how much to buy apartment in dubai

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    how much to buy apartment in dubai

    Dubai is a popular destination for real estate investment, but it can be challenging to determine the cost of buying an apartment in the city. The price of apartments in Dubai varies depending on factors such as location, size, age, and quality of the building.

    Location

    The location of the apartment is the most significant factor that affects its price. Apartments located in prestigious areas such as Dubai Marina, Downtown Dubai, and Palm Jumeirah are the most expensive. On the other hand, apartments located in less popular areas are more affordable.

    Size

    The size of the apartment is another factor that affects the price. A larger apartment will cost more than a smaller one. A two-bedroom apartment in Dubai costs on average between AED 1,500,000 to AED 4,000,000. A three-bedroom apartment costs on average between AED 2,500,000 to AED 8,000,000.

    Age of the Building

    The age of the building also affects the price of apartments in Dubai. Older buildings tend to be more affordable, while newer buildings are more expensive.

    Quality of the Building

    The quality of the building is another factor that affects the price of apartments in Dubai. Higher quality buildings with more amenities and better maintenance will cost more than lower quality buildings.

    Other Fees

    When buying an apartment in Dubai, it’s essential to consider other fees besides the purchase price. These fees include transfer fees, mortgage registration fees, and agency fees.

    Transfer Fees

    The transfer fee is a fee paid to the Dubai Land Department to transfer ownership of the property. The transfer fee is 4% of the property’s value.

    Mortgage Registration Fees

    If you’re taking out a mortgage to finance your apartment purchase, you’ll also have to pay mortgage registration fees. These fees typically range from 0.25% to 0.5% of the mortgage amount.

    Agency Fees

    Agency fees are fees paid to a real estate agency for their services in the buying process. These fees typically range from 2% to 5% of the property’s value.

    In conclusion, the cost of buying an apartment in Dubai depends on several factors, including location, size, age of the building, quality of the building, and other fees. To get an accurate estimate of the cost, it’s best to work with a local real estate agency.