Dubai is one of the fastest-growing metropolitan cities in the world. It has transformed into a global hub for international trading and tourism. The high standard of living, luxurious facilities, iconic attractions and tax-free nature of living attracts a large number of residents and tourists to the magnificent city. The property value appreciation and the booming economic growth makes Dubai a highly desirable place to invest in for the real estate market.
In the Dubai real estate market, there are many different options when it comes to purchasing a property. It is important to thoroughly analyse every aspect of the transaction before purchasing real estate; the first being the type of property. Although there are two key types: freehold and leasehold, serviced apartments and fully furnished residences are gaining popularity in the region.
Leasehold property includes those properties that can be leased for up to 99 years. Prior to these options, expatriates could only rent homes in the country. The boom of the UAE’s economy has consequently caused an influx of expatriates in the area, thus, increasing the need for freehold and leasehold properties.
The other aspect of consideration is the locality in which to purchase real estate. This is a multi-pronged decision as it is dependent on several factors. Buyers need to first consider the type of housing complex they wish to invest in. In Dubai, this can include an apartment, a duplex, a penthouse, a villa or a townhouse. After establishing their choice of housing, it is integral that the buyer opts for the neighbourhood that best matches their needs.
A good example of this is the Business Bay, the primary business district of Dubai; this area is ideal for young business professionals looking to further their career. Residents who desire a life of luxury would be more interested in the areas of Downtown Dubai, Jumeirah Beach Residences, Vida Residences, the Address Residences and more, which offer a perfect balance between tranquillity and activity. Communities such as Arabian Ranches, DAMAC Hills, Mudon and the Sustainable City cater towards larger families who are looking for a lifestyle away from the hustle and bustle of the city.
Other notable communities which offer a mix of lifestyles include Al Barsha Heights, Dubai Marina and Palm Jumeirah. The former offers sensational educational institutions and sporting complexes, whilst the latter two communities guarantee a vibrant and lively lifestyle due to the provision of fantastic recreational facilities.