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Property in Dubai

When seeking real estate in Dubai, people often come across the same offers every day. Of course, villas in Dubai Hills for expats and flats in Palm Jumeirah are a classic that is never going to be out of fashion, but every day there are new projects launching in the emirate. Let’s have a look at the prospects of the market as well as a fresh project.

Real estate in Dubai continues to grow

The Dubai real estate market shows excellent results in 2022. Prices for apartments increased by an average of 8.5%, and for villas – by 13%. At the same time, the growth in the cost of individual objects reached up to 50% per year. It is noteworthy that in most world capitals, prices rise by no more than 5%.

What is driving the constant growth of the Dubai real estate market? 

• First of all, because it is an international business center, multinational companies from all over the world are represented here and, therefore, investors from Europe and the UK are showing increasing interest. TOP 5 investor countries: India, UK, Italy, Russia, France. Despite the opinion that the Russians create the largest demand, in fact, they occupy only 4th place in the ranking of the largest real estate buyers.
• It is also an important factor that last year, a study of the prospects for real estate markets in different countries showed that Dubai has the best potential among the many capitals of the world. The market is growing due to the large-scale work of the country’s government to develop business, tourism, culture, and sports. Every year, tens of thousands of people move to the city, and it is planned that by 2040 the number of residents of Dubai will increase by 3 million people. This ensures a constant demand for real estate in all price segments. It creates good conditions for work, business, recreation, life for remote employees. At the same time, the purchase process is as convenient as possible, and the transaction can be completed completely remotely.

Property values are also expected to rise by 13% in Dubai in 2023, so the market remains attractive for investors and those looking to own a home. While other assets become unstable and fall in value, Dubai real estate continues to generate a steady income.

Dubai’s Al Barari village is now considered the most luxurious

Rents in Dubai’s desert suburbs have risen to USD 270,000. So the leafy village quietly took over the crown of the most exclusive area in the city. According to a report from the real estate firm, the median rental price for the formerly ultra-luxury Palm Jumeirah is just USD 63,000. The news was reported by the National News on October 28, 2022, referring to CBRE.

Veronica Bottero, who moved to the UAE with her family only six months ago, spoke about what it is like to live in Al Barari. Subsequently, a house was bought for USD 3 million, repairs were made for USD 270,000, and now they are not going anywhere. Veronique noted that they have “not just a good life” but “the highest quality of life.”

Together with her husband, Veronique owns a home improvement company and lives in a seven-bedroom villa with a studio and maid’s quarters. She also owns a second villa of the same size in the same community, which she rents out to tenants for USD 325,000. Bottero says the country has a real sense of community, the people are friendly, and the woman feels incredibly safe.

Now, a Google search for local properties for sale shows houses of similar size with an average price of USD 4.5 million.

Renting a villa costs more than USD 270,000, while purchasing one costs close to USD 3 million. You should expect to pay somewhere between USD 700,000 to USD 2.3 million for a one-bedroom apartment. The expert also mentioned that forthcoming construction projects, such as a coastal lagoon and new stores and restaurants in the area, will keep the price of real estate in Al Barari high in the following years.

Real estate agency in Dubai

AX CAPITAL agency will provide you with the latest offers on the market, allowing you to become an owner of the most exclusive and luxurious properties on the Persian Gulf.