If you are looking at the UAE real estate market, you may get the impression that people with great opportunities buy housing here, especially since the development projects put up for sale exceed the cost of €100,000. When foreigners knew about such cheap options, they started to dream of buying a property in the UAE.
Dubai real estate market agents confirm this trend, as more and more often they receive this type of request from potential buyers. It is worth noting that for an amount of up to €100,000 it is quite possible to buy real estate in this emirate. At the same time, there is a chance to find quite a good property not only for a personal residence, but also for investing. Moreover, it is the most favourable time for real estate investment in Dubai.
The global crisis, the fall in oil prices and the uncontrolled launch of various construction projects, which led to an oversupply in the real estate market, has led to a decrease in housing prices in Dubai by an average of 40%. During the pandemic, the local market has shown that it has reached its bottom and it is waiting for the moment for a positive correction, taking into account the strict control over the launch of new development projects by the state and Expo-2021.
Options of Housing for €100,000
You can buy high-quality real estate both on the primary market and on the secondary market within €100,000 euros. It will be about the apartment, since the cost of the simplest townhouses and villas will start from €150,000. It is quite possible to buy apartments in residential projects, which are located in areas that are only a 10 to 15-minute drive from the iconic places of Dubai with convenient transport interchanges and good potential for the development of these locations.
For €100,000 you can buy a good spacious studio in a decent residential development project, which will be able to bring the investor 7% per annum in foreign currency (it is very important during the unstable ruble exchange rate), whereas in the pre-crisis period this income was 10%.
By the way, owners in Dubai do not need to pay tax on income from real estate that is rented out. You need to understand that such apartments are sold out very quickly, especially with a good view and convenient location. Therefore, it makes sense to contact a real estate agent as quickly as possible with such a request, so that there is more time to find the ideal option. There are options cheaper than €100,000. You can even find small furnished studios in Dubai for €60,000 euros. Good proposals usually exceed the threshold of €80,000 if the buyer is looking for not just tolerable housing, but also an option that can be rented out.
Possible Disadvantages of This Real Estate
Being in search of real estate in Dubai worth up to €100,000, it is important to understand some of the features of the local housing market. The key pitfall is the right choice of the developer in the primary market. You should check its reliability, be sure to find out the cost-of-service payments and evaluate the real stage of construction. Experts of the UAE real estate market advise to buy a property in only ready-made development projects or at the very last construction stage.
As for the secondary market, it is necessary to assess the location of the property, rental income, the location and condition of the apartment, the management company, the cost-of-service payments, as well as check whether the property is secured depend on it.
Assistance in Buying Real Estate in the UAE
Are you interested in property in the UAE? Look for an apartment just for €100,000 on the Emirates.Estate website. Here you will find only the best proposals from famous developers of the UAE. For more information about buying real estate in Dubai, please contact the company’s agent.