Real Estate instigates excitement in a lot of people and is a highly shared common interest among wealth enthusiasts, realtors, and others. Considered one of the finest avenues of investment, real Estate forms a crucial part of any nation’s economy. When it comes to Dubai’s real estate market, one can expect a whole new level of opportunities in store.
For any aspiring investor or homeowner who is intrigued by Dubai’s sumptuousness, properties galore for everyone. Although passion may lead you to a property you could never want more, taking time for decent research is always appreciated.
Of course, the real estate market of Dubai has its own dynamics, and it has seen quite a lot of changes in the past decade. With changes in property values, constant developments, and real-estate trends, one may wonder what would be the most appropriate time to buy a property in Dubai.
This blog contains research-backed data and real-time knowledge that newbies or seasoned investors can take hints at.
Star Properties of Real Estate: Top Performing Areas In Dubai
Despite the fact that Dubai has top real estate alternatives everywhere, there are always specific locations that outperform the others. As of April 2023, studies indicate Dubai’s Top 5 locations with the largest volumes of Ready and Off-plan unit sales from 2014 to April.
- Al Wasl (City Walk)
The properties at Al Wasl managed to get a value of AED 3 Million as the average property value. Sales boomed with an almost 300% increase in transactions, and the total sales volume was AED 3.5 Billion.
- Arabian Ranches 1
The average property price in Arabian Ranches 1 is different from other affordable villa communities in Dubai, and may be higher than other counterparts ( AED 5 Million). Yet, the sales value stood at just 586.1 Million. Arabian Ranches 1 witnessed only 111 transactions since 2022, and the average per sq. ft. area was AED 810.5.
- Business Bay
Business Bay is the ideal location Dubai has to offer, and this shows in the average property price of AED 1.4 million (+34.1% vs. 2022). Business Bay stands as the top residential property community that scored a cumulative sales figure of AED 7.4 Billion, the highest among all properties.
- Damac Hills
Damac Hills may have experienced a significant blowback in terms of the average property price of AED 975K (-27.3% vs. 2022), but other figures continued to rise. Sales volume increased by 112%, which led to an amount of 1.3 billion. The average per sq. ft. price was 1.2k.
- Downtown Dubai
Downtown Dubai, the best of the best and definitely an embodiment of Dubai’s upscale lifestyle, has only experienced many rises and not a single drop. With the increasing demand for properties, the prices also increased, with AED 2.6 million being the average property price (8.1% vs. 2022). The price per sq. ft. was 2.5k, and the sales volume stood at 5.4 billion.
- Dubai Creek Harbour
As for Dubai Creek Harbour, AED 2.2M stood as the average property price. This was a decrease of 3.2% vs. 2022. With 2059 transactions and a 6.6 billion sales value (166.6% increase since 2022), the per sq. ft. price of the properties increased by 13.1, leading to a figure of AED 2k.
- Dubai Hills Estate
The average price per sq. ft. definitely increased by 37.8%, standing at AED 1.9k. Contrary to this figure, the average prices of the properties decreased by 3.7% and were valued at AED 1.9 million. The total sales volume was 5 billion, reflecting the 55.8% increase since 2022.
There is no doubt that Dubai’s real estate market is booming, and properties in Dubai Marina don’t seem to differ. Standing at AED 2.5 million worth of average property price, indicating a strong increase of 13.7% as compared to 2022, the total sales volume of the property was 10.6B. This figure was a result of a whopping increase of 18.4% in comparison to 2022 figures.
- Jumeirah Village Circle
With AED 1.1k per sq. ft. area, properties at the Jumeirah Village Circle were rather an underperforming contender. Despite a higher sales volume of 4.1 Billion with a staggering increase of 196.2%, the average price of the property dropped by -2.9%, and the value stood at AED 685K.
- Palm Jumeirah
The average property price in Palm Jumeirah was valued at AED 3.7M. The properties in Palm Jumeirah witnessed an increase of 15.9% as compared to 2022. The total sales value of all properties stood at 8 billion Sales, speaking volumes for the 44.8% increase as compared to 2022.
Reference: Top Performing Areas of Dubai – Ready & Off-plan Sales (dxbinteract.com)