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The Evolution of Dubai's Residential Landscape:
Life in Dubai never was the same before. Properties, buildings, lifestyle, everything was very different from today’s world. Even the property-buying process was very different. They all gradually started, and now life in Dubai is one of the luxurious lifestyles where people worldwide visit its landscapes, amusement parks, shopping malls, restaurants, and many other attractive destinations. From the last 2 to 3 decades, traditions, residential modernization, real estate landscape, etc., are all very different from today’s Dubai.
The following article will take you through some unique history to the new trends, the evolution of the country, and some real estate landscape modernization that will give you a glimpse of ancient Dubai vs the new Dubai.
Importance of Understanding Property Types:
Properties in Dubai are the main factor from the investment point of view. Renting, buying, and investing in the city’s real estate significantly affect the country’s development. There are a few other reasons to understand the importance of property types in Dubai, such as:
Investment in Various Properties: The city has many investments and businesses going on within the country from outside of the country because, in Dubai, you have various types of properties, including residential and commercial properties. So, for return on investment, each type of property has its risks.
Affordability of an Investor: The types of property understanding help an investor know where to invest and what kind of property he can afford. There is a wide range of properties, which allows the investor to choose wisely.
Preferred Living Style: due to the Dubai property market’s versatility, anyone with money can find his preferred residence. Either you want some spacious place within Dubai areas or a small apartment is the place you are looking for. All are available in Dubai residential areas, but you must understand them properly.
legality of the Dubai Residential Properties: the ownership of any property also depends on the type of property; some properties may be freehold properties within real estate properties, and some may have local regulations. Knowing the legal rules and regulations for the types of properties available in Dubai is better.
Buying or Renting Properties: when you better understand the types of property in Dubai, it will help you decide whether to own or go for the rental property. The versatility will lead you to multiple options.
real estate investments: Due to the various growth potential of property value, real estate investors understand which property will be suitable for buying for long-term investments
Historical Overview of Dubai’s Residential Properties:
Over the past few decades, Dubai’s residential property landscape has transformed beautifully due to the emirate’s urbanization and substantial economic growth. Old residential Dubai areas had Arabic architectural designs.
However, Dubai’s actual hit was in the 21st century, when the real estate market multiplied due to the construction of iconic landmarks and developments like Palm Jumeirah, Dubai Marina, Jumeirah Village Circle, etc. These developments projected high-rise residential apartments with various types of spacious villas with modern amenities.
Today’s Dubai has a wide range of gated communities, spacious penthouses, and luxury apartments. These are the upscale apartments. Nothing stopped here; the city’s real estate sector keeps growing and providing a more comfortable lifestyle to the city’s residents. More real estate options with luxury lifestyles will only increase the country’s economy.
Bedouin Tents to Skyscrapers: A Quick Journey:
Bedouin tents to the skyscrapers is an ancient and fascinating history of the transformation of Dubai into a modern civilization with breathtaking skyscrapers. The Bedouin tribe started in the center of the Arabian desert, where the Bedouin tents lived a simple and nomadic life.
As time passed, the Dubai government, considering the future development, started working on their economy. Bedouins started to discover oil and manufacturing infrastructure with the help of government-approved real estate developers. The people of Bedouin used to sleep in gravel in the desert.
Dubai now has the iconic Palm Jumeirah and Burj Khalifa, and all this construction started a few decades ago. The origin of Dubai was so simple, and now it has turned the Dubai area into a luxurious and modern property.
The Influence of Oil and Globalization:
Oil and wealth played an essential role in developing Dubai’s transformation. In the 1960s, they discovered oil, and due to the export of oil, they got enough revenue to construct infrastructure like world-class airports, malls, etc., which brought tourism into Dubai and helped their economy grow. Due to the strategic location of Dubai, it truly connects the world. The Dubai International Airport is one with massive operations running out. Moreover, Jebel Ali Port also provides a powerhouse of maritime.
In the development of Dubai, globalization was one of the main factors that offered business, trading, etc., commercial properties like the Dubai Mall or the famous Burj Khalifa, Burj Al Arab, and many others helped in economic development. Dubai hotel’s luxurious resorts have world-class modern amenities.
