The UAE’s real estate is booming with Dubai alone witnessing a 36% annual increase in sales volume in Q2 2024. With average retail rents increasing by 10.5%, this is the best time for first-time buyers to invest in properties. If you want to buy a property as a first-time buyer, let us help you select the best property type.
Different Property Types in the UAE
You can select from these property types in UAE:
Apartments
Self-contained units within larger buildings are apartments. You can see various sizes there. 2 BR and 3 BR apartments are the most common and affordable options in urban areas.
Villas
Villas are separate houses with private gardens and multiple bedrooms. They offer spacious living. You can have high privacy, spacious living areas, and outdoor spaces. They are often part of gated communities with added security, and are generally more expensive than apartments.
Townhouses
Townhouses are multi-floor homes that share one or two walls with neighbouring units. You get the space of a villa and the affordability of an apartment. However, you do have less outdoor space than villas.
Serviced Apartments
Serviced apartments come fully furnished with hotel-like amenities. Prices are generally higher for the added convenience, and you can select them for short-term residents or expatriates.
Penthouses
Luxury apartments on the top floors of buildings are penthouses. They offer large spaces and scenic views. You get maximum privacy and exclusive amenities like private pools and elevators.
Studio Apartments
Studio apartments are compact, single-room units. They offer low entry costs and are easy to maintain. But they have limited space and are not viable for families. They are the most affordable property type.
How to Choose a the Best Property Type for First-time Buyers?
This is what you must consider before choosing a property type to buy:
- Finances: Your budget directly affects the property type choice. Apartments are more budget-friendly. A higher budget might allow for more spacious options.
- Location: Apartments are popular in urban areas. Villas are more common in suburban communities. Urban areas offer convenience, but suburban locations provide more space and peace.
- Reason for Buying: Your choice might vary for investment or personal use. Apartments have higher rental yields and are ideal for investment. Townhouses and villas offer more privacy and space for personal use.
- Lifestyle: Families might prefer villas or townhouses with more space and private outdoor areas. Single professionals and young couples might prefer apartments in urban areas for convenience. Retirees may seek quieter communities with amenities like parks and healthcare facilities.
- Future Resale Value: Consider the resale value and rental yields of each property type. For example, apartments offer better rental returns. Villas may appreciate more in value over time.
What is the Best Property Type for You?
The purpose drives your choice. If the purpose is to earn rental income, you should go with in-demand properties with appreciation potential. And if you want a space to live alone or with family, amenities and surroundings affect your decision.
