Property in the centre of Dubai has long become a profitable asset both for those who plan to spend some time of their life in the sunny emirate and for those who purchase real estate in Dubai as an investment mean. As the market is constantly developing and setting up new sales records, there are still certain things to pay attention to and check out while choosing real estate.
Real estate market in Dubai: results of 2022
Over the past year, 86,000 transactions for the purchase and sale of housing were recorded here, and this exceeds the record of 2009 by as much as 6,000. The total amount of real estate sold in the emirate amounted to AED 208 billion, which is approximately $56.6 billion, which is almost 80% more than in 2021. Just imagine the scale!
The most popular area to purchase property is Palm Jumeirah. This was influenced not only by the location next to the waterfront and incredibly beautiful views of the coastline, but also by the imbalance in prices. Considering such high demand, the cost of housing was extremely low, so prices rose quite quickly: in 12 months, from May 2021 to May 2022, by 38.6%.
Property was actively sold in districts where there are green areas, for example, in Mohammed Bin Rashid City. Basically, the buyers were family people who wanted to change their proximity to the bay to parks. Prices in such areas soared by 53%.
The average capital cost of a home in Dubai climbed by 12.4% in 2022, reaching $ 7884 per square metre. As a result of this price surge, the emirate is quickly becoming as one of the world’s most desirable estate markets for investors. The most recent Prime Residential Global Cities Index study makes this claim.
Dubai real estate: what to choose
The UAE property market is full of offers for every taste: from small studios ideal for renting out to respectable villas and mansions with their own plots and swimming pools. The first step towards buying your own home is to understand exactly what you need. This can be done by weighing all the advantages and features of each of the options.
- Flats and apartments
This format of real estate in Dubai is the most common. The choice of offers is really very large, so you can definitely find the most suitable option for yourself, which suits you in a number of ways: from price to the view from the windows. If necessary, you can always quickly resell your apartment or receive income from renting it out.
- Houses and villas
This type of real estate should be considered by those who appreciate the comfort and freedom of personal space. The cost of private households, of course, is higher than that of apartments. However, you get the opportunity to fully enjoy the delights of a holiday in the UAE. Most of the proposals have their own pools, barbecue areas.
Another popular format of real estate in Dubai is townhouses. In fact, it is something between an apartment and your own house. A large number of townhouses in the UAE have small plots and outdoor seating areas. There is also a parking space for cars.
The best areas to consider investing in
After you have decided on the format of real estate, you need to choose the right area for yourself. Here the starting point should be the purpose of the purchase. For example, if you want to buy an apartment in Dubai for a profitable investment, then you should consider areas such as: Dubai Studio City, Warsan, Damac Hills, Palm Jumeirah, and Dubai Marina.
If you want to buy a villa or a townhouse, then you can consider buying in Meydan, The Valley, Damac Lagoons. In these areas, an active increase in property prices has been noted. Income can be obtained not only from the resale, but also from the rental of housing.
If you are considering buying real estate for yourself, then you should focus on the infrastructure of the area and the residential complex itself, take into account transport accessibility.
Real estate in Dubai
You may find a large selection of homes on the Emirates.Estate website in any part of the city. Visit the website right away to begin looking for real properties in Dubai.