Dubai Marina is an exclusive area and one of the most popular real estate investment locations in the emirate. Over the years, major investors have chosen this area for a number of important reasons. In this article, we will look at the top seven reasons to invest in cheap property in Dubai Marina and some of the sales statistics in the area.
Property in Dubai Marina
Here are the reasons that will make you think about purchasing housing in Dubai Marina:
- Location. The district's prime placement in the city's center is its finest feature. This region is near well-known locations including Palm Jumeirah, the Internet City, and the Media City, and is situated on the Persian Gulf coast. The area is also adjacent to important roads like Sheikh Zayed Road and Al Khail Road.
- Large ROI. The ROI on real estate investments in the area is quite high. The region is renowned for its stunning sea panoramas and upscale construction. Additionally, the neighborhood is bustling and draws a lot of tourists because of its position, which might result in substantial rental income.
- Low tax rates. The emirate is well recognized for having extremely cheap taxes, which draws a lot of investors. The local property tax rate is similarly low. This implies that investors can obtain significant returns on their capital without incurring excessive tax liabilities.
- Strong price increases. In the emirate, real estate costs often increase consistently. This is brought on by the region's ongoing influx of new people and visitors, the infrastructure's progressive development, and the custom of routinely renovating buildings and other structures.
- Safety. Dubai Marina is no exception to the fact that Dubai is one of the safest cities in the world. Because of the great degree of security in this location, investors find it alluring.
- Constructed infrastructure. The infrastructure in the community is remarkable. Along with big retail malls and entertainment complexes, there are a lot of stores, eateries, and cafés. There are also plenty of public parks and recreation areas nearby.
- Diversity. Finally, it is a region where investors have a range of real estate choices. Both spacious, opulent apartments and relatively affordable housing alternatives are available here. As a result, investors may pick a home that fits their demands and budget.
Many investors find investing in real estate in Dubai Marina to be an appealing alternative. The primary factors influencing why real estate investors pick this region for making investments in residential assets are its location, high salaries, cheap taxes, growing prices, security, established infrastructure, and variety.
Sales statistics for property investments in Dubai
This year, the real estate market in the area continues to grow and attract the attention of potential investors and buyers. Below are real estate sales statistics in the area for the first half of 2023.
- On average, the price per square meter of real estate in Dubai Marina is approximately AED 1600-2000. However, depending on the category of housing, the cost can vary significantly. So, the price per square meter of an apartment with a sea view can be much higher than for some other properties.
- During the first quarter of this year, property sales in the district grew by 15% compared to the same period last year. This is a fairly positive indicator, especially given the situation with the overcoming of the consequences of COVID-19.
- The most popular type of property in the district is apartments. Almost 80% of all sales relate to this type of housing. This is due to the fact that the district offers a wide range of apartments of various sizes and prices, which ensures high demand from buyers.
- Most buyers prefer to buy property in the emirate for cash. This is due to the fact that, because of the instability of the global economy, cash automatically provides capital protection and guarantees the safety of investments.
- The average time to conclude a deal to buy property in the emirate is about 45-60 days. This is due to the fact that the procedure for processing a transaction is quite complicated and requires a lot of formalities.
- Due to the COVID-19 epidemic and related restrictions, the number of foreign investors who buy property in Dubai Marina has decreased. Later on, however, when more people from all over the world were drawn in by the successful government initiatives, this negative effect was largely countered by rising demand. The market appears to be recovering at the moment, and the quarterly volume of transactions is larger than it was before to the epidemic.
- The district had an average price of AED 1.7 million for each flat sold during the first quarter of 2023. The real estate market does, however, also provide options at lesser amounts, such as studios and one-room flats.
According to data on real estate transactions in the Dubai Marina during the first quarter of 2023, demand for properties in the area has been steadily increasing. Each potential buyer may discover the ideal house alternative thanks to the diversity of options and the inexpensive prices.
Real estate in Dubai
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The selection of real estate on the website provides greater transparency, as well as many opportunities to compare properties according to various parameters, such as price, location, area, and other characteristics. The site also offers detailed descriptions of each property, and photo and video materials, which allows you to get acquainted with the housing in more detail before viewing it.
Using the filtering function on the site, you can easily select properties that meet the selected criteria. The ability to view through the map helps to determine the location of the housing and its distance from important infrastructure. Go to the website and try it out!