What is the Minimum Income to Buy a Property in Dubai?


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Dubai is one of the top-ranking cities in the world with an eccentric lifestyle. It offers a series of activities and attractions which appeals to the residents and offers family-friendly living. Buying a property with the minimum salary in Dubai should be an attractive Loan to value ratio it offers.

LTV Ratio has been raised by 5 points for first-time home buyers. The Central Bank of UAE has set the benchmark for an interest rate which results in lower borrowing costs. It is the best time for a prospective buyer to enter the real estate market and buy property at affordable rates in Dubai. 

Minimum salary required to buy property in Dubai

  • The mortgage tenure should be of 25 years with the average fixed interest rate at 3.5% and EMI should not exceed 25% of the monthly income. 
  • There are a series of costs involved apart from paying the down payment. There are a series of upfront costs involved when buying a property in Dubai such as
  1. Dubai Land Department Fee- 4% of the property value.
  2. DLD Admin Fees- AED 4000 + 5%VAT.
  3. Title Deed Issuance Fees- AED520
  4. Mortgage Registration Fees- 0.25% of the mortgage value
  5. Mortgage Registration Admin Fee- AED290
  6. Agency Fee-2% of the sale price.

There will be some additional charges from the bank’s end for mortgage processing and property valuation. It is important to take insurance when taking out a mortgage.

Minimum salary required for a mortgage in Dubai

The minimum salary required for buying ready-to-move-in property in Dubai entirely depends on the property type and location you are looking for that should be affordable and luxurious. 

Most banks in the UAE have a minimum salary requirement for buying apartments and villas should be earning AED 15k to retain a home loan. Dubai's real estate market is expanding which means investors have the time to explore the massive portfolio of competitive price apartments in Dubai.
The major locations of Dubai come under the budget as with the downpayment of 20% the EMI falls under or over AED10k. This shows you can easily buy a 1-bedroom apartment with the minimum salary without any hassle.

If you are a resident it is easier to buy a property in Dubai as you are well aware of the legalities while foreign investors have to complete the proper framework of legalities to buy the property in Dubai.

The locations like Jumeirah Village Circle, Dubai Silicon Oasis, and Jumeirah Lake Towers are affordable locations. Dubai Silicon Oasis is one of the affordable apartments for sale that you can buy under a salary of less than AED 10K. Even the minimum income allows you to buy luxurious apartments by paying low monthly payments in the premium locations such as Business Bay, Downtown Dubai, and Downtown Dubai.
As an expat, it is easier for you to purchase properties in the freehold areas such as Dubai Marina, Downtown Dubai, The Palm Jumeirah, and more within the budget without any hassle. We at Signature Habitat help you in finding the best property within the specified budget in UAE.

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Signature Habitat Properties LLC is a property brokerage company registered in Dubai – UAE (License No. 861348). We are regulated by Real Estate Regularity Agency under office No.2608, Concord Tower Dubai Media City, Dubai - UAE

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