South Africans have their eyes on Dubai – here’s how much it costs to live there
South Africans are increasingly looking for offshore property investments, and Dubai is catching the eye of some, says Nombasa Mawela, the principal of Seeff Property Group’s new office based in the United Arab Emirates.
Mawela said that while the price of a property in Dubai is eyewatering, with the most expensive property sold in 2022 being a beachfront villa in Palm Jumeirah for R3 billion – property is still affordable for some South African investors.
“Prices start from around R2.3 million (AED 450,000). If you want UAE residency, which will give you a UAE bank account, you will need to invest a minimum of just under R4 million (AED 750,000),” Mawela said.
She said that from a cost comparison perspective, the R4 million and upwards range equates to what you will pay for a house in an upper-middle-class neighbourhood in South Africa, and there are now new finance options available for those looking to relocate or invest.
Non-UAE residents can now qualify for a mortgage of up to 75% of the purchase price, said Mawela.
Property developers are also providing flexible payment plans of up to five years for those not wanting a mortgage. She said the return on investment on property investments is among the highest in the world.
“Dubai is regarded among the safest cities to live in and offers centrality to most parts of the world. As a growing business and tourist and shopping hub, opportunities just keep multiplying daily,” she added.
Property types tend to vary between apartments to luxury villas, with prices ranging from around:
- A basic studio, location dependant, for R2.3 million (AED 450,000)
- A one-bed unit ranges from around R4.5 million (AED875,000)
- Villas from around R14.3 million (AED2.8 million)
Mawela noted that the market has performed exceptionally well, and property values keep rising with “just about no upper limit these days”.
One of the most popular areas includes Downtown Dubai, famous for the Burj Khalifa and a popular shopping and tourist destination, as it is central to most facilities.
The fabulous Palm Jumeirah is home to the most expensive oceanfront villas in Dubai, she added.
Expats have also flocked to Dubai Marina for its mix of beaches and social life.
“Jumeirah Golf Estate is also popular with expat families, especially those who prefer outdoor and play areas for children. It also happens to be the home of the famous DP World Golf Tournament,” she said.
Seeffs expansion to Dubai
According to the company, its chairman Samuel Seeff saw an opportunity to expand and, through the help of Mawela, now operates in Dubai.
The Seeff Property Group has property branches across South Africa as well as in Mauritius, Eswatini, Zambia, Namibia, Botswana, Zimbabwe and Malawi, and now also in Dubai.
Seeff said the prospect of expanding into Dubai is hugely exciting for the group and will enable the company to tap into the offshore property investment market there.
Dubai continues expanding exponentially, and there are already many top South African brands present such as MTN and Multichoice, along with a multitude of other SA businesses, said the group.
Loading ...