Moving to Dubai? Find out what property you can buy with AUD 2million

Has Dubai captured your attention as you consider making a life change? For many Australians, the city presents a pleasing way of life with its sunlight, tax-free income sources, and luxurious amenities. Regarding property, nevertheless, Dubai’s market might appear confusing. For an investment of around AUD 2 million (AED 4.9 million), this article will dissect your choices for flats and villas throughout a range of budgets.

This article is based on Bayut’s 2023 Dubai Sales Market Report, which provides insights into property sales trends throughout the year. You can also search for UAE apartments on Bayut or villas to explore more options throughout the UAE.

Here’s a quick summary of Dubai’s property market performance in 2023

• Overall Growth: Across all categories—luxury, mid-tier, and affordable—property prices for apartments and villas in Dubai have shown an increasing tendency.

• Price Increase Range: Affordable houses witnessed hikes of up to 17%; mid-tier properties climbed from 4% to 22%, and luxury properties had jumps in the average sales price per square foot of up to 21%.

• Transaction Volume: With a combined value of AED 409.8 billion (AUD 167 billion), There were 132,628 sale transactions in Dubai overall in 2023.

Let us now look into popular locations for purchasing villas and flats in Dubai. This will clarify where in the Dubai property market your AUD 2 million may take you.

Apartments Under AUD 2 Million

Several localities provide a variety of apartments to different purchasers’ requirements:

• International City: This diverse neighbourhood specialises in clusters with a rural character and provides a range of reasonably priced flats. Perfect for anybody who values a vibrant expat community and affordability.

– Average price per square foot: AED 583 (AUD 237)

– Average price of 1BHK: AED 403,000 (AUD 164,226)

– Average price of 2BHK: AED 792,000 (AUD 322,747)

– ROI: 8.10%

• Dubai Residence Complex: Easy access to schools and stores along with a strong return on investment. Families may live conveniently in this residential complex.

– Average price per square foot: AED 676 (AUD 275)

– Average price of 1BHK: AED 554,000 (AUD 225,760)

– Average price of 2BHK: AED 730,000 (AUD 297,481)

– ROI: 7.90%

• Dubai Production City (IMPZ): Industrial location with a strong return on investment, especially for investors interested in light manufacturing or warehousing.

– Average price per square foot: AED 926 (AUD 377)

– Average price of 1BHK: AED 706,000 (AUD 287,701)

– Average price of 2BHK: AED 1,080,000 (AUD 440,110)

– ROI: 7.32%

• Jumeirah Village Circle (JVC): The most sought-after neighbourhood for mid-range flats with a family-friendly atmosphere and convenient access to Sheikh Zayed Road. JVC strikes an excellent mix of features and price.

– Average price per square foot: AED 1,016 (AUD 414)

– Average price of 1BHK: AED 778,000 (AUD 317,042)

– Average price of 2BHK: AED 1.19 million (AUD 484,936)

– ROI: 8.48%

• Dubai Silicon Oasis: Provides a great return on investment in a business centre and coworking space. Perfect for investors seeking a contemporary, technologically oriented community.

– Average price per square foot: AED 676 (AUD 275)

– Average price of 1BHK: AED 489,000 (AUD 199,272)

– Average price of 2BHK: AED 829,000 (AUD 337,825)

– ROI: 9.07%

• Jumeirah Lake Towers (JLT): A busy nightlife scene and beautiful lake vistas characterise this lively neighbourhood. JLT provides convenient access to dining and entertainment alternatives along with a multicultural culture.

– Average price per square foot: AED 1,183 (AUD 484)

– Average price of 1BHK: AED 1.05 million (AUD 427,884)

– Average price of 2BHK: AED 1.61 million (AUD 656,090)

– ROI: 8.57%

• Dubai Marina: An opulent waterfront community with outstanding residences, fine-dining restaurants, and breathtaking views of the city. Perfect for those looking for an opulent lifestyle investment.

