Off Plan Condos for Sale in Dubai

Investing in a Dubai condo is a great choice for foreign homebuyers. Dubai is known for its high-end luxury lifestyle, offering a variety of beautiful beachfront villas, apartments, and other properties. In addition to its glamorous living standards, there are several other benefits of buying a condo in Dubai. 

One of the major benefits is the high rental yields in Dubai, which are much higher than other global destinations. Areas like Downtown Dubai, Dubai Marina, and Jumeirah Village Circle (JVC) offer annual rental yields of 7-8%. Potential of high rental yield is an ideal investment option for homebuyers and investors looking to generate passive income. 

Second great benefit is the tax-free environment in Dubai. Investment in Dubai condo attracts no annual property tax, income tax, capital gains tax, rental revenue tax, or value added tax compared to London and New York where you have to pay an annual tax of 2%. This makes it a great option for those wanting to make a larger investment without worrying about additional taxes. 

Overall UAE is known as a politically stable country with a strong economy, making it an ideal destination for real estate investments. In addition to its political stability Dubai has a low crime rate, making it a safe place to live and raise children. 

Finally, Dubai offers high-class infrastructure, with urban planning and major projects that make it one of the most attractive cities in the world. This provides many opportunities for investors and business owners, making it a great place to start a business or invest in real estate. Homebuyers investing in a condo in Dubai is a great option for foreign homebuyers looking for a luxurious lifestyle, high rental yields, and tax-free environment. The UAE's strong economy and political stability, as well as its low crime rate and world-class infrastructure, make it an ideal destination for real estate investments.

Dubai condos come in a variety of sizes and prices ranging from studios to four-bedroom condo for sales. 

- The average price for a studio condo in Dubai is AED 545,000 (USD 149,000). 

- Prices for one-bedroom condos range from AED 600,000 (USD 163,000) to AED 1,950,000 (USD 531,000) 

- Prices for two-bedroom condos range from AED 950,000 (USD 259,000) to AED 4,000,000 (USD 1,090,000).

- Three-bedroom condos range from AED 1,200,000 (USD 326,000) to AED 7,000,000 (USD 1,908,000) and 

- Four-bedroom condos range from AED 1,600,000 (USD 435,000) to AED 9,000,000 (USD 2,455,000).

The average square foot price for condos in Dubai ranges from AED 1,200 (USD 326) to AED 4,000 (USD 1,090). The most expensive area to buy a condo is the Palm Jumeirah, with an average square foot price of AED 3,500 (USD 955). Other popular areas for buying condos in Dubai include Downtown Dubai, Dubai Marina, Jumeirah Village Circle, Business Bay, and Dubai Hills Estate.

Some of the best condos to buy in Dubai include The Residences at The Address The BLVD Downtown Dubai, Emirates Hills, Gardenia Villas, and Palm Jumeirah. These luxury residences offer stunning views of the city, world-class amenities, and luxurious living standards.

Dubai Marina is a prime spot for those looking to buy a condo in Dubai. Dubai Marina is known for its vibrant nightlife and stunning views of the Arabian Gulf. The area is home to some of the emirate's most popular leisure spots such as Dubai Marina Walk and The Dubai Marina Shopping Mall.  The area is also connected to the Dubai Metro making it an ideal spot for commuters and easy transport to other parts of Dubai. 

Downtown Dubai is a popular area to buy condos in Dubai. Downtown Dubai is home to the world’s tallest building, Burj Khalifa, as well as Dubai Mall and Dubai Fountain. The area is known for its luxurious lifestyle and is a popular spot for tourists and expats looking for a modern and vibrant lifestyle. 

Jumeirah Lake Towers (JLT) is a popular area to buy a condo in Dubai. This area is known for its lakeside setting, and is home to a variety of restaurants, cafes and shopping malls. Jumeirah Lake Tower is nestled between Palm Jumeirah and Dubai Marina making it a popular neighborhood for locals and expats alike to live and work here.

Lastly Business Bay is a popular area to buy a condo in Dubai. This area is known for its office towers, shopping malls and restaurants, and is also home to some of the city’s most luxurious residences. 

Mortgage and financing options for Dubai condos are available to foreign buyers, though the criteria for eligibility can vary depending on the lender. Generally, banks require applicants to have been in their current job for at least six months or a year depending on the area they are buying and the lender's rules. Self-employed borrowers need to have been running their business for at least two years. Having an existing relationship with the bank can also be beneficial. 

Mortgage rates vary significantly depending on the lender, property, and the borrower's financial circumstances. As of October 2019, rates start at 2.75% on a one-year fixed rate, 3.89% for three years, or 3.99% for five years. Expats taking out a residential loan will need a deposit of at least 25% if they are buying a property worth up to AED 5 million, while more expensive condos will require a deposit of at least 35%. 

When it comes to mortgage repayments, Dubai has a cap of 50% of monthly income which is generous compared to the caps of 30% or 35% used in some European countries. Mortgage applications in the UAE are usually processed in the space of a few weeks.