In Dubai, real estate properties have no standard price per square meter. Instead, there are two types of properties: investment properties and self-use apartments. Investment properties are the most popular buyer buy, and apartment prices in Dubai vary by location.
These properties are typically situated in well-established neighborhoods with good infrastructure, and they come with all the amenities needed for comfortable living. In this article, we'll explore the various fees involved in purchasing an apartment in Dubai and discuss apartment costs in different parts of the city.
Property Fees in Dubai:
Conveyance fees for buying an apartment in Dubai can differ, typically around seven percent of the purchase price. Depending on your chosen bank, these fees can be lower or higher, and some banks even offer loans that cover the DLD fee. Consult your mortgage adviser for all costs of purchasing an apartment in Dubai.
2. Natural Estate Agent Fees
Real estate agents usually charge around two percent of the property price plus VAT. While this can add up, hiring a real estate agent ensures you receive the best advice and avoid costly mistakes. They also help ensure legal transactions and save time. Licensed conveyancers handle the paperwork and contract organization, generally costing AED 6,000 to AED 10,000.
3. Mortgage Registration Fees
A mortgage registration fee is another cost associated with buying an apartment in Dubai, typically around 0.25% of the total apartment cost. The DLD then registers the mortgage on the property. This fee doesn't apply if the buyer is paying cash for the property.
4. Land Department Fees
There are legal obligations when buying an apartment in Dubai, so knowing the fees associated with Land Department services is crucial. The Land Department has created a standardized fee system for all real estate transactions. These fees are lower than those in most other jurisdictions.
Apartment Costs in Different Areas of Dubai:
1. Dubai Marina
Dubai Marina is a sought-after neighborhood offering urban waterfront living, various entertainment and dining options, and luxurious skyscrapers. Apartment prices here start from AED 500,000, with the maximum cost reaching AED 5 million.
2. Downtown Dubai
Downtown Dubai is the city's center and is constantly developing. It has numerous landmarks and attractions, such as Burj Khalifa, the Dubai Mall, and the Dancing Fountains. Apartments in this area start from AED 1 million, with the maximum price reaching AED 20 million.
3. Emaar Beachfront
EMAAR Beachfront is a private, gated island community on Dubai Harbour, between JBR and Palm Jumeirah, close to Dubai Marina. Apartments here start from AED 1 million, with the maximum price reaching AED 7.5 million.
4. Palm Jumeirah
Palm Jumeirah, the world's largest artificial island, is shaped like a palm tree and offers a selection of luxurious villas, townhouses, apartments, and hotels. Apartment prices in this area start from AED 1.5 million, with the maximum cost reaching AED 20 million
5. Dubai Creek Harbour
Dubai Creek has dramatically influenced the city's history and heritage. Apartment prices in this area start from AED 1.5 million, with the maximum cost reaching AED 5 million. However, prices may vary depending on the number of rooms and the floor level.
