From R2.3m, Dubai is on the radar of South African property investors: Seeff

South Africans with cash to splash are increasingly casting their eyes to Dubai to invest in the lucrative property market.

Seeff Property Group recently opened an office in Dubai, expanding its international portfolio which includes Mauritius, Eswatini, Zambia, Namibia, Botswana, Zimbabwe and Malawi.

“South Africans are increasingly looking offshore for property investments, with or without residence, depending on their needs. One such destination increasingly catching the eye of South African investors is Dubai,” said Nombasa Mawela, licensee and principal of the Seeff Property Group’s newly opened office.

Mawela says property investment by buyers from the African continent is expanding and includes investors from countries such as Nigeria, Egypt and Kenya, and many South African expats living in the city.  

“While Dubai prices can be eye-watering, with the most expensive property sold in 2022 a beachfront villa in Palm Jumeirah which sold for just under R3bn, property is affordable for South African investors.”

Mawela said prices start from about R2.3m.

“If you want UAE residency, which will give you a UAE bank account, you will need to invest a minimum of just under R4m.

“From a cost comparison perspective, the R4m-plus (minimum for residency) range equates to what you will pay for a house in an upper middle-class neighbourhood in South Africa, and there are finance options available,” said Mawela.

Non-UAE residents can qualify for a mortgage of up to 75% of the purchase price.

“Developers are also providing flexible payment plans of up to five years for those not wanting a mortgage.

“Dubai is regarded as 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 multiply daily.”

Property types vary, from flats to luxury villas, with prices ranging from about R2.3m for a basic studio depending on the location and amenities.

A one-bedroom unit ranges from about R4.5m and villas from about R14.3m. Popular areas include central Dubai, famous for the Burj Khalifa (the tallest building in the world) and a popular shopping and tourist area which is central to most facilities.

Palm Jumeirah is home to the most expensive oceanfront villas in the city, while Dubai Marina is popular with expats for its mix of good beaches and social life.

“Jumeirah Golf Estate is also popular with expat families, especially those who prefer outdoor and play areas for children.”

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