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Dubai Home Prices in Indian Rupees: Your Complete Guide
The remarkable surge that the Dubai property market has been experiencing has attracted a wide range of investors from all over the world. This includes Indian investors as well. In this guide, we will take a look at the landscape of property market in Dubai, we will discuss the prices and convert the numbers into Indian rupees in order to provide a clearer understanding for potential investors from India.
Overview of the Dubai Property Market
Over the years there has been a significant increase in property prices and transaction volume in the Dubai property market. This shows that this market has stability and robust growth. The residential property prices in Dubai increased by 21 percent year on year in the first quarter of 2024. Apartments and villas saw a rise of 20.43% to 22.08% respectively, and it is expected that this trend will continue to grow. These numbers indicate that now is an opportune time for investors to buy property in Dubai.
Benefits of Buying Property in Dubai.
High Rental Yield: Dubai has some of the highest rental yields. On average it is 5 % and, in some areas, the rental yield reaches 7 to 8%.
Tax Haven: If you invest in real estate in Dubai there will be no Annual Property Taxes, no Income Taxes, no Capital Gains Taxes, no Rental Revenue Taxes, and no Value Added Taxes. You’ll save big and raise your financial standing.
Residency Visa: If you invest a certain amount in property in Dubai you can qualify for a residence visa.
Current Property Prices in Dubai
As of the start of 2024, the average property prices were mentioned as below. Keep in mind that the prices are a close estimation, the Dubai market is very dynamic, and the exchange rates also keep changing in fractions. It is best to consult with a good real estate agent to get the latest prices.
Here we will convert prices using the latest Sep 2024 exchange rate.
| Currency | Exchange Rate |
| 1 AED | 22.87 INR |
| Apartment Type | Sizes | Price in AED | Price in INR (Rounded) |
| Studio | 395 – 600 Sq. Ft | 400,000 - 650,000 | ₹91.48 lac - ₹1.49 crore |
| 1 Bed Apartment | 495 - 1,000 Sq. Ft | 600,000 - 1,200,000 | ₹1.37 crore - ₹2.74 crore |
| 2 Bed Apartment | 700 - 1,800 Sq. Ft | 800,000 - 2,500,000 | ₹1.83 crore - ₹5.72 crore |
NOTE: The prices are estimations, not the real and current
Price Trends
There are several factors that are contributing to substantial annual growth of prices. These factors include strong foreign demand and a robust economic environment.
FAQs
Q: What would be the minimum down payment for a house in Dubai?
A: The UAE Central Bank guidelines require that when you purchase a house in Dubai you have to pay a 20% down payment, if you are an expatriate, and 15% if you are a UAE national. These guidelines were later adopted by other banks as well.
Q: What charges are there besides the actual price of the property?
A: Additional cost as below:
- Mandatory 4% property registration fee which goes to Dubai Land Department.
- Commission for the real estate agent will usually be 2% of the unit price.
- In the case of a mortgage, the bank will also charge processing fees and interest fees.
- There will be annual fees for the maintenance of communal areas of the apartments and the community.
Conclusion
If we convert the current prices of Dubai property into Indian Rupees, it becomes clear that Indians have a wide range of options available to suit their various budgets and preferences. The Dubai property market is growing, and the economy is robust, the best time to consider investing in this modern metropolis.
