How much does apartment cost in Dubai?

Property prices in Dubai

Property prices in Dubai vary, which is natural for such a growing market. The value of flats in Dubai can vary depending on a number of factors, including location, distance to attractions in Dubai, size, standard and available amenities. There is also a significant difference between the prices of flats on the secondary market and the primary market. Additionally, the type of property, whether it be a flat, villa or penthouse, has an impact on the price. Understanding these differences allows investors to make a more informed choice when searching for the right property in Dubai.

Residential prices in Dubai over the past few years

The Dubai property market has undergone a transformation in terms of prices over the past decade. What influences the price of a flat in Dubai? In recent years, particular price fluctuations could be seen during the coronavirus pandemic and also when Russia attacks Ukraine in 2022.

In 2012, the average price of a property was AED 9264 per square metre, but already in 2014 there was an increase, with the price reaching AED 12223 per square metre. Thereafter, we saw a period of alternating price increases and decreases for several years until 2021, when pandemic factors caused the average price to drop to AED 10437 per square metre.

However, 2022 brought a significant change. As a result of the sudden influx of migrants to Dubai, the property market experienced a surge in prices. The average price per square metre rose as high as AED 14041. For those considering investing in a flat in Dubai, understanding these price changes can be key to making informed decisions.
 

The cost of living in Dubai

The cost of living in Dubai can vary, depending on a number of factors. What are the prices of flats in Dubai? This is a question that is on the minds of many potential buyers. Currently, the Dubai property market offers a variety of options, both in terms of location and standard of flats. Therefore, it is advisable to research the market thoroughly and consult our Dubai real estate agency before making a decision.

Average cost of buying a flat in Dubai

The average cost of buying a flat in Dubai is an important consideration for investors. How much does a flat cost in Dubai in 2024? Currently, the average price per square metre of a flat in Dubai is AED 16118. However, it is worth bearing in mind that the price can vary depending on the location, standard and available amenities.

Transaction costs when buying a flat in Dubai

Transaction costs when buying a flat in Dubai are an important factor to consider when planning your property budget. The Dubai Land Department (DLD) imposes several fees that are not included in the net sale price of a property. These hidden expenses can significantly impact your budget. They include:

• 4% transfer fees
   
• mortgage registration fee (if a loan is taken out)
   
• a registration trustee meeting fee that varies with the type of transaction
   
• Dubai Electricity and Water Authority (DEWA) fees varying according to the type and size of the property
   
• an agency fee if you use a real estate agency such as Two Continents
   
• registration fee, which is AED 4,000 above the sale price of AED 500,000 or AED 2,000 below the sale price of AED 500,000
   

Questions and answers (FAQs)

1. What are the prices of flats in Dubai?

The value of flats in Dubai can vary depending on several factors, including location, size, standard and available amenities. In 2012, the average price of a property was AED 9264 per square metre, but by 2022 there was an increase, with the price reaching AED 14041 per square metre.

2. What influences the price of housing in Dubai?

In recent years, the change in the price of housing in Dubai has been influenced by the coronavirus pandemic, as well as the influx of migrants caused by Russia's attack on Ukraine in 2022.

3. How much does it cost to live in Dubai in 2024?

Currently, the average price per square metre of a flat in Dubai is AED 16118.