– Average price per square foot: AED 1,737 (AUD 710)

– Average price of 1BHK: AED 1.46 million (AUD 597,263)

– Average price of 2BHK: AED 2.38 million (AUD 973,621)

– ROI: 7.15%

• Downtown Dubai: Burj Khalifa and Dubai Mall are two famous sites in the upscale downtown of Dubai. Even though Downtown Dubai provides an opulent lifestyle, its cost and return on investment are greater.

– Average price per square foot: AED 1,825 (AUD 743)

– Average price of 1BHK: AED 2.1 million (AUD 855,769)

– Average price of 2BHK: AED 3.5 million (AUD 1.42 million)

– ROI: 6.21%

• Palm Jumeirah: Exquisite man-made island well-known for its distinctive palm tree form and well-known inhabitants. Although Palm Jumeirah has a hefty price tag and a modest return on investment, its seaside location and private atmosphere provide the height of luxury living.

– Average price per square foot: AED 2,450 (AUD 998)

– Average price of 1BHK: AED 3.2 million (AUD 1.3 million)

– Average price of 2BHK: AED 4.8 million (AUD 1.95 million)

– ROI: 6.85%

Villas Under AUD 2 Million

Dubai has a range of villa communities if you want a stand-alone house with its own outside space:

• Dubailand: This large region has several reasonably priced, family-friendly villa complexes. Explore many communities with decent facilities, balancing cost with a pleasant way of living.

– Average price of 3BHK villa: AED 2.5 million (AUD 1.01 million)

– ROI: 7.43%

• Mohammed bin Rashid City (MBR City): At Mohammed bin Rashid City (MBR City), experience opulent life. Look into upscale neighbourhoods like Dubai Hills Estate or Dubai Hills Grove. Ideal for someone looking for a classy lifestyle with upscale facilities.

– Average price of 3BHK villa: AED 5 million (AUD 2.03 million)

– ROI: 6.52%

• Jumeirah Golf Estates: Jumeirah Golf Estates offers opulent homes along with breathtaking views of the golf course. Conscience purchasers looking for an exceptional golfing experience are catered to by this exclusive neighbourhood.

– Average price of 3BHK villa: AED 4 million (AUD 1.63 million)

– ROI: 6.31%

Important Considerations For Australian Buyers

• Additional Costs: When you examine your budget, keep in mind other expenses include registration fees, service charges, and possible improvements.

• Market Fluctuations: Prices in the dynamic Dubai property market may change. It is smart to research market conditions before making a decision.

• Investment Goals: Are you searching for a rental, vacation, or main residence? Knowing your objectives can help you decide on the appropriate site and kind of property.

Conclusion

Having an AUD 2 million budget, the Dubai property market offers a broad spectrum of choices. There is something for every taste and way of life, from lavish villas in developed communities to moderately priced apartments in growing locations.

Disclaimer: This content is intended to provide basic recommendations only and does not represent professional financial advice. Before making any investment choices, get advice from a licensed financial adviser.

Frequently Asked Questions

Q1. Financing Options: Can foreigners get mortgages in Dubai?

A: Foreigners can get mortgages in Dubai, indeed! Loans are available to expatriate residents and non-resident investors, however down payment requirements and interest rates may vary from those provided to UAE citizens. To identify the greatest match for your circumstances, investigate mortgage possibilities presented by many banks in Dubai.

Q2. Rental Yields: What kind of rental income can I expect?

A: The kind of property, location, and present state of the market will affect the rental returns in Dubai. Apartments sometimes provide better returns than villas generally. Although the paper did not provide exact numbers, throughout Dubai typical rental returns should run between 5% and 9%.

Q3. Freehold vs. Leasehold: What type of ownership will I have?

A: Two basic choices for property ownership available from Dubai are freehold and leasehold. Like buying a house back home, freehold gives you total ownership of the land and property. A leasehold offers you ownership rights for a certain term, usually between 50 and 99 years. While leasehold choices are more common, most freehold properties are found in certain specified regions. See a real estate agent to learn the particular ownership arrangements for the homes you are considering.

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