Dubai, the gem of the United Arab Emirates, never fails to enthral the world real estate market with its audacious plans and opulent offers. Dubai offers an unmatched chance for Indian investors wishing to include foreign properties in their portfolios. Covering both apartments and villas, this article explores some of the most famous projects that are ideal for smart Indian investors. It also offers a thorough rundown of the Dubai property purchase costs and processes related to buying real estate.
Let us now look at some of the most famous projects that need to be on the radar of every Indian investor. The data is taken from Bayut, a leading property portal in the UAE. Use it to search for different properties and other helpful insights.
Iconic Apartment Projects
1. Binghatti Hills
Redefining luxurious living in Dubai Science Park is Binghatti Hills. This development is a city within a city with 1,666 residential units and 21 retail spaces. Binghatti Hills’ prime position in Dubai Science Park presents Indian investors with a great chance to participate in Dubai’s expanding knowledge economy. Further details about the project:
- Developer: Binghatti Developers
- Location: Dubai Science Park
- Property Types: Studio, 1 and 2-bedroom apartments
- Status: Under construction
- Tentative Handover: Q3 2026
- Studio Starting Price: AED 659,000 (approx. INR 1.49 crore)
- Payment Plan: 20% down payment, 50% during construction, 30% on handover
Key features include:
- Private beach, a rare amenity
- Zen gardens perfect for relaxation and meditation
- Extensive sports facilities
2. Six Senses Residences Dubai Marina
As the highest residential structure in the world, the Six Senses Residences in Dubai Marina is evidence of Dubai’s aspirations. Indian investors seeking ultra-luxury residences with excellent capital appreciation potential would find this project to be perfect. Further details about the project:
- Developer: The Select Group and Six Senses
- Location: Dubai Marina
- Property Types: 2 to 4-bed apartments, penthouses, and Sky Mansions
- Status: Off-plan
- Tentative Handover: Q3 2028
- 2 BHK Starting Price: AED 5.75 million (approx. INR 13.07 crore)
- Payment Plan: 5% down payment, 35% during construction, 60% on handover
Key features include:
- 122 floors of unparalleled luxury
- Breathtaking views of Bluewaters Island and Palm Jumeirah
- Six Senses spa and wellness centre
3. VALO
VALO stands out with its focus on sustainability and modern living. For environmentally-conscious Indian investors, VALO represents an opportunity to invest in the future of sustainable urban living. More details about the project:
- Developer: Emaar Properties
- Location: Dubai Creek Harbour
- Property Types: 1 to 3-bedroom apartments
- Status: Under construction
- Tentative Handover: Q3 2028
- Starting Price: AED 1.6 million (approx. INR 3.6 crore)
- Payment Plan: 10% down payment, 80% during construction, 10% on handover
Key features include:
- Water conservation measures
- Sun protection systems
- Intelligent lighting solutions
Iconic Villa Projects
1. ATHLON
ATHLON offers a unique blend of athletic and residential spaces, catering to those who prioritise an active lifestyle. For Indian investors looking to tap into Dubai’s growing sports and wellness sector, ATHLON presents an exciting opportunity. Details about the project:
- Developer: Aldar Properties and Dubai Holding
- Location: Dubailand
- Property Types: 3 to 6-bedroom townhouses and villas
- Status: Off-plan
- Tentative Handover: May 2028
- Starting Price: AED 2.8 million (INR 6.36 crore)
- Payment Plan: 5% down payment, 55% during construction, 40% on handover
Key features include:
- Four themed parks: Adventure, Play, Wellness, and Valley
- Over 10 kilometres of tracks and trails
- Seven clubhouses with state-of-the-art facilities
2. Karl Lagerfeld Villas
These fashion-inspired villas offer a rare opportunity to own a piece of the iconic designer’s legacy. For high-net-worth Indian investors seeking exclusivity and potential for significant capital appreciation, the Karl Lagerfeld Villas is an unmatched opportunity. Further details about the project:
- Developer: Taraf Holding
- Location: Meydan
- Property Types: 5 to 7-bedroom villas
- Status: Under construction
- Tentative Handover: Q2 2027
- 5 BHK Starting Price: AED 14.85 million (approx. INR 33.7 crore)
- Payment Plan: 10% down payment, 50% during construction, 40% on handover
Key features include:
- 51 luxurious residences ranging from 7,769 to 18,870 sq. ft.
