SA PROPERTY BUYERS MAKING GOLDEN DEALS IN DUBAI

The highest-valued property sold in the preceding year was an exquisite beachfront villa located in Palm Jumeirah, which was acquired at a price just shy of R3 billion (AED 598 million). However, property prices in this area commence from approximately R2.3 million (AED 450,000).

If one intends to obtain UAE residency, facilitating the acquisition of a UAE bank account, Nombasa Mawela, the licensee and principal of the newly established branch of the Seeff Property Group in the city, advises that an investment of no less than R4 million (AED 750,000) is required.

In terms of cost comparison, the R4 million and above price range is equivalent to what one would pay for a house in an affluent neighborhood in South Africa. Furthermore, financing options are presently available.

Furthermore, Mawela states that non-UAE residents are now eligible for a mortgage of up to 75% of the property’s purchase price. Developers are also offering flexible payment plans extending up to five years for those who prefer not to obtain a mortgage. Mawela emphasizes that property investments in the region yield one of the highest return on investments (ROIs) in the world.

Dubai is widely regarded as one of the safest cities to reside in, offering excellent connectivity to various parts of the world. As a thriving business, tourism, and shopping hub, the city continuously presents a multitude of opportunities.

The property market in Dubai encompasses a diverse range of property types, including apartments and luxury villas, with prices varying depending on location and amenities. Basic studio apartments can be found at prices starting from approximately R2.3 million (AED 450,000), while one-bedroom units range from around R4.5 million (AED 875,000), and villas start from approximately R14.3 million (AED 2.8 million).

Mawela notes that an increasing number of South Africans are venturing into offshore property investments, with or without the intention of obtaining residence, based on their individual requirements. Moreover, South African expatriates residing in Dubai, along with property buyers from other African countries such as Nigeria, Egypt, and Kenya, contribute to the expanding property investment market.

According to Euronews, foreign property buyers are playing a significant role in driving the booming property market, particularly in Dubai, within the UAE. The previous year witnessed a remarkable surge in transaction volumes, reaching record-breaking levels. Experts predict that this trend will persist in 2023, with over 97,000 property transactions worth €67.38 billion recorded in Dubai.

Despite the economic outlook globally, high-net-worth individuals have continued to invest in Dubai in the past 18 months, which has boosted the luxury market. Real estate experts say a maturing market has driven demand inside the country from apartments to townhouse and villa communities with prices in 2023 expected to exceed pre-pandemic levels.

Foreign buyers in Dubai also include those from France, Switzerland, Germany, and other countries in Europe, as well as the UK.