Freehold vs. Leasehold Properties:
The Dubai property market has been growing for the past few decades. It has become an ideal place for investors as numerous construction projects are still happening in the real estate market. There is a wide range of property for sale and rent. To do any property business in Dubai, one must know the significant factors that will impact their investment, and one of them is understanding freehold and leasehold properties.
Definitions and Differences:
Following is a brief understanding of freehold and leasehold properties in Dubai.
Leasehold Properties:
In leasehold properties, the owner has a right to his property, either its home or a flat, through lease, but they don’t own the land.
Freehold Properties:
In freehold properties, the owner has the right to both areas, the land and the property. Such authority includes owning a residential building, a commercial one, or any other property type.
Differences:
The following are the differences between the freehold and leasehold properties.
Implications for International Investors:
Living in Dubai, if you are an investor, there are multiple implications for freehold and leasehold properties according to the rights and long-term projects in the real estate market.
Limitation of Resale Property:
Freehold Properties: there is no limit to the heir of the freehold properties; the owner at any time can sell his property, lease it, or even pass it to the heir. There is no resale limitation of the ownership property of freehold.
Leasehold Properties: whereas, in leasehold, you can’t resell or lease the value, at least for the expiration of the lease.
Limited to Rental Income:
Freehold Properties: being a freehold owner, you can, at any time, rent the property or lease the property. There is no limit to the lease expiration.
Leasehold Properties: As a leasehold owner, you must wait for the lease duration or the renewal of the term.
Maintenance of the Property:
Freehold Properties: it’s the owner’s full responsibility to maintain and pay for the cost required for the maintenance because you are a landowner here.
Leasehold Properties: you don’t have to bear the maintenance cost because you are not the landowner. Either the government or the landowner will share the cost.
Apartments:
Dubai has high-rise buildings and residential apartments, which are affordable for a diverse population. Dubai apartments consist of studio apartments, one-bedroom, and two-bedroom apartments. For more spacious apartments, you can have 3, 4, or 5-bedroom apartments, including residential units. The average starting price of these apartments is different from each other.
High-rise Luxury Apartments:
The high-rise luxury apartments include Burj Khalifa Residences, D1 Tower, Damac Heights, and Jumeirah Living Marina Gate. They address Residence Sky View in Downtown Dubai, etc. They all are luxurious and highly valued for renting and selling, having proper green spaces, parks, free parking, private pools, outdoor spaces, etc.
Studio Apartments: Compact and Efficient:
Studio apartments are efficient and compact. They are best for a single person and include a living room, kitchen, bedroom, and bathroom.
Serviced Apartments: The Blend of Hotel and Home:
Dubai is one of the few places to have the most luxurious accommodations. The served apartments are one of them. They are usually for tourists for a bit longer vacations. The serviced apartments are fully furnished apartments. They have housekeeping services, room services, good security, and are more convenient than a standard hotel room. The prices are comparatively affordable—high-end amenities, like fitness centers and onsite restaurants, are popular among families.
Villas and Townhouses:
For those looking for a more spacious residential property type, villas and townhouses are the best choice. Townhouses are more in range than independent villas or semi-detached villas; they comprise 2- to 3-story units, share the walls, and have more access to modern amenities.
One advantage of the townhouse is the affordable access to facilities; the disadvantages are less privacy and the outdoor space isn’t so spacious.
Independent Villas: Privacy and Exclusivity:
Independent villas come in different sizes, from small two-bedroom villas to 6 bedroom mansions. They have a private garden, swimming pools, and parking spaces. One of the advantages of independent villas is that they are more private, spacious, and have larger outdoor spaces. And the maintenance can be costly compared to communities. They have fewer modern amenities as compared to the gated communities. So, these standalone villas can also come in different shapes with separate entrances.
Gated Community Villas: Security and Amenities:
The Villa Communities: the villa compounds comprised 25 to 50 villas sharing the same community. They have lush green landscaping, comfortable style, and spacious accommodations. The community is fully secure due to the gated community and its modern amenities.
