Affordable apartment options in Dubai for Zimbabwean Investors

The Dubai real estate market offers a great chance for Zimbabwean investors looking for reasonably priced apartment choices since it continues to grow and thrive. The most recent figures from Bayut's Sales Market Report for H1 2024 show a strong rising trend in property prices across all sectors, notably in the affordable category. Supported by data and insights catered for Zimbabwean readers, this article will investigate the finest places for buying reasonably priced apartments in Dubai.

Overview of the Dubai Real Estate Market Against early forecasts of a decline, the Dubai property market has demonstrated resilience and growth. In the first half of 2024, housing prices in affordable categories increased by up to 17%, according to Bayut's report. Given the high demand and investor confidence shown by this rise, Zimbabweans wishing to make real estate investments in Dubai would now find it to be a prime opportunity. In all, 43,075 sales transactions for ready properties totaled AED 122.9 billion (USD 33.46 billion), demonstrating the market's vibrancy. 

Top Affordable Areas for Apartment Investment We’ve prepared a list of top affordable apartment locations with recent data from Bayut’s 2024 report. You can find many relevant Dubai apartments for sale on Bayut and explore its tech-driven features to ease your search according to your preferences. Let’s explore the amazing options available for Zimbabwean investors:

• International City

One of the most sought-after places for reasonably priced Dubai apartment purchases is International City. The neighborhood is lively to live in as the apartments there are scattered in country-themed clusters. For expats and families, the area is perfect as it provides basic conveniences such as stores and leisure activities.

• Average Price per Square Foot: AED 692 (USD 188)

• Average Apartment Prices:

Studio: AED 339,000 (USD 92,307)

1-Bed: AED 503,000 (USD 136,963)

2-Bed: AED 853,000 (USD 232,266)

• ROI: 8.37%

• Dubai South

Dubai South is growing as a residential region with great affordability and strategic proximity to the Al Maktoum International Airport. Offering a variety of facilities and easy access to main roads, the neighborhood is meant to appeal to professionals and families.

• Average Price per Square Foot: AED 917 (USD 249)

• Average Apartment Prices:

Studio: AED 424,000 (USD 115,452)

1-Bed: AED 635,000 (USD 172,750)

2-Bed: AED 1,062,000 (USD 288,000)

• ROI: 8.15%

• Dubai Production City (IMPZ)

Dubai Production City, also referred to as IMPZ (International Media Production Zone), is a dynamic neighborhood integrating business and residential communities. Families looking for reasonably priced homes will find it intriguing as well as perfect for people in the media and manufacturing sectors.

• Average Price per Square Foot: AED 952 (USD 259)

• Average Apartment Prices:

Studio: AED 393,000 (USD 107,000)

1-Bed: AED 725,000 (USD 197,500)

2-Bed: AED 1,055,000 (USD 287,500)

• ROI: 8.89%

• Dubai Silicon Oasis (DSO)

DSO offers a complete community experience with several residential structures as a contemporary suburb dedicated to technology and innovation. DSO is handy for inhabitants as it provides excellent facilities like gyms and pools and close access to main highways.

• Average Price per Square Foot: AED 792 (USD 216)

• Average Apartment Prices:

Studio: AED 401,000 (USD 109,000)

1-Bed: AED 600,000 (USD 163,000)

2-bed: AED 1,055,000 (USD 287,500)

• ROI: 9.28%

Disclaimer: Factors like market conditions, property size, amenities, and developers affect the prices listed in this article. For recent information, consult with real estate experts.

The Buying Process in Dubai Buying real estate in Dubai follows a clear and structured process. Here is a short synopsis:

• Agreement Preparation

Once you choose a property, work out terms with the seller and draft a thorough sales contract. This agreement should include important terms, payment plans, and prices.

• Sign the Sale Agreement

Use the Memorandum of Understanding (MOU) available from the Dubai Land Department (DLD). Both sides sign it and a 10% security deposit is paid to the Registration Trustee.

• Obtain No Objection Certificate (NOC)

To be sure the property has no outstanding debt, ask the developer for an NOC.

• Transfer Ownership

Get the required records, then visit the DLD or send a representative. Send all necessary documentation—identification, NOC, signed contract, etc. Completing the transfer and getting your title deed also requires paying relevant fees.

Using these guidelines will help you to effectively negotiate the Dubai property purchase process.

Investment Considerations for Zimbabweans For Zimbabwean investors looking for diversity or improved returns on their money, investing in Dubai's real estate market can be rather advantageous. These factors should help you to think through:

• Market Growth: Rising property prices show a strong market capable of yielding significant profits over time.

• Rental Yields: Based on the above-specified ROI percentages, these houses might provide very significant rental revenue.

• Cultural Diversity: Dubai's cosmopolitan surroundings appeal to Zimbabwean and other country expats.

• Legal Framework: Crucially, as a foreign investor, one must understand the laws behind property ownership. See real estate experts or legal counsel conversant with both UAE rules and Zimbabwean legislation.

Conclusion For Zimbabwean investors seeking reasonably priced apartment choices, the Dubai real estate market has a plethora of possibilities. There are several options available with neighborhoods like International City, Jumeirah Village Circle, and Dubai Silicon Oasis leading the way in affordability and conveniences. Now is a perfect moment for investors to investigate these choices and make wise judgments in line with their financial objectives as the market keeps developing and changing.

Frequently Asked Questions Q1. What are the financing options available for buying property in Dubai?

A: Investors have the option between getting a mortgage or paying cash. Many Dubai banks provide expatriate financing choices, usually needing a down payment of between 20 and 25%. To know the finest possibilities, one should speak with mortgage brokers or financial institutions.

Q2. Are there any additional costs associated with purchasing property in Dubai?

A: Indeed, purchasers should be aware of extra expenses like NOC fees from the developer, the Dubai Land Department (DLD) registration charge (about 4% of the property price), and possible agency fees should they be hiring a real estate agent. Budgeting for these costs is crucial when you decide on your investment.

Q3. Can foreign investors buy property in Dubai?

A: Yes, international investors can buy freehold real estate in certain designated regions of Dubai. The process is simple, and many expatriates make profitable real estate investments in Dubai. Still, knowing local laws and rules is essential, therefore it is advised to speak with a legal professional.