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At the other end of the spectrum, residents who have been renting, especially singles or young professionals, and are looking to get on the property ladder as a response to the rampant inflationary increases look to flats as a cheaper alternative to the larger villa option.
With the different areas of New Dubai increasingly coming online from the beginning of the year and projects around key developments being announced regularly, investors are face with a glut of possible choices.
'Popular areas at the moment include Dubai Marina, Old Town and Downtown, Palm Jumeirah, Jumeirah Beach Residences and The Greens,' says Deirdre Oosthuizen, Sales Manager at Better Homes.
'In terms of which area is the most popular, it depends on the client's needs and expectations. An investor looks for different things to an end user, and of course budget plays a role.'
One of the key things to consider when looking to buy an apartment are the facilities that are offered in the complex.
As opposed to villas, where owners usually benefit from extra private grounds at the expense of amenities or where extras such as swimming pools are shared with other properties in the compound, people looking to buy apartments can shop around for the maximum offered, or best-appointed, resources.
'Swimming pools, gyms, steam rooms and saunas and children's play areas are all fairly standard,' agrees Oosthuizen.
Less financial outlay
Financially, once the initial investment has been finalised, apartments are generally less expensive to run than villas. Beyond the registration fee with the Land Department there is usually only the annual maintenance fee that needs to be paid. Due to comparative size and the advantage of block insulation, this comes in as a cheaper option to owning a villa.
Because they cost less to run, apartments are also considered particularly good choices for people who want to subsidise, or cover, mortgage payments by renting the property out.
With the Dubai rental market is still going through its boom phase, apartments are an increasingly popular choice for professionals looking for short to medium term options.
'Dubai Marina, Jumeirah Lake Towers and the Greens are all very popular because they have good access, transport links, are close to a lot of business and industrial areas (Dubai media city, Dubai internet city and Jebel Ali), and very central in terms of lifestyle offering,' says Oosthuizen. 'These areas attract mainly professionals and those relatively new to Dubai.'
Established developers
Similarly, for both those looking for buy-to-let and buy-to-live options the larger developers are still among the most popular: 'Properties in the master planned communities from Emaar, Nakheel and Dubai Properties are very much in demand. The ready availability of finance [often the paperwork can be sorted onsite] makes them even more popular.'
The other factor for those considering buy-to-let options is the apartment's availability to be rented out. New properties can be rented straight away, at a price chosen by the landlord in line with market estimates - which are mushrooming all the time.
Pre-existing properties can have tenants already present. If this is the case Dubai's property laws forbid the eviction of the tenants without valid reason.
Staff Reporter
