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Where is it better to buy a coastal property – Dubai or Turkey?

Where is it better to buy a coastal property – Dubai or Turkey?

You have to ask yourself some important questions before you invest in overseas real estate or another country for permanent residence. Many foreigners choose to invest in and buy apartments and houses in 2 countries – Turkey and Dubai, UAE. Many people also prefer to invest in coastal properties. This increases the liquidity of housing as well as its value capitalization. This article will look at where it’s best to buy a property in Dubai by the sea and how to choose an apartment or house from developers and agencies in Turkey.

Content:

Typical real estate features in Dubai or Turkey

Real estate in any country is divided into primary, secondary, and off-plan properties. Let's look at the differences in property in these countries.

Housing in Turkey

Turkey is a country close to the ocean and has an impressive centuries-old development history. Recently, the country has become a popular tourist destination. This affected the types of houses built. There’s a lot of secondary housing here that could be in better condition and isn’t all that modern. But new buildings also have their disadvantages like:

  • No central heating. It’s cold and uncomfortable in the apartments "on the first line" in the off-season.
  • Extra heating costs especially if there is no gas. This increases electricity bills. In summer, extra costs go to air conditioning so it’s impossible to save on payments.
  • Most layouts are Euro-standard, where the kitchen is combined with the living room. Not everyone likes this.

Also, keep in mind that area commonly has earthquakes. While there’s often no serious damage, homeowners must have earthquake insurance (DASK). This is also an extra expense.

Housing in Dubai

Apartments in Dubai by the sea and other central areas are mostly primary housing developed since the UAE started extracting oil. Secondary housing here is rare and has over 20 years of history. And even buildings that are more than 10 years old meet all modern standards of comfort. A good example is the legendary Burj Khalifa skyscraper. The tower was put into operation in 2010. Since then, apartment prices haven’t dropped and actually increase every year. The advantages of Dubai real estate are:

  • various layouts;
  • lack of "outdated" housing;
  • about 95% of turnkey properties are ready to move into with kitchens and other built-in furniture.

There aren’t many additional expenses for an apartment or house maintenance. There’s no need to pay for heating in winter because the country is warm and air conditioners work throughout the rest of the year.

Location and infrastructure

The location of the UAE makes it one of the most sought-after emirates of the country. Dubai is unique. You can fly from most countries to Dubai's 2 international airports in 4-5 hours. This allows you to have an active lifestyle and stay in touch with relatives, friends, and business partners. Turkey is similar for European residents.

Much of the infrastructure depends on the location of the property you buy. For new buildings, developers in both countries have to create comfortable living conditions in not only the residential complex. They have to give residents parking spaces, swimming pools, landscaped areas, shops, and shopping centers. But secondary housing forces a buyer to be satisfied with whatever advantages are already there. This is the case for historical buildings in Turkey. It’s impossible to improve the infrastructure of the central parts of Istanbul because of the lack of free space.

The cost of real estate and mortgages

There’s a common point in both Dubai and Turkey’s coastal properties - prices are much lower price than real estate by the sea in Europe. Budget housing in both countries costs $100,000, especially if these are cheap off-plan projects in Turkey. A lot depends on the location and the type of housing. The average price is higher and starts from $200,000 for a housing unit. The cost of elite properties can reach several million dollars.

Mortgages are available for foreigners. Mortgage rates in the Republic of Turkey are 6-15% a year. The final figures depend on the bank, the loan amount, and the solvency of the lender. In the UAE, this is lower and can be from 4 to 7% so mortgage lending is the better option in the UAE.

Dubai for foreign investment

Dubai’s authorities allow foreigners to invest in real estate in freehold zones. There are more than 60 of them in the emirate where you can find both budget and luxury real estate on the coast. Apartments and houses in Dubai can bring from 4 to 8% profit a year. Studio and 1-bedroom apartments have the highest ROI. Houses in Dubai by the sea bring less profit.

Turkey for foreign investors

In Turkey, foreign nationals invest in housing in Alanya and Antalya. In Istanbul, these 3 locations are the most in-demand regions of the country. The advantages of investing in Turkish real estate are:

  • affordable prices;
  • high profitability: local developers offer a return on investment from 4 to 15% a year;
  • remote management and profit.

Having your property managed by local real estate agencies or management companies is the most convenient for foreign nationals. You don’t need to personally be in the country.

Which country is the most profitable for real estate investment – Dubai or Turkey?

The infrastructural development and future potential of Dubai are ahead of Turkey. The emirate’s landmarks are known worldwide while the Republic of Turkey doesn’t have as much variety. Real estate is more liquid in the UAE’s prestigious areas. The local currency is stable against the dollar and the local economy is developing rapidly. Since 2021, the Turkish lira exchange rate has been unstable. But this doesn’t badly impact foreign investment or hinder the country's stable economy.

What is good about Dubai?

Some advantages are:

  • Year-round holiday season. The Turkish climate is only attractive for tourists 6 six months.
  • Who the country’s residents are. About 90% of the emirate's population are expats so rented real estate is always in demand here.
  • Easy access to transport. There are 2 international airports in the city. You can get anywhere in the city 30-40 minutes from them.
  • No taxes. You can rent out an apartment and get a net profit.

Adapting to Dubai

People planning to move and live in Dubai permanently have many questions. These are the most common:

  • Is it possible to get citizenship when you buy a property? No, the procedure of getting citizenship is complicated. But a residence permit is enough to comfortably stay in Dubai. You can apply for it when you buy a home through special programs. The cost of "entry” is AED 750,000.
  • Can you live in the UAE if you don’t speak English perfectly? Basic knowledge is enough to understand and communicate with native speakers. It’s also easy to find a community from your home country. About 90% of the emirate’s residents are expats so you’ll be able to communicate with your compatriots.
  • How to adapt to a hot climate? The Winter months are the best time to explore the country. During this period, the air temperature is low and it’s easier to get used to the new climate. In the remaining months, air conditioning systems help you overcome the heat. These are in every building and at public transport stops in the UAE. So, getting used to high temperatures is easy.
  • How can a European adapt to a state with strict laws and religious norms? There’s a lot of focus on dress code and how to communicate. There’s a restrained lifestyle in the country because Islam is different from other religions.

Choosing a property in Dubai

The catalog offers a wide choice of residential real estate on the emirate’s coast. You can find an apartment in a new building in Dubai by the sea or invest in off-plan properties. The easy search system allows you to select filters, districts, and housing types within your budget. Our specialists are ready to help you and answer all your questions about buying real estate by the sea in the UAE.

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