Recently investors from all over the world have turned attention to their favorite resorts. Among countries with a warm climate, affordable real estate and loyal conditions for obtaining a residence permit, Turkey and the UAE stand out. We decided to compare where it is better to buy property for investment or permanent residence: in Dubai or Alanya.
Briefly about the countries
The United Arab Emirates is a federal state with an absolute monarchy. It is a Muslim country whose legislation is based on Sharia. It is forbidden to show up drunk on the street , and women must cover themselves. Less strict rules in touristic areas, where the largest number of hotels is concentrated.
Turkey is a secular country with Islam as its main religion. The legal system in the country is based on European laws. There are bars and restaurants in the country where alcohol is sold, but one may receive the penalty for drinking in inappropriate places. There are certain clothing restrictions, but they do not apply to resort areas.
Real estate cost
In Dubai there is mainly luxury housing, and prices start from $170,000 for 36 sq.m. apartment. The average cost per square meter in one of the most popular areas near the beaches and 5* hotels in residential complexes under construction is $6,345, the average cost of an apartment is $802,000.
Housing in Dubai can bring from 4 to 8% of profit per year. The highest profitability ratio is for studio apartments and one-bedroom apartments. Villas by the sea bring less profit.
Price increase for 2022: Dubai – 180%
In Alanya, you can choose housing of various levels: comfort class and elite. At the same time, all apartments will be in new modern complexes with a swimming pool. The lower limit is about $100,000, the minimum area is 45 sq.m.
The average rate of return on housing is from 5 to 15%. The greatest demand is for 1 + 1 apartments (1 bedroom and a living room combined with kitchen)
Price increase for 2022: Antalya – 198%
Requirements for obtaining a residence permit
A residence permit in Dubai is issued after purchasing of real estate in the amount of $204,000 or more.
You can get a residence permit in Turkey when buying a home worth $75,000 or more.
Standard of living
Dubai demonstrates luxury in everything: cars, hotels, restaurants, clubs. There is public transport here, unlike other emirates. In general, the standard of living is high, which means that everything is not cheap: from food to medical services. Many local businesses are focused on wealthy tourists and residents. Renting in Dubai is also expensive and is designed for sophisticated foreigners.
Approximately 85% of the population – immigrants – are from India, Pakistan and other Arab countries who came to work in tourism. In Dubai, you can meet, probably, all the nationalities of the world. There are Americans and Europeans. A large turnover: people come either to work or to “hang out”. If we talk about the local population, then mostly they are wealthy Arabs.
In Alanya products and services are inexpensive, so people with average incomes feel comfortable there. But it goes without saying that premium segment tourists can also find luxury entertainment in Alanya. The rental price depends on the area and proximity to the sea. In general, both budget housing and elite housing are in great demand at the resort.
Most of the immigrants are Russian-speaking foreigners, Europeans also live in the city: citizens of Germany, Great Britain, Poland, Scandinavians etc. Lots of families and retirees. Active youth mainly come to work, many remain for permanent residence. Among the local population there are both respectable hotel owners and students who come for seasonal work.
Climate
Dubai has a dry hot climate: the country is located in the Arabian Desert. The swimming season lasts all year round, but in the winter months the water warms up only to +19, +20 C. From May to September it is very hot – it is impossible to be indoors without an air conditioner. On average, in the summer months, the temperature rises to +40C, and on the hottest days – up to +50C. Tourists come for a holiday mainly in the winter.
The climate in Alanya is subtropical. It is the warmest city in Turkey, protected from the winds by the Taurus Mountains. The swimming season usually lasts about 9 months, but the winter of 2022/2023 was an exception, showing abnormally warm weather. In winter months, the air warms up to + 16C, water up to + 17C. The average summer temperature is +31C, but in July and August it can warm up to +40C. The largest influx of tourists is from May to November and during the New Year holidays.
When choosing where to buy property for investment, you need to study all the factors: both Dubai and Alanya have their advantages
However if you choose Turkey, Mayalanya experts will be glad to help you.
