Apartment in Dubai with a residency permit
Apartments for sale in Dubai, UAE, are the perfect real estate type for a seasonal holiday, permanent living or adding variety to an investment portfolio. The city can offer you various properties from world-famous developers with a stable reputation.
Elite apartments and flats for sale in Dubai in high-rise complexes designed in collaboration with prestigious hotel brands, fashion houses and automotive concerns enjoy special attention from foreign buyers. An investment apartment in Dubai stands out for its unique interior and exterior design and exclusive amenities, which include:
- pools for adults and children;
- gyms;
- outdoor sports areas;
- playgrounds;
- BBQ areas;
- recreational spaces with free Wi-Fi;
- yoga studios;
- massage rooms;
- SPA;
- saunas;
- parking lots;
- 24/7 security;
- concierge service.
Buyers interested in a comfortable place to live and relax or in making a high profit prefer to buy a flat in Dubai in the following districts:
- Downtown Dubai. A multifunctional area with modern infrastructure and an established transport system is located in the city centre. Here you can find the world’s most popular attractions, first-class leisure and recreation facilities, a wide selection of studios, flats for sale in Dubai and penthouses of premium and elite class.
- Business Bay. The district stretches along a water channel. There are numerous international organizations here, so flats in Dubai are in high demand among young professionals. A variety of restaurants, bars and nightclubs ensure a vibrant nightlife.
- Dubai Marina. The area is known for its skyscrapers, hotels, fine restaurants, entertainment venues and shopping streets. Its advanced infrastructure consists of schools, kindergartens, hospitals, bus stops, metro stations and other important social facilities. Therefore, an apartment for sale in Dubai is in great demand among wealthy families with children.
Residence permit in UAE by buying an apartment in Dubai
Foreigners can obtain a residence permit through investments in flats or villas in the UAE. The lowest apartment prices in Dubai under the visa programme should be AED 750,000 ($205,000). In this case, foreign investors can issue a 2-year resident visa. To get a 10-year permit, you need to invest at least AED 2 million ($545,000) in real estate.
The main applicant can issue a residence permit for themselves and their spouses, unmarried daughters of any age and unmarried sons under the age of 25. The document is allowed to be extended an unlimited number of times as long as the investor owns their property in the UAE.
Investment apartment in Dubai
Many foreigners prefer to choose apartments in Dubai for investment, as the local real estate market keeps setting new records. Over 75,000 transactions were concluded in the city in Q1 2024, which is 30.4% more than in Q1 2023. These figures indicate that the demand for housing is going up rapidly. The market recorded the highest average cost of apartments in Dubai per square metre in Q2 in the last 10 years — AED 16,318 ($4,443).
Experts predict that prices for residential real estate, including apartments, will continue to increase in the coming years. This guarantees investors a long-term capital gain. Investments in off-plan properties offer a faster payback, as they become more expensive by an average of 20-30% when they are put into operation.
Moreover, the rapid development of the city as a destination for tourism and immigration provides owners with high and stable rental income. The rental price per square metre reached AED 990 ($270) by the end of last year, and the rate is expected to continue to rise.
The average profitability of rental housing in the city ranges from 5-9% per annum. As a rule, an apartment in Dubai with a residency permit can bring more profit than townhouses and villas, as a significant part of tenants and buyers belong to the middle class.
FAQ
A foreigner can buy an apartment in Dubai and get a residence permit if it is located in the freehold zone. Overseas homeowners have the right to own real estate indefinitely in these areas and dispose of it at their discretion. For example, they can resell their properties, rent them out, inherit them and make some changes.
Foreigners are allowed to operate their properties for a limited period outside these special zones. There are 3 types of long-term rentals in the emirate:
- leasehold — a lease for up to 99 years, which allows you to modify your home;
- usufruct — a lease for up to 99 years prohibiting changing properties;
- musataha — a lease for up to 50 years with the option to extend it, which allows you to make some changes in your property.