Dubai has been a beacon for real estate investment from around the world for decades. In recent years, 85 percent of home ownership in Dubai has been owned by foreign nationals, of whom about 30 percent of properties are owned by Indians. Despite a setback during the COVID-19 outbreak, Dubai’s real estate market is now picking up speed thanks to revised Golden Visa rules boosting demand for housing in the city.
Do you want to buy cheap property in Dubai? This could be the most opportune moment to do so.The recovery of the Dubai real estate market after the pandemic has been remarkable. Thanks to government policies, more and more local and international investors are trying to invest. Therefore, according to most industry experts, prices are likely to rise sharply in the near future. So now is a good time to start looking for the right property.
WHERE CAN YOU BUY A CHEAP PROPERTY IN DUBAI?
In Dubai you will find mixed communities with villas, townhouses and apartments. On the other hand, there are areas that only have one lot type. Let’s look at the best areas to buy cheap property in Dubai including villas, townhouses and apartments.
1. International City
- International City is the top choice for investors looking for cheap real estate for sale in Dubai. The community is known as the affordable housing capital of Dubai. One of the reasons for its popularity is the potential rental yield. Demand for rental properties in the area is generally high, so you can expect an immediate return.
- International City is the project of the prestigious Nakheel Group, one of the leading real estate developers in the United Arab Emirates.You can find low-rise buildings in different groups. The unique architecture of the buildings also adds value. This community has Dragon Mart 1 and 2. In addition, residents have access to Dubai Safari Park and Academic City.
- Buying a studio in International City costs AED 232,000 on average.
- The average selling price is AED 324,000 and AED 676,000 for 1 and 2 bedroom apartments.
- ROI for apartments in the area is 9.59%.
2. Jumeirah Village Circle (JVC)
Located in the heart of ‘New Dubai’, JVC is an affordable mixed-use hub housing over 2,000 residential units comprising an eclectic mix of ultra-modern apartments, spacious villas and townhouses.
It is one of the most popular areas in Dubai to buy condominiums, particularly villas, for budget buyers as it is a family-friendly urban community connected by an abundance of leafy parks, modern amenities and canals. Given the lack of congestion as well as the proximity to city centers like Dubai Marina, Internet City and JLT, traveling to other key parts of Dubai is incredibly easy.
JVC is also a sought after area among investors due to its attractive prices, high rental yields and prime location and offers some of the best investments in the UAE. Apartments in the area have an average selling price of AED 832 per PSF. Over the past year, the region has seen significant market growth, with JVC home sales prices rising by 7.2%. The rental price also increased by 13% in all rooms and by 9% in the studios.
3. Dubai Silicon Oasis (DSO)
DSO is a peaceful suburb located in the bustling city center, right at the intersection of E311 and E66. Packed with innovation, the 7.2 square kilometer development is transforming into Dubai’s technology hub and is set to be one of the key urban centers in Dubai’s 2040 master plan.
DSO also acts as a free trade zone, providing the latest services for in-house businesses, and acting as an incubator for tech startups. With numerous commercial spaces, warehouses and facilities, DSO is the ideal place for entrepreneurs looking to launch and grow their business.
The great thing about DSO is that it seamlessly integrates living and working spaces, offering a wide variety of residential towers and gated villa communities, available to rent, buy or lease at reasonable prices. In addition to being just a 15-minute drive from Dubai International Airport, other nearby shopping malls include International City, Downtown Dubai and Global Village, making it a well-connected community. .
DSO perfectly meets the needs of those looking for affordable housing options, as well as first-time buyers looking for the best investment in Dubai’s booming real estate market. . As this is a fast growing area, many investors have entered the market in the area to take advantage of the high returns as DSO remains one of the best performing areas in terms of net rental returns in the area. Dubai .
Despite a decline in selling prices in the first half of 2021, the average DSO price in January 2022 has exceeded that of 2021, with rents improving.The area’s average loan transaction price is AED 604 psf for all apartments. Since DSO is a relatively mature community, DSO has little to no supply this year, which means real estate is priced high – a good sign for investors!
4. Dubai Sports City (DSC)
DSC offers an immersive approach to urban living and is becoming a budget favorite among investors.
As the name suggests, it is a sports-oriented neighborhood with good schools, large housing, excellent road links and a variety of sports facilities. DSC caters to those looking to maintain a sports-oriented lifestyle, as the area is home to an abundance of parks, hiking trails, jogging and biking trails.
With some of the cheapest condominiums in real estate, from residential to retail, commercial and sports facilities, this community has everything you could want. In terms of location, the DSC is also next to Al Khail Road and Hessa Street which provides quick access to the other important parts of Dubai.
items in DSC have an average list transaction price of AED 633 psf. Although DSC is a fairly stable market with no significant growth of late, it remains an incredibly affordable place to invest in Dubai, with excellent performance reviews across the board.
5. SERENA
Serena is one of the most sought after communities to buy townhouses in Dubai. Developed by Dubai Properties, the flagship project offers affordable community living. The neighborhood is divided into three small communities, namely Casa Dora, Casa Viva and Bella Casa.
A relatively new development, the Serena property is designed with modern taste in mind. Another important reason for its popularity is its strategic location. Residents have quick access to areas like Downtown Dubai, Arab Farm and Sustainable City.
Townhouses in Serena Dubai are the ideal investment choice for buyers who prefer a quiet lifestyle while living close to the city.
- The asking price for the 2 bedroom townhouses in Serena is around AED 1.5 million.
- buyers will pay around AED 1.9 million for a 3 bedroom townhouse in Serena. Dubai
- 4 bedroom townhouses in Serena cost an average of AED 2.3 million.
- The ROI is 5.87%.
- DAMAC HILLS 2
DAMAC Hill 2 is also popular to buy cheap villas in Dubai. The area is a master project by DAMAC Properties and known for its wide open spaces and energy efficient villas. Homeowners in the area can enjoy a variety of amenities including hospitals, plenty of parking, a clubhouse, golf course and more.
- According to Bayut data, the 3 bedroom villas in DAMAC Hills 2 will cost around AED1.1 million on average.
- AED 1.5 million buyers can purchase a 4 bedroom villa at DAMAC Hills 2.
- 5 bedroom villas cost 1 AED on average.9M.
- 5.29% is the ROI of the villas in the area.
- DUBAI SOUTH
Dubai South is the next location on our list of affordable villas for sale in Dubai. The neighbourhood has increased in size and popularity swiftly, as it is home to Expo City (the Expo 2020 site), a Business Park, and Al Maktoum International Airport.
Dubai South is separated into eight sub-communities and can be reached from various regions of the emirate. This relatively new community provides a wide choice of facilities and amenities.
- The typical selling price of a 3-bedroom property in Dubai South is AED 1.3 million.
- For a 4 or 5-bed villa in the neighbourhood, prices might reach AED 2.6M and 3M.
- The ROI is at 6.84%.
Final Say
Despite its heritage as one of the world’s most expensive cities thanks to its luxurious living, world-class shopping, glitzy nightlife and towering skyscrapers, Dubai still has some hidden gems for thrifty shoppers.
Each of the neighborhoods listed above offers great amenities at an affordable cost. The point is, there’s no need to break your bank if you’re looking for the best investment in the UAE. As 2021 gives the property market a much-needed boost, now might be the time to consider investing in Dubai.
In fact, real estate crowdfunding platforms are making investing easier than ever.For example, SmartCrowd allows you to invest in any listed property from anywhere, regardless of your income. The platform always has pre-verified properties that cover a variety of investment needs. Also, you can invest in real estate in Dubai for as little as 500 AED, so you don’t have to be Richie Rich to get one!
