Looking forward to purchase apartments to buy Dubai? Well, this city has been a prime market for real estate investors. You have all kinds of properties available for sale, which makes the customization process easy. Moreover, the legal norms in Dubai allow foreigners to purchase residential apartments and homes in the city. No wonder, a significant number of investors are looking forward to purchase these assets.
Considering the future returns, a significant number of investors are acquiring properties in Dubai. These properties come in different categories like apartments, villas, single-family homes, and condominiums. So, if you decide to acquire a property in Dubai, it makes sense to explore all these options. The professionals at Everhomes can help you land upon the right decision while purchasing your property.
What types of property can you purchase in Dubai?
In Dubai, investors will come across three main categories of residential properties to choose from. Each of them shows a unique housing style in the city. However, a potential investor needs to evaluate the investment avenues thoroughly before making the purchase.
Check out the different types of residential properties in Dubai that you can purchase from.
- Freehold residential properties
Foreigners can now easily buy freehold properties in Dubai. The process has turned out to be amazingly easy. Particularly, foreigners interested in investing in the city should go for freehold properties. Even one can get such a home for residing personally, or with families. People living in Dubai can access such properties through sales, renting, or inheritance.
Besides, underdeveloped land parcels are available for leasehold properties. Compared to apartments, the owners enjoy a greater degree of liberty when it comes to developing a property by customizing it. In these cases, the investors enjoy the right of ownership completely. So, you can virtually use the residential home for any purpose. Besides, the amount of paperwork involved in the process is relatively lower. You won’t need much consent from the authorities before modifying these properties.
- Commonhold residential properties
Commonhold properties form another broad category of residential real estate that you can purchase in Dubai. Such properties often include non-residential buildings, apartments, and primary condominiums. When you settle for one of these properties, you enjoy the right of renting, selling, or buying the asset for inheritance. In this regard, commonhold and freehold properties in Dubai have some elements in common.
However, there is also a similarity between apartments and commonhold properties. Therefore, you need to pay a fee when it comes to maintaining the property. Besides, a fee is also associated with using the common spaces within the complex. Normally, established property or real estate developers own these buildings.
- Usufruct residential properties
In Dubai, usufruct residential properties are quite popular. Particularly, if you are looking for long-term investment, these properties might suit your portfolio. However, when you go for one of these properties, you won’t enjoy the right to make any sort of changes or amendments. However, you can get them on lease, which can last up to 100 years.
Purchasing a property for residential use in Dubai
When you check out the new apartments to buy Dubai for residential purposes, the number of viable choices is relatively high. Over the years, Dubai has established itself as a strong business hub. Moreover, expats from all over the world prefer purchasing these splendid apartments in Dubai. Properties based in Dubai were expensive, and only the blue-collar professionals managed to afford such homes earlier.
However, the market conditions have changed in recent years. A larger segment of people is now able to purchase personal properties in the city. Besides, the government has come up with some restrictions on personal property purchases. This has made it challenging for the owners to rent out these properties. However, owning a new property has become relatively easy in Dubai for residents. This is why foreigners are willing to purchase such properties for themselves.
While purchasing a new property in Dubai, it would be necessary to prioritize its location. Consider whether it is located close enough to supermarkets, schools, restaurants, hospitals, banks, and other prominent places. This would help you thrive in a progressive city like Dubai with all the privileges of a city life.