Townhouses: The Middle Ground:
Townhouses are more affordable and as luxurious as villas. It provides a good sense of privacy. They also have an outdoor garden. Palm Jumeirah, Arabian Ranches, and Emirates Hills are all the luxurious properties of Dubai. The average starting price of the villas and townhouses is AED 1M for a three-bedroom unit in a suburban area. And the price rises for larger units in prime locations.
Penthouse Apartments:
Penthouses are one of the most preferable residential property types in Dubai. These penthouses include Business Bay, Dubai Marina, Downtown Dubai, and the Jumeirah Lake Towers.
Defining the Pinnacle of Luxury:
For families seeking luxurious designs and breathtaking views, penthouses are the epitome of refined living. The penthouses are situated on the top floors of towers and residential buildings, providing exclusivity and privacy.
With spacious balconies secluded from the rest of the apartments, these properties offer an unparalleled sense of serenity.
Features and Benefits:
The features and benefits of the penthouses are:
They have a spectacular view of the waterfront and city skyline.
They have spacious living with more oversized balconies and outdoor terraces.
The modern and luxury amenities are private pools, home theaters, jacuzzi, private elevators, and concierge services 24/7
Traditional Arabian Houses:
The traditional Arabian houses are rich in history, and the penthouses follow these traditions, which brings a unique aesthetic luxury. Arabesque designs of rooftop courtyards give a great sense of calmness to your place. The use of Arabian material gives a touch of Arabian houses. Penthouses provide an upscale living experience.
The Charm of Courtyard Homes:
Courtyard homes are also a symbol of Arabian architectural charm. Dubai has tremendous traditional residences. The open-air courtyard provides lush green areas, parks, modern amenities, and the essence of Arabian architectural designs. So, for those who are more into the culture, specifically the Arabian culture, these courtyard homes are the best place in Dubai.
Wind Towers: Ancient Air Conditioning:
Wind tower, an ancient air conditioning, is also an old feature of Dubai. These wind towers capture the ancient cooling tradition and provide a cool breeze to the homes. Even these days, there are wind towers in some buildings, preserving the country’s heritage and providing sustainable living, which also helps to overcome the country’s hot weather.
Off-Plan Properties:
Many properties are still under construction. The off-plan properties in Dubai are real estate projects, and they are sold before the completion of the construction plan. Whoever buys these projects is entirely based on the models. There are some discounts as well before launching.
The Concept of Buying on Blueprint:
Buying on a blueprint is to have the designs and plans for a specific property type. Both investors and developers visualize the steps and plan the construction programs according to government rules and regulations. Blueprint is the main factor of real estate and industrialization, making the development successful.
Risks and Rewards:
Buying on a blueprint brings risk and rewards. Risk is the flaw in the design or some legal issues that may lead to cost reviewing. However, it can also get rewards by minimizing construction errors and promising successful projects, and the property’s value increases with a well-executed plan.
Waterfront Properties:
The waterfront properties are the most attractive residential areas of Dubai. These waterfront properties have a view of the Arabian Gulf and skyline. These waterfront properties are more luxurious than the other types of property, having modern amenities such as private pools, gyms, and gardens. The income generated through waterfront properties is way more than the other properties due to Dubai’s limited coastline; the prices of these residential properties are higher.
Beachfront Villas: Living on the Shore:
Following are the beachfront villas in Dubai; brief discussion are as follows:
The Palm Jumeirah:
Palm Jumeirah is one of the most luxurious and famous destinations in Dubai, where hotels and apartments are present. It is built like a palm tree, and the second palm, Jumeirah, is under construction, known as Palm Jebel Ali.
Jumeirah Beach Residences:
Jumeirah Beach Residence is one of the most significant developments, and it has many villas, apartments, townhouses, etc. Ain Dubai is only 250 m away from it. The nightclub areas are also nearer to the place.
Marina Apartments: The Nautical Lifestyle:
Marina Hotel apartments are 3 km from JBR Marina Beach and 8 km from Ain Dubai Mall. It has 1 to 3 bedrooms, apartments having a kitchen and internet facility, and for kids, they have pools, gyms, a squash court, and table tennis. Parking space is also available.
