Properties for sale in Downtown Dubai

Property in Downtown Dubai with residence permit

Properties in Downtown Dubai, UAE are highly sought-after by investors looking to grow their wealth and establish a residence in the city.

Developed by Emaar, the city’s central district is home to some of the emirate's most iconic landmarks, including the Burj Khalifa, the Dubai Mall (the largest shopping centre in the world), the Dubai Fountain and the Dubai Opera. The area also boasts a variety of restaurants, bars and boutiques. Thanks to its numerous famous attractions, Downtown Dubai consistently attracts a steady stream of tourists. Its proximity to the Business Bay district and offices of global corporations further enhances its appeal to entrepreneurs and professionals from around the globe.

Property in the community is primarily represented by apartments and penthouses in high-rise towers. Property prices in Downtown Dubai are among the highest in the city. In the first half of 2024, the average cost per square metre in the UAE was AED 30,545 (USD 8,315). A small 40 square metre apartment in UAE can be purchased for AED 1 million (USD 272,500), while the price of the most luxurious properties can soar to AED 760 million (USD 207 million).

Key points to note:

1. Type of ownership: In freehold areas, such as Downtown Dubai, foreign investors can purchase properties with full ownership and no time limit;
2. Purchase process: A foreigner only needs a passport to buy real estate in the neighbourhood. The process is particularly straightforward when purchasing directly from the developer on the primary market;
3. Tax benefits: The Emirate does not impose capital gains tax or VAT on resale properties, making it an even more attractive option for investors.

Residence permit in UAE by buying property in Downtown Dubai

Foreigners can apply for a residence permit in the UAE through property investment. The value of the property must be at least AED 750,000 (USD 204,000) and the full amount must be paid from personal funds. This purchase will grant a residency visa for two years.

When purchasing an apartment or villa in UAE worth AED 2 million (USD 544,500), an investor can obtain a golden visa for five years, which provides a range of privileges. For instance, individuals with a two-year residency visa are required to stay in the UAE for at least six months each year and cannot be outside the country for more than six consecutive months. In contrast, those holding a golden visa are not subject to such residency requirements. Additionally, golden visa holders can sponsor their unmarried children, regardless of age, as well as an unlimited number of domestic employees.

Investment real estate in Downtown Dubai

The central neighbourhood, featuring luxury apartments, premium office spaces and top-tier entertainment, offers a prestigious location and proximity to the city's major attractions. Stable property price growth and high rental yields make it an appealing option for both short and long-term investments.

At the end of H1 2024, the average transaction price in the community increased by 9.51% and the average price per square metre rose by 2.61%. This reflects a stable trend: for example, at the end of 2023 the price of ready apartments had increased by 20%.

The cluster has many under-construction projects, making it a strong option for a resale strategy. You can purchase a property at the launch stage for the most favourable price and sell it once construction is completed. The investor's profit can reach 2030%, driven by the area's high development rate and the strong demand for ready housing.

Another viable option is to rent out the property. The area is popular with tourists and businesspeople seeking luxury accommodations. The average annual return on investment here is 6.25%.