A full guide to property in Dubai, the UAE in 2023

Buying property in Dubai in 2023 can become one of your best decisions of the year. The United Arab Emirates is one of the safest countries in the world with an extremely low crime rate. Among the undeniable advantages are a high standard of living, developed infrastructure, excellent performance in healthcare, education, banking and entertainment. And how not to mention a comfortable climate without sudden changes in temperature, frost, cold winds and snowfalls! Buying a home in Dubai, you buy yourself a life in an endless carefree summer! The current conditions in the real estate market have become even more favourable for the owners of luxury properties, as well as investors who are just planning to invest in this market segment.

Real estate availability

Dubai is characterized by an exceptional variety of real estate offers. Here you can find a suitable option even if you have the most demanding request. In addition, a developed infrastructure, a transport system thought out to the smallest detail and high-quality healthcare and education services stand out. It is not even necessary to say how rich the metropolis is in all kinds of entertainment, shopping centres, and luxurious restaurants. There is no need to build routes to a supermarket, kindergarten, gym or park – everything you need is already available inside the elite residential complexes.

Since 2006, not only local residents, but also immigrants and guests of the country can buy property in the UAE (and Dubai in particular). However, foreigners should keep the following in mind:

• Foreign citizens can only purchase real estate in certain areas called Freehold.
• Outside these zones, you can consider villas, apartments, and plots for construction in Leasehold areas. The nuance is that here you buy real estate on a long-term lease for 10-99 years.
• Speaking about Dubai specifically, a foreigner has a choice of 23 districts at once.

Additional perks of investing in real estate in Dubai

In 2023, the purchase of finished real estate worth $205,000 or more entitles foreigners to obtain a resident visa (similar to a residence permit) for a period of 6 months to 3 years. The higher the cost of housing, the more the visa period increases. The maximum mark is 10 years. However, experts call the easiest and fastest option to obtain a two-year residence permit.

What gives its holder a resident visa:

• the possibility of long-term stay in the territory of the Emirates;
• free entry and exit from the UAE;
• obtaining the status of a tax resident of the Emirates;
• the opportunity not to live in the country permanently, but to go on trips or business trips;
• opening a bank account, obtaining a loan;
• the right to work in local companies;
• studying at a state university;
• the opportunity to enrol your child in a local school;
• registration of medical insurance, obtaining health care services;
• driver’s license registration;
• applying for US and Schengen visas.

Note that free medicine and education in the UAE remain available only to citizens (passport holders) of the country.

Housing types and their prices in Dubai in 2023

The good news for buyers of Dubai real estate is that in 2023, prices for both rent and purchase of housing in the chic city have been falling. Consider which apartments and houses are available in the emirate today, how much their average cost is:

• Prices start at $200,000.
• One-room apartments up to 70 square meters. Prices start from $300,000 to $400,000.
• Two-room apartments 110-130 square meters. Prices start at $500,000.
• Three-room apartments. Prices start at $500,000.
• Four-room apartments (and more). Prices start at $800,000.
• Villas from 100 square meters. Prices start from $270,000 to $20,000,000.
• Prices start from $145,000 to $2,500,000.
• Land plot for construction from $1,000 to $2,000,000 square meters. The average price is $1,362,667.

Recall that in 2023, both a mortgage and an instalment plan may be available for foreigners in Dubai.

How to buy property in Dubai: step by step guide

To buy a real estate property in the emirate in 2023, you must refer to the following procedure:

1. Choose the real estate that suits your preferences and allocated budget. If you are a foreigner, then only freehold zones should be considered.
2. Get ready for the deal. This is not only a deposit, but also the conclusion of a Memorandum of Understanding (Contract F), issuance of a No Objection Certificate (NOC). If the housing is under construction, then we will talk about the conclusion of the Initial Contract of Sale.
3. Sign the sales contract (in Arabic and English). Notarization is optional. The document displays information such as the address of the real estate, its price, a description of the settlement procedure, as well as the conditions and terms for the transfer of housing. If this is a property under construction, then the contract additionally indicates the deadlines for completion of construction and the responsibility of the developer for violating the deadline for handing over the house.
4. Register your title with the Dubai Land Department (DLD). The agency will issue you a Title Deed to confirm that the property has been registered.

To purchase real estate in the emirate, you must be the owner of a foreign passport and visa, have an address of residence in the country. If it is not possible to attend the transaction in person, there is an option to issue a notarized power of attorney for your representative. It is much easier to do this in a notary’s office directly in the UAE. It should be noted that since May 2020, the purchase of housing in Dubai has become possible in a remote format through online services.

Real estate in Dubai

Emirates.Estate website provides a database of the real estate in various districts of the emirate. Try the search on the website – choose the budget you are ready to spend, the features you want to see in your future home, the preferable location and hit the search button! Go over to their website and start your exploration of the property market in Dubai today.