Apartments for sale in Dubai Creek Harbour, villas on the Palm Jumeirah, townhouses in the JVC - all these things make up the most promising real estate in Dubai. Let's have a detailed look at the areas in demand on the property market in the emirate.
Industry experts have already asked themselves the question - which areas of the emirate will bring the maximum dividends to homeowners? A small analysis of statistics and monitoring of proposals from developers and landlords allows us to draw small conclusions.
In 2022, the man-made island Palm Jumeirah became the leader. 2023 should not be an exception: property in this location will always be in demand. Last year, average price increases were seen in districts such as MBR City, Living Legends and Meydan City (about 4.7%). Given the announcement of new projects in these areas, growth should be expected this year as well.
For those who plan to buy villas, the Emirates Hills area will be the clear leader. For comparison, last year the average price increase was 4.6%. Along with this, villas were often bought in MBR City, Jumeirah Village Circle and Mudon.
Experts expect that the real estate market in 2023 will be stimulated by such districts as Dubai Marina, Jumeirah Beach Residence, Arabian Ranches, Jumeirah.
Top 6 best elite areas
Let's start with useful information on the premium districts of the metropolis:
Palm Jumeirah. The man-made island in the crystal blue waters of the Persian Gulf is considered a real gem of the city. This is the first completed project of the Palm Islands archipelago (Palm Jebel Ali and Palm Deira are still under development). The area is considered an elite resort, has excellent transport infrastructure and one of the best beaches in the UAE. In Palm Jumeirah, you can buy all types of property from apartments to villas, land, townhouses and penthouses.
Dubai Marina. Located in the western part of the city between Jebel Ali and Al Sufouh. It includes 10 neighbourhoods, the most popular of which is Jumeirah Beach Residence. The common name of the district is "Arab Venice". The district has its own long canal, magnificent skyscrapers, hotels and restaurants, shopping centres.
Emaar Beachfront. A new residential area located between the man-made island of Palm Jumeirah and the Jumeirah Beach Residence micro district. This is a very attractive luxury district for investors with premium residences, hotels, restaurants, entertainment venues and yacht clubs. It is here that you can see the 135-meter Lighthouse and the largest marina in the region.
Port de la Mer. An excellent coastal area of mixed development, stretching along the pristine beaches. The best area for outdoor activities, shopping, gastro tourism and visiting first-class entertainment venues. The design of residential complexes attracts with bright palettes, and the conditions - with the amenities of five-star hotels.
Dubai Creek Harbour. At its core, the area will be a separate part of The Lagoons. Geographically located on Ras Al Khor Road. Already today it is called one of the most ambitious real estate projects in all the Emirates. In its final form, it will combine residential, commercial and office buildings, as well as all the necessary infrastructure, including parks, gardens, waterfront and parking lots.
Emaar South. Located on the outskirts of the metropolis, this area is literally created for a measured and serene life. Clean, modern and eco-friendly, provides all the necessary amenities, transport accessibility: playgrounds: restaurants, barbecue areas, parks, private pools, golf courses, public transport, schools and kindergartens. Emaar South is a set of micro-communities with a large selection of premium real estate.
Perspective areas for 2023
The Palm Jumeirah, Dubai Marina and JBR areas, which are famous for luxury real estate, are already showing price increases and income for their owners.
Super-wealthy people have long decided on the most attractive areas for acquiring property. They prefer to buy apartments, apartments and penthouses in Jumeirah Village Circle, Business Bay, Downtown and Dubai Creek Harbour. As for the villa segment, Dubai Hills, Damac Hills and Arabian Ranches remain the most popular communities.
The current situation indicates that in the emirate the real estate market is beginning to play a key role in the development of the economy. This is seen by the owners themselves, who are in an ideal position. Even properties purchased a year ago are already generating stable profits.
Experts also note that by 2040, the emirate plans a significant increase in the population of the emirate to 5.8 million people. This means that developers will be forced to meet the already increased demand for real estate by offering new projects at more attractive conditions. And 2023 will be the perfect time to buy investment property.
Growth in property prices in 2023
Experts assure that in 2023 the emirate's real estate market will experience significant growth. The main prerequisites for this are: the development of tourism, numerous labour reforms, the modernization of the visa program, and the confidence of investors.
When it comes to rising prices, first of all, it concerns the luxury sector. The most predictable will be the increase in the cost of real estate in coastal districts, which include:
Palm Jumeirah,
Jumeirah Beach Residence,
Dubai Marina,
Beachfront,
Port de la Mer,
Bluewaters.
The increased flows of wealthy people who prefer to move to Dubai or relocate their business to the emirate also allow building positive forecasts. In general, in the luxury real estate segment, we should expect growth in the range of 10% to 13%.
Many experts believe that growth will invariably affect all segments of real estate. Retail, office, hotel and industrial real estate will also begin to gain momentum in popularity due to the rapid development of the economy.
Real estate in Dubai
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