According to Mercer’s Cost of Living Survey, Dubai is ranked #42 in terms of cost of living in 2021, making it more affordable than cities such as San Francisco, London, and Paris. However, the location of your residence in Dubai can significantly impact the overall cost of living in the city. For example, a 1-bedroom apartment in the center of Dubai may cost AED 8.5K (USD 2.3k) per month to rent, while a property located further away could cost around AED 4.6K (USD 1.5K) per month. Additionally, monthly living expenses, which include utilities, transportation, groceries, and leisure activities, can amount to approximately AED 3.2K (USD 950) for one person, and around AED 11.8K (USD 3.2K) for a family of four. Health insurance is generally provided by an employer or sponsor in Dubai, so you do not need to worry about additional medical expenses.

Selling property in Dubai is a straightforward process with the assistance of a skilled real estate agent. To begin, you will need to sign a “FORM A” to formally mandate the broker and marketing of your property with the chosen agent. Once the form has been submitted to the Dubai Land Department’s Trakheesi system and approved, your property will be advertised on various platforms, both online and offline. Once you have found a buyer, you will need to sign a Memorandum of Understanding, or “FORM F”, which is a legally binding contract between the seller and the purchaser. An NOC letter from the developer is also required during the selling process, which may take 5-7 days to be issued. The final step in completing the sale is the transfer of ownership, for which you will need to provide the MOU, NOC, copy of the title deed, a check to the seller, 4% DLD fee, and a copy of your original passport with a valid visa or Emirates ID.

To sell off-plan property in Dubai, there are certain restrictions that developers put in place to regulate these transactions. In most cases, a resale is permitted once the buyer has paid a minimum of 30-40% of the total property value, and the payment plan can be transferred to the new owner. With the help of a skilled real estate broker, you can begin searching for a potential buyer once you have paid the minimum required amount and obtained approval from the developer. The buyer and seller must finalize the terms, price, and contracts, as well as obtain an NOC in order to register the new buyer. Once the transfer is complete, the new owner will take over any remaining payments. It is important to note that the new purchaser is responsible for paying the 4% DLD Transfer Fee, even if it has already been paid by the initial buyer.

Rewritten: If you’re looking to invest in the Dubai real estate market, there are plenty of options available to fit any budget. In the first half of 2021, the most affordable communities in Dubai included Dubai International City, Jumeirah Lake Towers, Jumeirah Village Circle, International City, and Dubai Sports City. Prices per square foot in these areas ranged from AED 447 to 870 (USD 121 to 236), with an average return on investment of 6.5%. For those on a lower budget, taking out a loan may be a good option, as the UAE offers loan-to-value ratios of 75% for properties worth less than AED 5 million (USD 1.36 million). Many developers also offer attractive post-handover payment plans, where buyers typically pay 40-50% of the property value in installments during construction, with the remainder to be paid in the years following handover.