Loft and Duplex Residences:
The duplex residences consist of two floors via stairs, and there is a common wall on the floor, but the floor plan can be different from the other duplex residences. At the same time, a loft is more spacious and has a high ceiling and less wall interior. Sometimes, the loft and studio apartments get in the middle of confusion due to the similarity. But, lofts are larger and more spacious than studio apartments.
The Appeal of Vertical Living:
The vertical living of Dubai provides some of the most mesmerizing views of your life. The skyline view is something beyond explanation. At the same time, vertical living offers modern amenities and provides open access to commercial areas. It has become an appealing choice for the residents for an everyday and safe life.
Design and Functionality:
The waterfront properties’ design and functionality are aesthetic and logical due to the fantastic views and open access to water. These residents are more relaxed and spacious, with stunning views from the large windows of the sea.
Hotel Residences:
Dubai is very hospitable and has excellent and stunning areas for tourists to visit, like Jumeirah Park or Dubai Investments Park. Not only this, they have all the possible luxurious facilities for their guests, and according to the affordability of the tourists, many different hotels are designed in a certain way according to them. There are some hotel residences in Dubai:
Address Dubai Mall 2. Sofitel Dubai The Palm 3. Anantara Dubai The Palm Resort and Spa. 4. Swissotel Al Murooj Dubai are hotel residences with tourist apartments.
Combining Hospitality with Residential Comfort:
Combining hospitality with residential comfort is promising because now the hotels have one-bedroom or studio apartments that are easy to afford instead of booking expensive luxurious hotels. Some of the residences provide services like luxurious hotels. with proper dining areas, etc.
Benefits of Hotel Amenities:
The benefits of hotel amenities include outclass spas, fitness clubs, 24/7 services, etc., which enhances the quality of the tourist. Such residential hotels also gain popularity among investors because they will be the popular type among tourists, increasing the property’s revenue.
Sustainable and Eco-friendly Homes:
One of the significant aspects of the developed countries is the eco-friendly system. Miracle Garden Dubai is a beautiful example of an eco-friendly technique. Apart from that, these residential properties have energy-sufficient designs and renewable energy sources, which helps in an environmentally friendly atmosphere.
The Rise of Green Living in Dubai:
The rise of green living in Dubai has significantly impacted environmentally friendly trends—the projects of green buildings, sustainable urbanization, reuse, and recycling strategies.
Features of an Eco-friendly Residence:
The possible features of eco-friendly residents are using solar panels, reusing rainwater, efficient insulation, and minimizing anything artificial. It may provide a safer environment for us to live in.
Affordable Housing in Dubai:
Dubai is where you can get the most expensive residential property, like Emirates Hills, or the most affordable one, the Jumeirah Village Circle. Let’s look at the affordability of Dubai housing from a different perspective.
The Push for Inclusivity:
The real estate market of Dubai is all about inclusivity, providing catering and housing options for each budget plan. Whatever projects are for affordable housing, one thing is sure: they all will enhance the city’s inclusiveness.
Locations and Options:
The locations and options are wide in range with massive properties. For example, Palm Jumeirah, a waterfront property, or a family-friendly community like Dubai Hills or the JVC with a prime location have diversified populations.
Luxury and Ultra-luxury Residences:
Luxury life means Dubai life with ultra-luxury residences and apartments, penthouses, villas, human-made islands, etc.; these are all lavish lifestyles. Some of them are Dubai Marina, Emirates Hills, DAMAC, etc.
The Epitome of Opulence:
The Royal Atlantis residences provide handsome services, and you will witness the beautiful city’s skyline.
Dubai’s Position in the Global Luxury Market:
Dubai’s position in the global luxury market is 4th. It is among the top four luxurious residential countries, with sales increasing. The Emirates recorded 219 sales of houses of more than 10 million dollars last year, and total transactions went up to 3.8 billion global properties.
Retirement Communities:
The interesting facts are that retirement communities allow the growth of the retired population by providing luxurious services and environmentally friendly communities like Al Sufouh Gardens.
Amenities and Services:
The modern amenities and services of residential properties in Dubai are world-class. Whether they are affordable or expensive, they won’t let you down with their amenities like, for example, the JVC, Emaar’s Dubai Creek Harbor, Downtown Dubai, etc.
