Keep Dubai real estate under the radar: prices for square meter and the latest changes of the market
The UAE and specifically Dubai are really attractive regions for investors from all over the world. To buy property in one of the residential complexes of the city, for example Dubai Hills View , Downtown, or Palm Jumeirah, please contact Ax Capital real estate agency. Their experts are well versed in the market, they will always tell you about the features of areas and types of housing, and help you choose the best offer in terms of price and quality. Why is this emirate so popular with investors, what are the current prices for square meters in different districts: all of this we will observe in this article.
Property owners in Dubai make the most profit
Renting out real estate is one of the most common ways to generate income. According to statistics provided by experts, the landlords receive the highest income compared to property owners in other cities. In particular, this applies to the owners of properties located in the central communities of the city.
One of the clearest examples demonstrating the profitability of real estate ownership is that the owners of properties located near the famous symbol of the city, the Burj Khalifa skyscraper, can earn about USD 1,150 in just a day. At the same time, the total income during the year is approximately USD 416,000.
Do not forget about the other benefits of buying property in the emirate.
- First of all, this is obtaining a residence permit, which gives a citizen of another country almost the same rights as the indigenous population.
- An excellent climate, developed infrastructure, many opportunities for building a career and starting your own business, no taxes on income from renting real estate, a stable economy are just some of the reasons that attract international investors.
Latest developments in the real estate market
In Dubai, the attractiveness of the luxury housing segment is increasing. According to experts, many owners are still holding back the sale process, since property prices in elite areas are expected to rise in the near future – on average, this growth will be 10-15%. At the same time, a sharp jump in the number of transactions was observed earlier in the elite real estate segment – since the beginning of the year, the number has grown to 4083.
Significant changes are taking place with prices for luxury real estate – the average cost per square meter has increased by 35.1%. The strongest growth was typical for such areas as Palm Jumeirah, Jumeirah Bay, Dubai Hills.
A report from the DLD states that 336 transactions were registered in just one day last week. In total, 282 apartments and villas were sold, and their total cost amounted to almost USD 620 million. There were also 54 transactions on land plots: their total value amounted to almost AED 376 million. Mortgage loans were used to purchase 47 villas and apartments, according to the report.
Real estate in Dubai: square meter price comparison
Real estate prices are rising almost every month, which gives investors an additional incentive to buy various properties in order to make a profit. As in any city, the cost per square meter depends on the location of the property and the surrounding infrastructure. We will tell you how much the cost per square meter varies depending on the area.
- The average property price in the Downtown area, which is very popular among tourists, is USD 4,792. By the way, it was in this area that the highest price increase was recorded in the first quarter of 2022.
- Very high prices are observed in the areas of Jumeirah Beach Residence, Palm Jumeirah and Dubai Hills Estate. Here, one square meter of housing will cost USD 4263, USD 4190 and USD 4116, respectively.
- Next comes the Business Bay area, where the cost per square meter is USD 3,998.
- No less popular areas are MBR City and Dubai Marina. In these areas, one square meter will cost about USD 3822 and USD 3793. Here, experts note a regular increase in demand from international investors.
The highest growth for villas in private communities was recorded in the Palm Jumeirah area, where the buyer will have to pay USD 8,879 per square meter. For comparison, prices per square meter in villas located in the areas of MBR City and Dubai Hills Estate can be quoted – USD 5292 and USD 4057. That is, the difference is very significant.
So, when choosing property for sale, it is better to get a professional advice from the specialists. They will make sure you get the highest ROI and invest your money wisely.
Real estate agency in Dubai
Do you want to buy property in Dubai? Contact Ax Capital agency – their specialists have vast experience and will select the best properties for you.