Have you been toying with an idea of making Dubai your permanent home? Nothing says commitment like buying a property and millennial buyers, in particular, can benefit from the current market.
According to experts, if you find your dream apartment that’s worth Dhs220,000 you could be paying back Dhs790 per month which is equivalent of two Friday brunches (or one brunch if you’re feeling flashy and go for a bubbly package). With the current mortgage interest rate of roughly 2.49 per cent, all you have to worry is the minimum down payment of 20 per cent and you can call yourself a property owner.
Online platform Property Finder took a closer look at apartment prices across three key localities appealing to the millennial buyer – Jumeirah Village Circle, Dubai Marina and Jumeirah Lakes Towers – all being relatively new developments that took shape within the past two decades.
Apartment prices currently sit at an average of Dhs400,000-450,000 for a studio apartment and AED 750,000-800,000 for a one-bedroom. In JVC you can expect to find a studio apartment at around Dhs220,000 while a one-bedroom can set you back Dhs300,000. Those dreaming of a Marina lifestyle can expect to pay around Dhs300,000 for a studio and Dhs350,000 for a one-bedroom while in JLT residents can expect studio apartments to go for Dhs340,000 and one-bedroom dwellings for Dhs370,000.
If you can stretch to Dhs800,000, after the down payments and current mortgage rate, your monthly instalment will be around Dhs2,800 which is pretty competitive considering how much renters can be paying a month.
While the prices and mortgage solutions have a significant role to play, getting on a property ladder in Dubai has never been easier.
Earlier this month it was revealed that rent in Dubai has dropped by 13 per cent for apartments, while the market for villas has seen a 10 per cent decrease.
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