Student Accommodations:
Dubai International Academic City’s The Myriad helps and caters to the students’ accommodation. They care for students’ needs and provide them with a comfortable lifestyle.
Catering to Dubai’s Academic Population:
The institutes of Dubai provide an informative environment for the students for their personal growth and provide the best options for their accommodation according to their affordability. Dubai Silicon Oasis and Dubai Knowledge Park have many preferences for the students.
Features and Locations:
The features of all the luxurious and affordable communities are the same. Each of the communities is well gated and secure and has proper dining areas in nearby places, parks, green spaces for kids to socialize, schools, etc some of the affordable properties come under the district of Jumeirah Village Circle that includes Hadley Heights, Jumeirah Village triangle, etc.
Investment Opportunities:
The real estate market of Dubai is investing in multiple projects, and still, the property businesses in Dubai are going up to the mark, generating significant revenue. Places like Dubai South and Dubai Marina are the main hit of the country from an investment point of view. Some construction is also happening within the JVC; Hadley Heights and Hadley Heights are the new projects, and many more like that are still developing.
The ROI of Different Property Types:
The Return on Investment is the net profit ratio to the investment cost. In a study conducted by Bayut, an authentic platform for real estate in Dubai, the average ROI of residential properties in Dubai is 5 to 7% and 7 to 9%. The average value of ROI depends on the various districts of Dubai. Have a look at the different properties of Dubai, specifically Abu Dhabi:
AL REEF: the ROI is 7.67%
AL GHADEER: the ROI is AT 7.40%
AL RAHA BEACH: The ROI is 7.17%
AL RAHA GARDENS: The ROI is 7.10%
AL REEM ISLAND: The ROI is 7.09%
Navigating the Real Estate Market:
Whenever you plan to buy a property or invest in real estate, you must be careful about every step before starting the process. To navigate the real estate market, you must search for the areas, know the property values, and set your target. Keep up with the rules and legal regulations of the real estate market. Keep in contact with the renowned agent for better insight.
Legalities and Ownership Rights:
According to the legality and the ownership right, according to 2006 UAE law:
The expats cannot buy land or property in Dubai. After that, the foreign investor and non-residents must own the property on lease or rent. And the time duration of leasing or renting the property from the UAE government is 99 years. Similarly, when buying any property in UAE, you must have the NOC from the developer and verify from DLD, the Dubai Land Department, before owning the property. Taxes and costs have to be paid by the owner. Also, a buyer should know certain expenses and processes depending on the property’s location and type.
Understanding UAE Property Laws:
The UAE government has various sectors of property laws, such as rental property law and others. Some of the points you should know for a better understanding of the property law.
A buyer has to deposit up to 10% to 20% of the total amount of the property during any property purchase.
You must pay in installments if you make a deal in any new construction.
To finalize the deal in Dubai, you can transfer the payment to the vendor or any third party of the agreement.
A 2% payment must be made if you are paying through the vendors.
Safeguarding Your Investment:
It’s essential to safeguard your investment; for that, you need to know all the property laws, old and new, and the other regulations you are dealing with. You also should see the sale agreement, title deed, and other contract details. It’s also better to inspect the property and identify problems such as mold, water damage, pipe damage, etc. You also know the charges, maintenance fees, and other possible charges. It’s better to know the total cost of ownership and avoid any surprise charges.
Conclusion:
Dubai is undoubtedly a luxurious place full of modern amenities and resources for a comfortable and luxurious lifestyle. There is a world-class lifestyle for every person. Whether you live in less or more expensive areas, the accommodation and other facilities are everywhere, especially the basic ones. The country is on its infrastructure, and even though Dubai is a desert, it continuously works for the environment. If you are planning to buy or live in Dubai, knowing the legal property rights and ownership facilities is better.
The Diverse Residential Tapestry of Dubai Making an Informed Decision in the Property Market:
The residential landscapes are the one that is the tapestry of Dubai’s diversity, just like the luxurious apartments, which are the Burj Khalifa and the villas. It’s all up to you. What kind of investment are you ready to make in the UAE real estate market? You should know your target, goals, and affordability. The property market of Dubai caters to a comfortable lifestyle.
