Dubai Apartment for Sale 1 Bedroom - Selection Guide
When you are about to go searching for a 1-bedroom apartment for sale in Dubai, there are various factors you must take into account, chief among them being the price of a property.
While different 1-bedroom apartments for sale in Dubai will come in myriad prices, understanding the ranges will help you identify the better choices for you.
Understanding Price Ranges
A 1-bedroom apartment for sale will be priced differently according to the following factors:
- Apartment size
- Apartment location
- Amenities
- Developer
The prices for a Dubai apartment for sale (1-bedroom) can range from AED 600,000 to AED 2 million and over.
How to Buy Property in Dubai – 1 Bedroom Edition
Wondering how to get the best 1-bedroom apartment for sale in Dubai? Buying a 1BHK in Dubai is a relatively simple and straightforward process. However, it may be confusing for new buyers to navigate, which is why here is a simple guide on how to get a one-bedroom apartment for sale in Dubai:
Step 1 - Check Eligibility & Residency
Are you eligible to buy a one-bedroom apartment for sale in Dubai? Yes, even foreigners, as long as they buy an apartment in one of Dubai’s freehold areas.
The legal requirements and eligibility criteria for buying an apartment in Dubai differ for UAE nationals and foreigners. While foreigners are allowed to buy properties in Dubai, they will only be allowed to invest in demarcated areas of the city, which are freehold and leasehold areas.
While there is no age bar for foreigners buying property in Dubai, if they want to apply for a mortgage, they can only apply through UAE banks. Each bank will have its own set of criteria that the potential homebuyer must fulfill.
Step 2 - Financing & Mortgages in Dubai
A 1-bedroom apartment for sale is not a small purchase and requires careful financial planning. Here are a few key considerations before you set out to buy an apartment:
- While a 1-bedroom apartment for sale in Dubai is relatively more affordable than other properties, it is important to know your budget before setting out to buy. Prices of such properties may differ depending on the location, developer, and project type.
- Stay knowledgeable about the UAE's real estate marketplace developments to make informed decisions. There is going to be no dearth of 1-bedroom apartments for sale in Dubai. Keep updated with market trends to know when and where to invest.
- Discuss your wants for a 1-bedroom apartment in Dubai with your financial advisor and a trusted real estate agent. Their professional advice will not only give you clarity but will make your investment journey much quicker and hassle-free.
Mortgages for a one-bedroom apartment for sale come in many forms, including: Off-plan mortgages are a very popular option amongst buyers who may not have the upfront finances to fund their property purchase in Dubai.
- Fixed-rate mortgage
- Variable-rate mortgage
- Balloon payment mortgage
- Construction-linked payment plans
- Interest-only mortgage
Foreigners can also avail of mortgages when buying a 1-bedroom apartment for sale, but must go to lenders or banks that provide loans to them. Not all banks in Dubai provide mortgage options for foreigners.
Step 3 - Booking & SPA Process
Once you have found an apartment, draft an agreement with the seller, and once the terms and conditions have been decided, draft a Sales Purchase Agreement (SPA), a legally binding contract that formalizes the terms and conditions of your property purchase.
It will contain details including the payment terms, property price, details of the sale, a description of the property, and the handover date.
Step 4 - Handover & Moving In
This is the final step of obtaining a one-bedroom apartment for sale in Dubai. Both parties will convene at the DLD office to hand in the required documents, and you must ensure that all the payments have been made for the properties. Once the documents are verified, the transfer of ownership will happen, wherein the title deed will be transferred to the new owner’s name. After this, you will be able to move into your new 1-bedroom apartment.
Comparing Locations: JVC vs Meydan vs Golf City
Dubai has many one-bedroom apartments for sale in prime locations. In this section, we will compare three prime locations. So, how does a 1-bedroom apartment for sale in JVC differ from a 1-bedroom apartment for sale in Meydan or Golf City? Let’s find out.
JVC
One of the greenest and family-friendly neighbourhoods in Dubai, JVC is known for providing modern apartments at affordable rates. Compared to other 1-bedroom apartment prices in Dubai, JVC’s rates are much lower, allowing home ownership for everyone.
Meydan
Meydan was conceptualised as a mixed-use district, with commercial buildings, myriad residences, and various entertainment avenues for people. At the heart of it is Meydan One, which is considered the world’s tallest residential premise, and has a mall with a retractable skylight, hotel rooms, the world’s largest indoor ski slope, and office spaces. It is home to some of the most luxurious 1-bedroom apartments for sale in Dubai, and while they might cost slightly more, they give great value for money in terms of architecture, community, and amenities.
Golf City
Golf City is one of the best residential areas in Dubai for both investors and homebuyers. It is conveniently located near key hubs such as Dubai Marina Mall, Downtown Dubai, and Dubai International Airport and boasts an array of amenities designed for people of all ages. You can find both luxurious and highly affordable 1-bedroom apartments for sale at Golf City.