- Two distinctive facade designs: Soft Modern and Urban Modern
- Interiors inspired by Karl Lagerfeld’s Parisian home
3. Autograph Collection
This collection of 50 bespoke villas caters to investors with a taste for customised luxury. For Indian investors looking for a blend of exclusivity and community living, the Autograph Collection offers an enticing proposition. Project details:
- Developer: DAMAC Properties
- Location: DAMAC Hills
- Property Types: 4 to 7-bedroom villas
- Status: Off-plan
- Tentative Handover: Q2 2027
- Starting Price: AED 7.35 million (approx. INR 16.7 crore)
- Payment Plan: 24% down payment, 36% during construction, 40% on handover
Key features include:
- 14 unique villa styles to choose from
- Premium materials sourced from Italy, Greece, Spain, and beyond
- Exquisite marble, luxurious wood, and refined metal finishes
The Process of Buying Property in Dubai
The process of buying property in Dubai typically involves the following steps:
- Property selection and due diligence
- Negotiation and agreement on terms
- Signing a Memorandum of Understanding (MoU)
- Obtaining a No Objection Certificate (NOC)
- Paying a 10% deposit (usually held in escrow)
- Obtaining mortgage approval (if required)
- Transferring the property at the Dubai Land Department
- Final payment and key handover
For Indian investors, it’s important to note that the UAE government allows foreign ownership in designated freehold areas. Additionally, investors should be aware of the potential tax implications in India on rental income or capital gains from Dubai properties.
Costs Involved in Buying Properties in Dubai
For Indian investors, understanding the total cost of property acquisition in Dubai is also crucial. The overall expense typically ranges from 7% to 10% of the property price, encompassing various fees and charges:
1. Government and Administrative Fees:
- Dubai Land Department (DLD) Fee: 4% of the property’s purchase price
- Property Registration Fee:
Properties below AED 500,000 (INR 1.13 crore): AED 2,000 (INR 45,464) + 5% VAT
Properties above AED 500,000(INR 1.13 crore): AED 4,000 (INR 90,929) + 5% VAT
- Mortgage Registration Fee (if applicable):25% of the mortgage amount + AED 290 (INR 6,592)
- Title Deed Issuance Fee: AED 250 (INR 5,683) + AED 290 (INR 6,592) admin fee
2. Agent and Brokerage Fees:
- Real Estate Agent Commission: Generally 2% of the purchase price + 5% VAT
- Conveyance Fees: AED 5,000 – 10,000 (INR 1.13 lacs – 2.27) (for legal transfer and documentation services)
3. Bank and Mortgage-Related Costs:
- Mortgage Arrangement Fee: Typically 1% of the loan amount + 5% VAT
- Property Valuation Fee: AED 2,500 – 3,500 (INR 56,831 – 79,563) + 5% VAT
- Life Insurance: Mandatory for mortgage holders, typically 0.4-0.8% per annum on the decreasing loan balance
4. Property Maintenance and Additional Fees:
- Annual Service Charges: Varies by property and community, typically AED 10-20 (INR 227-454) per sq. ft. for apartments and AED 3-5 (INR 68-113) per sq. ft. for villas
- DEWA (Electricity and Water) Connection: AED 2,000 (INR 45,464) for apartments, AED 4,000 (INR 90,929) for villas
- Chilled Water Deposit (if applicable): AED 1,000 – 3,000 (INR 22,732 – 68,197)
5. Insurance Costs:
- Home and Contents Insurance: Approximately AED 1,000 (INR 22,732) annually, though this can vary based on property value and contents
Conclusion
Dubai’s real estate market offers a diverse range of iconic projects that cater to various preferences and investment strategies. By understanding the costs, processes, and market dynamics involved, Indian investors can make informed decisions and capitalise on the lucrative opportunities that Dubai’s property market presents. As always, it’s advisable to conduct thorough due diligence, possibly engage local legal and financial advisors, and consider long-term market trends before making any investment decisions.
Frequently Asked Questions
Q: Can I get a residency visa by investing in Dubai property?
A: For AED 2 million (INR 4.54 crore), you can buy real estate in the UAE and obtain a 10-year Golden Visa. Buying property for AED 750,000 (1.7 crore) is another way to obtain a two-year residence visa.
Q: How does the rental yield in Dubai compare to major Indian cities?
A: Rental yields in Dubai are higher than those in other large Indian cities. Whereas good locations in Mumbai or Delhi might yield 2-4% in rental yields according to Assetmonk, Dubai can yield 5-8% according to Bayut’s 2023 sales report, depending upon the kind of property and location.
Q: Are there any restrictions on the repatriation of rental income or capital gains to India?
A: Transferring money from Dubai back to India is unrestricted. You must, however, report this income in India and might be subject to taxes under the country’s tax laws. For the most recent details, speak with a tax expert.
