Studio Apartments For Sale in Dubai | Dubai Property Trend
Buying studios apartments in Dubai, UAE? Here is how to keep the process simple.
Buying a new property in Dubai can be a daunting task as the property rates are fluctuating. You are lucky if you find a real estate agent who swiftly takes you through the whole process of buying a studio in a nice neighborhood in Dubai without misguiding you. A studio is pretty different from a conventional apartment as a conventional apartment has walls separating the bedroom/s, living room, and kitchen. Whereas a studio or a bachelor pad is kind of a big hall where everything is in one place and isn’t separated by physical walls.
Studio apartments are usually suited for single people as these are low maintenance and have enough living space for one person. In Dubai, people who do not want to share an apartment move into studios as those are cheaper and guarantee more privacy than a shared apartment. This article provides all the information that you need to have if you are planning to purchase a studio apartment in Dubai.
Things Consider While Buying a Studio Flat:
The following factors matter the most when you are buying a studio flat in Dubai:
- Location of the Studio
- The amenities and facilities offered by the building and its potential location like swimming pools, gyms, play area, building’s closeness to the Metro Station, nearby schools, and daycares
- Size of the studio apartment
- The timing of purchase as its better to buy when the market is down and the prices are low.
- The view from the balcony (if it has one)
To get all of these things right, you need to do deep research and talk to Dubai real estate agents or experts in property buying. You have to be very cautious as your thousands of dirhams are on the line here.
Are You An Expat or an Emirati:
Your nationality matters if you are buying a property in Dubai as Emiratis or locals can buy property wherever they want whereas ex-pats have to lease studios in leasehold areas. They can only buy a property in freehold areas. They can get ownership of their studio once the lease period is over. The lease period usually starts from 10 years and can go as high up as 99 years.
The Process of Purchasing a Studio in Dubai:
- First of all terms and conditions are discussed and agreed upon by both the buyer and the seller. After that, an MOU is signed and a deposit payment is made.
- Both the parties apply for a NOC (No Objection Certificate) from the developer that ensures that the seller has paid all his/her dues and the developer has no objection with him/her selling the property.
- The NOC is issued in exchange for a fee that is paid by the seller. The fee ranges from 500 AED – 5,000 AED.
- After that, the seller transfers the ownership of the studio to the Dubai Land Department. Dubai Land Department then receives a check for the full amount of the selling price which is to be paid to the seller on a later date. This procedure allows for the making of a new title deed in the name of the buyer.
Best Places to Buy a Studio in Dubai:
Dubai is the place where people from all over the world come. It is a tourist attraction and the home to the world’s tallest building Burj Khalifa. The best neighborhoods and the areas for buying a studio apartment in Dubai are:
- Jumeirah Lake Towers
- Dubai Marina
- Jumeirah Beach Residence
- Dubai Sports City
- Downtown Dubai
- Business Bay
- Jumeirah Village Circle
- Jumeirah Village Triangle
- Muhammad Bin Rashid City
- Dubai International Financial Centre
Some of the aforementioned areas are extremely expensive and some are moderately expensive. Choose an area based on your budget and priorities.
Some of the amenities and facilities that studio apartments in Dubai offer are:
Is This a Good Time to Purchase a Studio?
The property prices in Dubai took a plunge with the arrival of COVID-19. The prices of these properties have just started to rise again. This means that if you invest in buying a studio today you will be able to sell it at a much higher rate in the future. The tourist visas are being issued again and Expo 2020 is just around the corner. All this is increasing the rent prices and you will get a side income if you give out your studio for rent.
Even if you are buying a studio for your personal use, you can save the rent that you would have paid if you were renting an apartment. After a few years, you can sell the studio and earn in the form of price appreciation. The property prices declined by 4.4% during 2019 and 2020, but have become stable after that with an increase of 1.2% in every quarter of 2021.
Buying a studio in a city like Dubai is a huge investment to make. Make sure that you do enough research and talk to property advisors and real estate agents before you go ahead and purchase one.
Invest Now in Dubai Studios Property
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