Welcome to the introduction to Dubai’s bustling real estate market, where you can locate profitable investment options or your dream waterfront residential house. If you’re thinking about buying property in Dubai, one of the most important questions to ask is, “How much salary is needed to buy a residential unit in Dubai?”.Whether you prefer ready-to-move-in properties or off-plan projects with local bank loans, our real estate brokers and agency in Dubai are here to guide you through the process.
Why Invest in Dubai Property?
Dubai is a preferred destination for both residents and investors, known for its reputation as one of the safest cities globally. With its crystal-clear seas along the Arabian Gulf, pleasant weather, and abundant employment and business opportunities, people from around the globe are drawn to this vibrant city. Moreover, Dubai’s successful handling of the Covid-19 pandemic, including a mass testing strategy and vaccination campaign, further adds to its appeal.
Our real estate agency in Dubai can provide you with the latest information on getting a mortgage in the city. We work closely with major banks like RAK Bank, Commercial Bank Dubai, and Dubai Islamic Bank to assist you in the mortgage process.
Dubai Property Sales
The Property sales in Dubai real estate market has been showing impressive numbers. The average sales prices in both the affordable and luxurious property sectors have experienced significant growth. Despite the increasing prices, Dubai remains one of the most desirable and reasonably-priced locations worldwide.
Popular areas for prospective buyers include family-friendly neighbourhoods like Jumeirah Village Circle, Arabian Ranches, The Springs, Dubailand, and DAMAC Hills 2. Those seeking a premium lifestyle gravitate towards Business Bay, Downtown Dubai, Palm Jumeirah, Dubai Marina, Dubai Silicon Oasis, Dubai Hills Estate, and Jumeirah Lake Towers.
Minimum Income to Purchase Property in Dubai
First-time expat purchasers normally need to put down 20% of the purchase price and borrow 80% of it through a mortgage in order to become property owners in Dubai. With a fixed interest rate of 3.5% and an Equated Monthly Income (EMI) of no more than 25%, the typical mortgage term is 25 years.
Apart from the down payment, there are upfront costs, including the Dubai Land Department Fee, DLD Admin Fee, Title Deed Insurance Fee, Mortgage Registration Fee, Mortgage Registration Admin Fee, Agency Fee, and Life insurance. Additional charges by the bank for mortgage processing may also apply.
Minimum Salary to Take Out a Loan
The income threshold to qualify for a loan varies based on the property’s location. Generally, most banks require applicants to have a minimum monthly salary of AED 15K (USD 4K). However, some banks may consider applicants with a salary of AED 10K (USD 2.7K). But keep in mind that obtaining a mortgage for particular regions or styles of homes can necessitate a higher pay.
Minimum Income to Buy Affordable Apartments in Dubai
For affordable apartments in areas like Jumeirah Village Circle, Jumeirah Lake Towers, and Dubai Silicon Oasis, a minimum monthly salary of AED 10K (USD 2.7K) is usually required. However, getting a mortgage with such income might be challenging. The average price for a 1-bedroom apartment in Jumeirah Village Circle is AED 665K (USD 181K).
Minimum Income to Purchase Luxury Apartments
Luxury apartments in sought-after areas like Downtown Dubai, Business Bay, and Dubai Marina typically require a minimum monthly salary of AED 12K to AED 18K (USD 3.3K to USD 5K) for approval. The average price for a 1-bedroom apartment in Downtown Dubai is AED 1.54M (USD 419K).
Minimum Income to Purchase Affordable Villas
For affordable villas in areas like DAMAC Hills 2, Dubailand, and Jumeirah Village Circle, a minimum monthly salary of AED 12K to AED 23K (USD 3.3K to USD 6.3K) is generally required. The average price for a 3-bedroom villa in DAMAC Hills 2 is AED 1.08M (USD 294K).
Minimum Income to Purchase Premium Villas
Premium homes in opulent locations such as Palm Jumeirah, Arabian Ranches, and Dubai Hills Estate often require a monthly salary of AED 50K to AED 172K (USD 13.6K to USD 47K). A 4-bedroom home in Palm Jumeirah costs an average of AED 15.6M (USD 4.2M).
How Can We Assist?
Our real estate brokers in Dubai have up-to-date market expertise and can help you find the ideal property that meets your budget and tastes. Our firm is ready to help you every step of the way, from acquiring relevant paperwork to guiding you through the full transaction procedure.We can also
help you secure a mortgage and provide information on Dubai visas. If you plan to invest in the Dubai property market, our property management services ensure a hassle-free experience, handling everything from finding tenants to managing income.
