Popular areas, price increases and in-demand properties in Dubai revealed.
Dubai real estate Rent, sale prices increase as market continues to soar.
The Dubai real estate market continues its upward trajectory following continued demand and high interest in the first half of 2023, according to a new analysis by dubizzle. Research reveals that the annual rents and sale prices have witnessed a general increase across the real estate market in the city.
“Dubai’s real estate market rolled into 2023 in emphatic style, with many of the record-shattering numbers of 2022 already being broken again in 2023. The dubizzle sales trend data shows affordable areas are now feeling the uplift from the influx of the luxury sector, with key high-end districts also recording rising prices amidst immense interest from investors and property-seekers,” – Arabian Business.
Key Findings:
- Average prices across affordable and luxury apartments ranged from AED466,000 to AED5.45 million in the first half of this year. On the other hand, luxury and affordable villa prices was recorded between AED1.4 million to AED42.1 million.
- Jumeirah Village Circle (JVC) has emerged as the most searched area for affordable properties, seeing an increase of over 8 percent in price per-square-foot.
- Jumeirah Lakes Towers (JLT) has recorded the highest increase in price per-square-foot at a whopping 15.83 percent.
- Residents searching for villas have shown demand for DAMAC Hills 2 (Akoya by DAMAC) and Dubai Hills Estate.
- Those seeking for luxury villa rentals have expressed increasing demand for Al Barsha.
- Palm Jumeirah continues to remain the area of interest for luxury properties.
- Short-term rentals are also a prevalent residential option in the market with Dubai Marina and Bur Dubai emerging as top neighborhoods.
- Palm Jumeirah property DubaiPalm Jumeirah continues to remain the area of interest for luxury properties
- Luxury apartments: Dubai Marina has retained its status as the most sought-after area for luxury apartment buyers, with an average sales price of AED2.25 million and a Return on Investment (ROI) of 7.19 percent.
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