Purchasing property in Dubai is trending, despite the Dubai Real Estate Prices on the rise. What do you think, you can buy with $1 million.
Dubai real estate offers comparatively more spaces than some of the most popular cities globally. Properties for sale in Dubai are spiking with Dubai real estate prices on the rise, while new modern residential developments are underway in Dubai. Dubai’s real estate is evolving incredibly, as more and more demand for luxury and branded residences, is mounting. These cities where the real estate is expensive and residential unit sizes are smaller as compared to Dubai include; Tokyo, London, Monaco, Beijing, and, Hong Kong.
Dubai Real Estate Industry is Booming!
Dubai Real Estate Prices are spiking, and the property market is booming alongside.
Dubai is thriving in the real estate industry; providing the most luxurious properties, world-class amenities, and significantly attractive facilities to the residents, and investors. Consequently, the prosperous industry is attracting investors from around the world, predominantly because of the optimal returns on investments.
Huge influx of Foreign Investments
Foreign investments are surging across all the emirates, despite price hikes.
As per the studies conducted by Penny Realty Real Estate, there was a 44 percent increase in real estate sales transactions in the first half of the year 2023, with a much greater expected investment rate in the coming months. There were sales of 60,000 residential units, which were sold in the first half of the year 2023 owing to a greater demand for real estate in Dubai.
There is a diverse variety of Dubai Real Estate that can be bought for $1 million. According to the surveys by Penny Realty Real Estate, and other credible sources including Arabian Business, Khaleej Times, Gulf News, etc., potential buyers can explore a magnitude of opportunities in the Dubai property market.
How much Property can you Buy from $1 Million?
Property can be bought for $1 Million
There are vast opportunities available on multiple property portals in Dubai, that reveal multiple real estate offers that are covered within the $1 million amount. A great new evolution in the Dubai real estate industry is the New AI-property Portal which serves as a marketplace for properties for sale in Dubai.
Consequently, those individuals, homeowners, and investors looking for properties in Dubai. Hence, there are properties like 1, 2, and 3-bedroom apartments in the most popular areas like Palm Jumeirah, Dubai Marina, Downtown, Jumeirah Village Circle, and Jumeirah Beach Residences.
Need for Property Purchase
Strategies to identify the need for property purchase and then scrutinize the property
As per the comparisons made between different cities of the world and Dubai, it is seen that while being in Dubai, getting apartments in the most sought-after areas is less expensive and easier. For instance, getting a 3-bedroom apartment for sale in Dubai Marina, JBR, MBR City, Meydan City, and Dubai Creek Harbour is easy as compared to finding a similar residential unit in London, Tokyo etcetera.
On the contrary, while finding a property for investment in the Dubai Property Market, it is essential to understand scrutinize, and analyze the purchase intention. There are investors looking for holiday homes, and investments as well as finding a family-friendly home.
There are many great options for investments if you have an amount of $1 million in your pocket.
Areas are Dubai Sports City, International City, Dubai Silicon, JVC, and other similar neighborhoods that are cost-friendly and affordable. These areas have a large inventory of studios, one-bedroom units, and two bedrooms that fall within $150k-$200k. On the contrary, if the investors are looking for greater returns on investments, then getting smaller units in International City and Dubai Sports City is a great idea when looking for optimal profits.
While Dubai Silicon Oasis and JVC are offering affordable property options. Penny Realty Real Estate, Dubizzle, Bayut, Tanami, and many others are all great real estate agencies working to provide the best developed and off-plan properties for sale in the UAE.
The investors can use their $1 million as an investment down payment and leverage through mortgaging the property. Once this strategic plan is undertaken, then the possibility of a seven-bedroom mansion surfaces, in high-end communities like Downtown Dubai, Palm Jumeirah, Dubai Marina and Golf Estates.
A Comprehensive Guide to Strategic Property Purchases
Properties relative to Salary Brackets for Investors to make Property Purchases Strategically
The comprehensive guide explains the relative salary packages of individuals and the affordable property prices. For instance;
- A person earning between AED 10,000 to 15,000 has the potential to mortgage an amount up to AED 1,000,000 with an approximate purchase price of property of around AED 1,250,000.
- A person earning between AED 20,000 to 25,000 has the potential to mortgage an amount up to AED 1,700,000 with an approximate purchase price of property around AED 2,125,000.
- A person earning between AED 30,000 to 35,000 has the potential to mortgage an amount up to AED 2,500,000 with an approximate purchase price of property of around AED 3,250,000.
- A person earning between AED 40,000 to 45,000 has the potential to mortgage an amount up to AED 3,100,000 with an approximate purchase price of property around AED 3,875,000.
- A person earning between AED 50,000 to 55,000 has the potential to mortgage an amount up to AED 3,900,000 with an approximate purchase price of property around AED 5,500,000.
- A person earning between AED 60,000 to 65,000 has the potential to mortgage an amount up to AED 4,600,000 with an approximate purchase price of property of around AED 6,500,000.
It becomes much easier to make informed decisions, according to the purchasing power of your individuals. Furthermore, there are many scenarios that affect the variabilities affecting the ability of buyers to qualify for a mortgage, and it gets easier if they are UAE residents, with the maximum mortgage time being 25 years.
- A person earning AED12,000 salary would achieve a property purchasing price of AED 1,000,000 and A person earning AED 24,000 salary would achieve a property purchasing price of AED 2,000,000
- A person earning AED 36,000 salary would achieve a property purchasing price of AED 3,000,000 and A person earning AED 48,000 salary would achieve a property purchasing price of AED 4,000,000.
- Lastly, A person earning an AED 60,000 salary would achieve a property purchasing price of AED 5,000,000
Penny Realty Real Estate offers a huge collection of off-plan properties for sale in Dubai, by accessing our official Website, Facebook, TikTok, Pinterest, LinkedIn, Twitter, Youtube, and Instagram platforms.