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Renting and buying flats in Dubai is the preferred option for entrepreneurs and those who plan to stay here longer. Families looking to live in urban Dubai have plenty to choose from. Real estate prices in Dubai vary depending on the object’s location, area, and other parameters. However, finding your dream home in Dubai will not be difficult.
About 3.4 million people live in the metropolis, according to the latest demographic report from the Dubai Center for Statistics. Of these, about 290,000 citizens are aged 18 to 24, 1.18 million are aged 25 to 34, about 818,000 are aged 35 to 44, and 528,000 are aged 45 and older. In what areas of Dubai do people of different ages prefer, for example, to buy property in Damac Hills, UAE, or to live?
The best areas of Dubai for 18-24-year-olds
The youngest age group is those who have completed their higher education or have just started working. Their budget may be limited. Therefore, young people are looking for places that are both affordable and close to well-known leisure and entertainment centers.
A real estate agency in Dubai offers them residential properties in the following areas:
- Jumeirah Village Circle is a value-for-money, pet-friendly community;
- Jumeirah Lake Towers is a lively area with parks, bike paths, restaurants, and other amenities nearby.
- Sheikh Zayed Road has luxury real estate close to metro stations.
Popular areas in Dubai for the 25-34 age group
People of this age already have a more stable financial situation, so they can consider more luxurious and peaceful areas to live in. Here are some options:
- Dubai Silicon Oasis is a great value community for young families and singles;
- Al Barsha – This area is ideal for family life and is well-connected to the rest of the city;
- Business Bay is a fashionable community with premium apartments and developed infrastructure.
The best residential areas for people aged 35-44
Residents of this age group in a metropolitan area are looking for family neighborhoods that offer a relaxed lifestyle with developed infrastructure and proximity to educational institutions. Optimal options:
- The Springs is a community ideal for young couples and families with spacious villas;
- Mirdif is a family-friendly area offering a wide range of properties for sale;
- Arabian Ranches is a luxury lifestyle community close to entertainment centers, the best schools, and kindergartens.
Popular areas for people aged 45 and over
For this group, a quiet lifestyle is preferable, close to the amenities necessary for a comfortable life – shopping centers, restaurants, and medical facilities.
Most requested options:
- DAMAC Hills has an excellent selection of apartments, townhouses, and villas;
- Mudon is a gated community with many comfortable houses and developed infrastructure;
- Emirates Hills is a fashionable area located around the elite Montgomerie Golf Club.
The UAE authorities strive to create attractive conditions for foreign investors to invest in the local economy. Dubai remains the most popular emirate in the country. In 2022, changes were made to the UAE legislation regarding issuing a resident visa for those who purchase real estate in Damac Hills and other areas of the metropolis where the sale of property to foreigners is available.
Three-year visa for buying Dubai property
To apply for a residence permit valid for three years is enough to acquire ownership of any object worth more than 205 thousand dollars. A visa can be extended several times not only for the owner of the property but also for his family members and dependents.
Exclusive offer for pensioners
Retirees can obtain a five-year residence permit when purchasing real estate worth more than $544,511. In this case, owning one object is unnecessary; the cost can be calculated based on the price of two or more apartments.
“Golden visa” for investors
This visa allows you to stay in the country for ten years. It is enough to buy a house worth more than 545 thousand dollars. An alternative would be to invest in the local economy at half the amount set for the housing stock. Visa is issued not only to buyers of real estate. Several categories of foreigners may qualify for it, having special knowledge or skills that can benefit the country. Detailed information on the conditions for obtaining a residence permit and current announcements of sales of housing stock in Dubai can be found on the official website https://www.axcapital.ae/.
Visa procedure for investors
Conventionally, the whole process can be divided into several stages:
- Selection of the desired property. Professional realtors can offer several objects depending on the buyer’s wishes quickly. During the pandemic, remote transactions have gained popularity, but most future owners prefer to visit the country in person and visually familiarize themselves with the criteria for the selected property.
- Booking and prepayment. A deposit is obligatory both when buying ready-made and under-construction real estate. The deposit is paid through the electronic payment system and registered by the Land Department.
- Making a deal. The payment of the entire cost of the object accompanies the contract signing.
- Registration of the transaction with the Dubai Land Department. After obtaining a certificate of ownership, you can apply for a visa.
- Collecting a package of documents. It includes a certificate of no criminal record required for a residence permit for 3 years, the results of a medical examination, identification number, original passport, and photographs. For family members, registration becomes possible after obtaining a visa from the owner.
Registration may only be allowed if the applicant has problems with the law or provides all the necessary documentation.
Buy luxury real estate in Dubai
Investment in luxury real estate in the UAE begins with purchasing apartments and villas in Dubai. Experienced professionals will help you make the right choice. Contact them through the feedback form or by phone listed on the site. Read more on the official website https://www.axcapital.ae/.