Off-Plan vs Ready-to-Move Options
The most common question people pose when looking at 1-bedroom apartments for sale in Dubai is whether an off-plan apartment is better than a ready-to-move one. Here are some factors to weigh when making the decision:
- Off-plan one-bedroom apartments for sale in Dubai will be cheaper than ready properties and may even have incentives compared to ready properties.
- While you can immediately shift into ready apartments, there is a timeline for off-plan apartments, which risks being delayed as well.
- Investors looking for quicker returns would opt for ready apartments, while those in it for the long term may choose off-plan apartments.
- An off-plan Dubai apartment for sale (1-bedroom) will give you more liberty for customization compared to a ready one.
Benefits of Buying a 1-bedroom Apartment in Dubai
There are many benefits of buying a 1-bedroom apartment in Dubai, including:
Investment Appeal for Expats & First-Time Buyers
A one-bedroom apartment for sale in Dubai is a great investment for both expats and first-time buyers, as one must pay a relatively lesser amount for it, but can gain great returns through it. Whether you decide to rent it out or sell it off at a strategic time, the returns on one-bedroom apartments are very high in Dubai.
It is a great stepping stone in your property investment journey in Dubai.
Lifestyle: Compact Living with Premium Amenities
While a 1-bedroom apartment for sale in Dubai may be compact, you can be assured of the quality of interiors and construction due to the DLD’s strict standards. With a modern apartment, you will also gain access to premium amenities. Most residential communities in Dubai offer some kinds of amenities for residents, such as swimming pools, gyms, barbeque areas, and more.
Best Place to Buy Property in Dubai - District Breakdown
Which are the best areas to search for a one-bedroom apartment for sale in Dubai? Let’s find out!
JVC – Community Focus & Value
One of the most affordable districts in Dubai, Jumeirah Village Circle (JVC) has various apartments, villas, and townhouses for offer. It also has over 30 parks, various schools, nurseries, retail outlets, and restaurants. It is rapidly gaining popularity as an investment hub in Dubai. It is known for a strong focus on community with ample spaces for public interaction and events. Returns for a 1-bedroom apartment for sale in JVC can range from 6-8%.
Meydan – Luxury & Sporting Lifestyle
Envisioned by His Highness Sheikh Mohammed Bin Rashid al Maktoum as a pinnacle of modern and luxurious living, Meydan Dubai is a mixed-use district that houses commercial buildings, residential plots, recreational avenues, and various green spaces. Meydan’s gated communities are built to exude luxury living.
Meydan brings together people from different backgrounds, walks of life, and parts of the world. There is something for each person in Meydan, as the district offers one of the biggest malls in the city, luxurious hotels, an expansive golf course, and more. It is also home to some of the most exclusive properties in Dubai. Returns for a 1-bedroom apartment for sale in Meydan can range from 6-12%.
1 Bedroom Apartment - Costs, Fees & Budgeting
How do you finance your desired one-bedroom apartment in Dubai? There are various ways to do so, but first, you must understand the costs.
Breakdown: Price, DLD Fees, Agency Fee
There are many hidden costs for a 1-bedroom apartment for sale. Apart from the property value, here are some of the costs you will incur:
- Government and administrative costs
- Agent and brokerage fees
- Bank and mortgage-related costs (if applicable)
- Insurance costs
- Property maintenance costs
Annual Maintenance & Service Charges
Once you become an apartment owner, you will have to pay annual maintenance and service charges. While each residential community charges differently, it is prudent to consult your real estate agent on these costs or hire a property management company that will look after these costs for you.
Financing a One-Bedroom in Dubai
How to finance your 1-bedroom apartment in Dubai? You can either:
- Pay upfront
- Take a payment plan
- Take a mortgage
Mortgage Requirements for Residents vs Expats
Both residents and expats can get a mortgage for an apartment in Dubai. However, expats must go to specific banks or lenders in order to get a mortgage. The documents required for a 1BHK mortgage are:
- Copies of a valid visa and passport
- Emirates ID copy
- A salary slip as proof of employment
- Copy of tenancy contract/DEWA bill as proof of residence
- Pay slips and bank statements for the past six months
- Latest credit card statement
Typical Loan-to-Value (LTV) Ratios & Interest Rates
While UAE residents may have a higher LTV ratio, which is generally about 85%, expats may have lower LTVs, which range from about 75%. The typical LTV ratio for Dubai properties ranges from 60% to 85%, depending on factors such as property type, residency status, and more.
Best Banks & Eligibility Criteria for a 1-bedroom apartment
Here are some banks that will provide loans to expats for a 1-bedroom apartment they want:
- HSBC
- Emirates NBD
- Mashreq
The eligibility criteria of each bank is subjective, which is why you must consult with them beforehand to understand their loan terms, limits, and eligibility criteria.
After Purchase – What’s Next?
Once you have bought your one-bedroom apartment in Dubai, congratulations! You may make customizations to it, as long as it abides by the DLD rules. Ensure that you continue paying your maintenance and service charges on time!
