Dubai's robust real estate market has long served as a beacon of opportunity for investors from all over the globe, including Zimbabwe. Zimbabwean nationals looking to diversify their portfolios and take advantage of the city's remarkable growth will find the emirate to be an enticing location due to its variety of amenities and favourable investment potential. This article explores the best areas in Dubai for Zimbabweans looking to invest in affordable apartments and villas.
Factors Attracting Zimbabwean Investors to Dubai:
Stable Currency: The stability of the United Arab Emirates Dirham (AED), which is pegged to the US dollar, is one of the key reasons Zimbabwean investors are drawn to Dubai.
Favourable Investment Environment: For Zimbabwean nationals, Dubai's pro-business policies such as 100% ownership in designated freehold areas, tax-friendly regulations (absence of property taxes and capital gains tax on residential property sales), and strong infrastructure make an ideal investment environment.
Attractive Rental Yields: According to the 2023 Dubai sales report by Bayut, Dubai provides affordable apartments and villas with rental returns ranging from 4% to 8%.
Benefits like Golden Visa: Investing a certain amount (over AED 2 million or USD 544,514) can grant you a multi-entry Visa for up to 10 years. Details about the Golden Visa can be found on the official UAE government portal.
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Top Communities with Affordable Apartments
International City
International City is a top choice for Zimbabwean investors looking to buy affordable apartments in Dubai. The region had a 15.5% increase in price per square foot, an average of USD 159 (AED 583), according to Bayut's Dubai Sales Market Report 2023. International City provides a variety of studio, one-bedroom, and two-bedroom apartments that cater to different investment requirements, with an average transaction price of USD 104,329 (AED 383,200), up 5.22% from the previous year.
The region is a desirable choice for end users as well as investors due to its handy location, well-developed infrastructure, and facilities. International City also offers a projected rental return of 8.10%, making it appealing to Zimbabwean buy-to-let investors.
Dubai Residence Complex
For Zimbabwean investors looking for reasonably priced apartments in Dubai, Dubai Residence Complex has become a good choice. In 2023, the average price per square foot in the region increased by 7.32% to USD 184 (AED 676). The average transaction price for apartments was USD 152,410 (AED 559,800), a 16.5% increase over the prior year.
Dubai Residence Complex offers a variety of choices for Zimbabwean investors with different budgets, with studio apartments costing around USD 112,170 (AED 412,000), one-bedroom units at USD 150,830 (AED 554,000), and two-bedroom apartments averaging USD 198,750 (AED 730,000) according to the report from Bayut. The location is a desirable place to invest since it also has an anticipated rental return of 7.90%.
Dubai Production City (IMPZ)
For Zimbabwean investors looking for reasonably priced apartments in Dubai, Dubai Production City (IMPZ) has shown to be a good alternative. The average price per square foot in the neighbourhood increased by 9.18% in 2023 to USD 252 (AED 926). With an average sale price of USD 184,900 (AED 679,142), apartments in IMPZ saw a notable 49.2% increase over the prior year.
With studio apartments starting at USD 100,190 (AED 368,000), one-bedroom units at USD 192,213 (AED 706,000), and two-bedroom flats averaging USD 294,037 (AED 1,080,000), IMPZ provides a wide variety of possibilities for Zimbabwean investors with varied budgets. The area's estimated rental return of 7.32% makes it an attractive investment.
Investors from Zimbabwe have a plethora of affordable apartment alternatives in Dubai! While Dubai Residence Complex has a variety of studios, and one- and two-bedroom apartments at reasonable costs, International City has the most affordable studios. Dubai Production City provides a range of apartments with reasonable rental yields for those looking for a developing neighbourhood with strong investment possibilities.
Top Communities with Affordable Villas
DAMAC Hills 2
Zimbabwean investors looking for reasonably priced villas have shown a great deal of interest in DAMAC Hills 2, an established development in Dubai. The region had a 10.7% rise in price per square foot in 2023, with an average of USD 202 (AED 743), according to Bayut's Dubai Sales Market Report 2023. In DAMAC Hills 2, the average transaction price for villas was USD 366,894 (AED 1,347,601).
DAMAC Hills 2 provides Zimbabwean investors with a choice of alternatives for different budgets. Three-bedroom villas start at around USD 359,924 (AED 1,322,000), four-bedroom houses at USD 454,397 (AED 1,669,000), and five-bedroom villas at an average of USD 528,178 (AED 1,940,000). The region is more appealing as an investment location due to its estimated 6.68% rental return.
Dubailand
Zimbabwean investors looking for reasonably priced villas are increasingly turning to Dubailand, a large master-planned community in Dubai. In 2023, the average price per square foot in the region was USD 281 (AED 1,034), a 14.2% increase from 2022. Dubailand's average transaction price for villas was USD 557,988 (AED 2,049,491).
Zimbabwean investors may choose from a variety of budgets at Dubailand, which offers three-bedroom villas for around USD 584,263 (AED 2,146,000), four-bedroom apartments for USD 722,298 (AED 2,653,000), and five-bedroom villas for an average of USD 1,308,195 (AED 4,805,000). The region has a predicted 7.22% rental return, making it ideal for buy-to-let investors.
Dubai South
Zimbabwean investors looking for reasonably priced villas have taken a keen interest in Dubai South, a fast-growing suburb in Dubai. Prices per square foot increased by 16.9% in the region, averaging USD 227 (AED 835) in 2023. In Dubai South, the average transaction price for a villa was USD 469,808 (AED 1,725,605).
For Zimbabwean investors with a variety of budgets, Dubai South offers three-bedroom villas for around USD 449,496 (AED 1,651,000), four-bedroom apartments for USD 667,8461 (AED 2,453,000), and five-bedroom villas for an average of USD 938,742 (AED 3,448,000). The area's estimated rental return of 6.71% adds to its desirability as an investment location.
In summary, budget-friendly villas with strong rental yields are available in DAMAC Hills 2. Investors looking for better rental income are drawn to Dubailand because it offers a greater selection of homes at different price points. Finally, mid-range villas with respectable rental returns may be found in Dubai South, a region that is expanding and has significant potential for future expansion.
Conclusion
The real estate market in Dubai provides investors with a wide array of choices, including reasonably priced apartments and villas. This article has featured several attractive locations based on cost, rental returns, and capital growth potential. Before making any investment choices, make sure you do further research and speak with a knowledgeable real estate expert. A specialist can provide tailored advice based on your unique situation and investing objectives since market patterns are subject to change.
Frequently Asked Questions
Q: Can Zimbabweans buy freehold property in Dubai?
A: Yes, Zimbabweans may buy freehold property in selected regions like Jumeirah Village Circle (JVC), Discovery Gardens, International City, and more throughout Dubai.
Q: What documents do I need as a Zimbabwean to buy property in Dubai?
A: This might vary based on the particular property and transaction, but common requirements include bank statements, proof of money, passport, and visa.
Q: What are the typical steps involved in buying property in Dubai?
A: Generally, the procedure includes expressing interest, making an offer, signing a Memorandum of Understanding (MoU), doing due diligence, finalising the sale agreement, registering with the DLD, and property handover.