Dubai, renowned for its amazing skyscrapers and extravagant lifestyle, boasts a dazzling real estate market. With its lavish penthouses and grand apartments, Dubai offers a world of luxury for buyers like you.
However, with over a thousand penthouses available in Dubai, it is hard to find the best option catering to your preferences and budget. But not anymore, as thisarticle will guide you through everything you need to know to buy a luxury penthouse in Dubai.
Let’s first start with the cost of a luxury penthouse in Dubai.
How Much Does A Luxury Penthouse Cost in Dubai?
A luxury penthouse in Dubai can range from AED 70 million to well over AED 220 million. For instance, a penthouse at One Palm Jumeirah sold for AED 240 million.
The cost per square foot in hot areas like Downtown Dubai generally ranges between AED 2,500 to AED 4,500. One Palm Jumeirah and 8 Boulevard Walk stand tall as the most premium areas with elite amenities and panoramic views.
Palm Jumeirah is the most exclusive and expensive neighborhood in Dubai, with properties selling for tens of millions of dirhams. This area is also home to billionaires and celebrities from around the world.
Top 5 Reasons to Invest in a Dubai Penthouse
Exceptional Investment Potential
The average return on investment (ROI) in Dubai varies between 6% and 10%. However, prime residential properties in Dubai saw an impressive 17.4% return from March to December in 2023.
No Capital Gains Tax & Investor Friendly Policies
Investing in Dubai’s real estate market does not only give remarkable ROI, but it also offers the highest rental yields with no income tax.
You are also exempted from the capital gains tax and inheritance tax when you buy any property in Dubai. This makes it one of the friendliest places to invest in the world.
Upward Market Trends
In 2023, the average ROI was between 6% to 10%, outpacing the global average of 2.5%. However, as the Savills predicts, this year will be even higher for prime residential properties in Dubai, making it a lucrative investment option.
Stunning Panoramic Views
Most luxury penthouses in Dubai feature floor-to-ceiling windows, swimming pools, and Jacuzzis with breathtaking views of Dubai and the ocean.
These penthouses are situated in the city’s most advanced and beautiful neighborhoods with the highest standards.
High Quality of Life
Luxury penthouses in Dubai provide a perfect mixture of urban sophistication and comfort, with the extravagance and safety of a home. With impressive design and spaciousness, luxury penthouses come equipped with large rooms, balconies, and terraces.
With unparalleled views and distinct amenities, luxury penthouses significantly improve the quality of life.
How to Buy a Luxury Penthouse in Dubai?
Once you have decided to invest in a luxury penthouse in Dubai, here are the practical steps you can take today to buy a luxury penthouse in Dubai.
1. Research
Begin by searching for your ideal penthouse on websites like Penthouse Dubai, Property Finder, Bayut, and Luxhabitat. Select the one that fits your budget, desired amenities, and location.
2. Connect with a Real Estate Agent
It is important to reach out to a reputable real estate agent who can provide valuable insights, and real estate knowledge to assist you in the buying process.
3. Prepare your Finances
Find out the mortgage options available in Dubai, considering factors like interest rate, eligibility, and down payment.
4. Understand the Legal Side of Buying Property
To understand the legal aspects of buying property in Dubai, consult with a real estate lawyer and get the necessary procedures and documentation done.
5. Make Your Offer
Once you have found your dream penthouse and taken all the necessary steps, it is time to make your offer. Work with your real estate agent to negotiate the best price and terms.
Once the offer is accepted, the rest is just completing legal paperwork, making payment, and getting the ownership.
Finally, buying a luxury penthouse in Dubai is a significant investment. So, take your time and seek professional help to ensure you have a safe and successful experience.