In the collective imagination, Dubai is a city where the cost of living is extremely high and you need to have savings and/or substantial income in order to live there. Now, find out everything there is to know about investing in Dubai.
The specifics for obtaining a resident visa change regularly with this country. As a general rule, the company that will make you work must take care of all the administrative but also the costs related to your visa as well as those of your entourage. Before leaving, remember to have your official documents certified (and most of the time translated) (such as diplomas or marriage certificates). Do this at the Ministry of Europe and Foreign Affairs and then at the Embassy of the United Arab Emirates located in the French capital. If you do not, know that this is possible once in the United Arab Emirates at the Consulate or the Embassy of France.
Your visa will be valid for a period of one to three years depending on the type of employment and location where your company is present. Often, the company in question takes care of all the steps and paperwork in order to obtain it. If you change jobs and therefore employers, your current visa will no longer be valid and you will have to submit a new application.
For relevant and up-to-date information on visas, we recommend that you go, as mentioned above, to the French Embassy present in the city of Abu Dhabi or that of the United Arab Emirates, which you can find in the capital of Paris. When you have arrived in this country, we strongly recommend that you finalize your registration with the Consulate. A new specific platform is present online in order to optimize all procedures. This is the web platform of the Consulate General of France, located in Dubai.
For a studio in Dubai, count between 600 and 900 euros per month. For a T1, the range is between 900 to 1400 euros per month. For a T2, count from 1400 to 2000 euros. If you want to acquire a T3, it will cost you 2000 euros and more. Finally, for a villa, you can enjoy it from 1500 euros per month.
Particularity of the places: In Dubai the calculation of the rent is done annually and not monthly. Thus, the fact that there is no monthly rent can be quite disturbing at first glance. Second point to take into account: the renewal of rental contracts is extremely easy. Typically, you will get 90 days (3 months) notice to make the decision whether or not to keep your lease.
If you want to buy a studio, plan to spend between 80,000 euros and 170,000 euros. Prices vary according to different criteria: location, surface area and services offered. If you are looking for a one-bedroom or two-room apartment, the range will be between 150,000 and 250,000 (the latter for more of a new apartment). Note that the average price per m² in the city is 2,065 euros.
In order to be eligible for a home loan, expatriate residents and nationals must be able to show good income stability and an excellent credit history. Minimum wage requirements are often €1,700 (AED 7,000) for UAE nationals and €2,400 (AED 10,000) for expats. The AED corresponds to the United Arab Emirates Dirham. Take into account that there are banking establishments with a list of approved employers. These groups will be able to define the admissibility according to this point.
If we rely on the specifics of the debt load, the monthly repayment must not cross half of the monthly income. This sum includes all of the debts that need to be repaid: credit card debt, car loans, personal loans and real estate loans. Thus, an individual who is not in debt can consider a monthly payment that can increase to half of his income per month.
Banking companies prefer to offer loans to residents since it gives them more options to recover their money. In addition, home loan solutions remain limited for non-resident foreign investors. It should be noted that the eligibility of non-residents for loans is not the same depending on the banking institution. Indeed, the latter is linked to aspects such as nationality and whether the applicant already has a property or not.
It is necessary to be at least 21 years old in order to finalize a mortgage application. Another condition to be met: the applicant must have completed his repayment before the legal retirement age. In the country, this age is set at 65 years for employees and five years later, 70 years for self-employed persons. In order to get a loan, also prepare a valid ID and proof of income. Allow several days for a principal agreement and an extra week for the loan agreement to be finalized.
Before investing in Dubai, one should know more about the cost of living there. Dubai is believed to be a city with an extremely high cost of living or it is necessary to have a provided wallet in order to live there. You need to plan your budget. Expenditure items are many and varied: housing, schools, shopping, car and/or transport. Make sure you don’t forget anything and anticipate your expenses!
If you are looking for a job, the negotiation around the package remains essential. This is what will determine all of your necessary expenses. Take into account that the negotiation of the salary in the country is completely normal. In addition, be aware that companies can lighten your expenses by offering you strengths of this kind: schools or housing.
Expatriates say that a salary of 2500 euros is enough if you want to live in the city of Dubai. Once all that is administrative (Visa) and when you have defined in which district you want to live, you can look at the cost of living in the United Arab Emirates and in its largest city, Dubai. Discover different expenditure items on which you must be vigilant.
There is a charge for receiving mail or parcels in Dubai. Thus, compared to the rental of a mailbox, count 50 euros annually. Take into account that it is possible to rent a mailbox from your company.
In relation to obtaining your visa in order to invest in Dubai, be aware that you must have medical coverage. If you already have an employer, then medical coverage will be included in your company’s package.
For the school budget, this can range from 2000 to 7000 euros per year. Finally, for transport, consider the four types of rechargeable cards that will give you the possibility of easily benefiting from the entire network (metro, bus and tram). For 1 ticket (valid for travel on public transport), count 1.22 euros. Now you know everything you need to know in order to invest in Dubai.