Let’s first clear the hype if you’re planning to buy property in Dubai is considered an extravagant country. But to be honest it’s not as much as it is thought to be. Though it is a luxurious city and people dream to rent or buy property in Dubai. But if we compare the prices against the Dollar, we would realize many other metro cities where properties are expensive than Dubai.
If we globally compare that how much property can we buy in $1m, the following details would be revealed;
(Remember, these values are for prime and luxury locations of the following cities)
- 16sqm for $1m in Monaco (172.22sqft)
- 29sqm for $1m in London (312.2sqft)
- 22sqm for $1m in Hong-Kong (236.8sqft)
- 99sqm for $1m in Mumbai (1065.6sqft)
Now, if we talk about Dubai real estate, you can easily opt for a 137sqm property in $1m. Which means in AED 3.67 million ($1m), you can get a luxurious 1480sqft property in Dubai.
According to Khaleej Times, prime properties in Dubai are certainly much economical than Singapore, Miami, Los Angeles, and New York. This is because Dubai real estate market has still not established firm grounds as compared to other well-rooted cities.
Dubai is undeniably a globally known and valued destination from the residential and commercial standpoint. But as per the Khaleej Times, the value of luxurious properties is higher in the cities that have well-established markets. Dubai has not yet reached that level.
Dubai real estate prices have recently fallen. Therefore, if you’re considering to buy property in Dubai, then you should not wait till the prices rise. Dubai is a business hub; you never know when the development leads to elevating the real estate prices.
While you can get a 137sqm prime property for $1m in Dubai, if you search for averagely priced properties, you can get up to 281sqm property in Dubai for $1m. Which makes a whopping 3025sqft of land.
To give you an idea, here are a few names of the communities in Dubai where you can own properties in $1m.
- Dubai Marina
- Palm Jumeirah
- Emirates Hills
- Emirates Living
If you’re planning to invest in Dubai real estate or you wish to own a property for yourself, then there are certain factors that you should consider. Location is the major factor if you’re going to put in a $1m in a property. Close proximity to markets, malls, restaurants, schools, and hospitals is something that greatly adds to your convenience.
Opting for a residence near Sheikh Zayed Road would be the best decision. The choices near Sheikh Zayed Road include Downtown Dubai, Dubai Marina, and Business Bay.
As per an estimation, you would be able to purchase a 2-bedroom luxury apartment in 2 of the hottest destinations – Dubai Marina and Downtown Dubai. If you are seeking to buy property in Dubai with a budget of $1m, you could avail all the amenities and luxuries in the respective residential areas.
If you select Business Bay, then you might find a good 3 or 4-bedroom apartment. But if you are interested to buy a townhouse or a villa, the Mohammed Bin Rashid would be a good choice of area (Considering the nearness to Sheikh Zayed Road)
Properties in Dubai are not only bought by the locals, overseas investors and buyers are also extensively involved in Dubai real estate. The proportion of demand depends on which property suits the locals and which one is desired by the internationals.
If you’re searching properties in Dubai from an investment standpoint, then Bluewater Islands could be another great option for you. Due to an island imitating lifestyle its demand could be pretty high. Secondly, limited residential availability and low supply of properties could further uplift the demand for properties in Bluewaer Island.
Currently, a 2-bedroom unit in Bluewater island sells for AED 3.3 million ($0.9m). This could be a good option for investment, permanent living, or to make it a holiday home. With approximately 200 retail and dining choice, Bluewater Island is a cluster of residential buildings, penthouses, and townhouses.
Another amazing fact regarding Bluewater Island is that a purposely built bridge connects the island with Sheikh Zayed Road. This eliminates the hassle of traffic for the residents and visitors.
Dubai real estate provides you with innumerable opportunities if you plan to invest a $1m. It just depends on your financial planning and understanding of the market trends that how well you utilize $1m.