the islands. The complex will also have pesticide-free and fungicide-free landscaping, as well as reclaimed water in all green areas. The island will be car-free, run on renewable energy, and provide guests with sustainable water transportation.

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The answer is, Yes, foreign nationals, including expats and non-resident investors, are allowed to own property in Dubai. Since its opening to foreigners in 2002, Dubai’s residential market has attracted a large number of expat and international purchasers. Foreigners can buy property in leasehold zones, which are often around the city centre, or freehold areas, which are scattered throughout the emirate. With an abundance of flats, villas, and townhouses currently on the market, the number of units available to foreigners has expanded dramatically over time.

The Dubai Government approved regulations in 2002 permitting foreigners to acquire freehold property in Dubai, which proved to be a watershed moment in the city’s and country’s real estate markets. Dubai has positioned itself as a global investment hub since then. There has been sustained demand from foreigners interested in buying property in Dubai, including residing expats and non-residents, due to the broad choice of homes, healthy ROI, and controlled market. These freehold districts are among the most sought-after neighbourhoods in the emirate, with a wide range of property types to choose from for investors.

Terms of Buying Property in Dubai for Foreigners

There are four basic terms, either you’re buying a freehold development, an apartment, villa, shop, or any kind of property in Dubai.

Buyer and Seller Agreement

When you find your desired property in Dubai you’re looking for, the first thing to consider is negotiate the terms with the seller. There has to be no ambiguities between the buyer and the seller over price, mode of payment, and any other significant consideration.

Sale Agreement

The sale agreement, also known as a Memorandum of Understanding (MOU), is the second formal stage in purchasing villa, house, apartment, shop, freehold and other properties. It is also called F-form. When the contract is ready, both the buyer and the seller must sign it at the Registration Trustee office in front of a witness (typically the agent).

Apply for NOC After confirming that there are no outstanding charges or service costs on the property, the developer will provide the NOC for a fee. This process necessitates the buyer and seller, as well as their agent, visiting the developer’s office

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Most residents of Dubai continue their usual, regular life during the month of Ramadan as much as possible, and all the 300 schools in Dubai are currently open in this time of the year so not many of the families are now travelling. Over the last six years, Ramadan in Dubai has coincided with the summer months when it is assumed that most people will travel, especially to the hill stations, which has not really happened because of the school’s schedule.

Such family travels occur when Ramadan coincides with the school vacations. Some people also tend to change schools after a session, which is also a high time when properties are sold off and bought in a new location. Dubai property developers also try to grab the opportunity by offering discounts and deals during this time of year.

Biggest name in Dubai’s property market, Emaar Properties announces some new offers for the month of Ramadan, which sometimes includes a 100% waiver of the Dubai Land Department fees and a 3 year waiver on the service charges of the property. There is also a 25/75 down payment offer in which buyers only have to pay around 25% of the original before they move in, and the remaining 75% can be paid over a period of 3 years. You can look out for these offers from certain developers in the month of Ramadan.

Some buyers in the secondary market sometimes misinterpret Ramadan as a time to get a discounted deal and can hold themselves from buying until the Holy month arrives. This has also become a common practice over the last 5 or 6 years. Discounted summer sales are no longer so confirmed because fewer people are now leaving the city. So it has become a kind of misconception that developers will reduce prices over the hot summer months and buyers shall plan accordingly.

However, there are some things that should be kept in mind that works in favor of both buyers and sellers during this time of the year. Summer months and vacations definitely give the potential buyers more time to have a look at properties up for sale. The maximum home search appointments are fixed during this time of year. The reduction of work hours also works in the favor of potential home buyers.

Leading developers in Dubai have seen a rise of buyer and tenant registration during Ramadan and they mention the reason for it that people have more time to look for their new homes due to shorter work hours. With less pressure on work and more relaxed timings, the buyers are less stressful and more open when they look for homes, and can focus better on their future plans too. The maximum searches for property takes place between Sunday to Wednesday in Ramadan. Most of the on site physical home viewings are done during the evenings as the day is spent on fasting. Brokers also work late in the evening to ensure better focus to snap the deal. However, the market does not slow down and the business keeps running. The sale and purchase of properties remain average. That’s how Ramadan affects the property market in Dubai.

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Omniyat officially said after closing the deal, that the sale followed by its record of selling Dubai’s most expensive penthouse. The company sold another penthouse in the same One Palm project for $27.8m (or AED102m) in 2017. It still remains the most expensive penthouse ever sold in Dubai.

One Palm is ideally located on the trunk of the iconic Jumeirah Palm islands. One Palm is an AED 2 billion luxurious development. It comprises 25 storeys and has a total number of 94 apartments. It is designed by the renowned architect, Soma from New York. The entire project boasts a sleek and modern design on the outside. The interior of One Palm is designed by the famous Super Potato from Japan. The landscaping of the project has been handed over to Vladimir Djurovic from Lebanon. The apartments will allow the residents to soak in beautiful views of Dubai’s pristine beaches, the iconic Burj Al Arab and Instagram worthy Dubai skyline.

The development offers a variety of apartments including, Essence, Escape, Century and the ONE Penthouse. The ONE Penthouse is one of its kind luxurious penthouse that features 7 bedrooms. The property has its own staircases, lifts, an infinity pool, maids’ quarter, safe room, bathrooms with spa. Moreover, it features landscaped terraces, jacuzzi, private arrival with welcome greetings, the apartments boasts double height roof, office space, study area, library and a kids play area.

The apartments speak of the highest standard in each and every aspect with being fully fitted by the likes of Boffi, Poggenpohl, Bulthaup etc. The apartments will feature kitchen appliances from Gaggenau or Sub Zero and sinks from Franke. The lavatories will be fully finished with stone walls + stone flooring and will come equipped with sanitaryware from Toto or Antonio Loppi.

The amenities at the development includes a jetty and marina berth, concierge, chauffeur, housekeeping, gardening, round the clock security, welcome greet and butler services that ensures you live in ample luxury all the time. Additional storage space is available at the development for storing maritime equipment. Moreover, there is a sea lift that allows the residents direct access to the sea.

One Palm’s penthouses span over 1,858m2 and feature landscaped rooftop terraces with swimming pools of various shapes and sizes designed by Vladimir Djurovic. One Palm is known for its white-glove service in addition to its luxurious lodgings. Each home is allotted three to six large parking places, as well as visitor parking.

Executive chairman and chief executive officer of Omniyat, Mahdi Amjad said while commenting on the One Palm development:

“Considering the modern lifestyle and high standards of living that the emirate offers, Dubai continues to cement itself as the most sought-after residential location of choice, with multi-millionaires shifting their home base to the country.” High demand for Dubai’s prime property has heightened the sense of urgency in the market, especially at the One Palm. After the clouds of Coronavirus are diminishing and amid the successful run of Dubai Expo, the interest of people is back and property demand is on the rise. Experts suggest that the Dubai Property market, including luxury properties, will attract a huge number of eyeballs in 2022.

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