Dubai’s real estate market has been witnessing steady recovery over the last few months and this has majorly been attributed to pro-active Government reforms and attractive offers provided by real estate developers. Experts have stated that enticing offers in the Dubai realty market have continued throughout 2019, immensely benefiting end users, new buyers, first-timers, investors and even tenants.
This has led to continued momentum across the residential real estate segment, indicating that the Dubai real estate market continues to be on track at least with regard to a more conductive environment for the best property deals.
Key aspects that you must note
According to latest reports, freehold zones are still witnessing strong demand for property investments, particularly from investors who are not citizens. This trend has continued over the last decade and continues to be a major growth driver for the Dubai real estate market as per reports. The highest real estate demand was observed in Dubai Marina followed by the Burj Khalifa, First Alkhiran, Sheikh Mohammed Bin Rashid Gardens, Al-Merkadh, Business Bay and finally, Palm Jumeirah among other locations.
The Dubai Marina zone has taken pole position in real estate sales values in 2019. A whopping 3, 366 units were sold last year and their cumulative value has been estimated at approximately Dh8.67 billion. Dubai Marina has transformed into one of the most coveted residential areas for expats and citizens along with business owners as per reports. Dubai Marina continues to be an immensely attractive proposition for property buyers owing to its contemporary lifestyles and of course, top-notch social infrastructure. The overall tranquility and peace in the area and the water views are other major draws for buyers and investors alike. Dubai Marina has a large number of luxury apartment units available for rentals along with notching up the highest sales volumes last year.
It is located in close proximity to several landmark marine attractions in tandem with popular free zones like Internet City, Dubai Media City and Knowledge Village among others. The Burj Khalifa zone (Downtown Dubai) stood second with regard to sales values, notching up 2,368 units in sales at a cumulative value of Dh7.894 billion. This area is perceived as the biggest, most prestigious and highest square kilometer globally, offering the most elevated and luxurious daily lifestyles. The Downtown zone offers some of the biggest landmarks in Dubai and the luxury apartments in the Burj Khalifa, the highest man-made building and tallest tower globally (height of 828 metres) continue to be major draws for investors. The Downtown Dubai area also draws tourists in large numbers every year with the Burj Khalifa being one of the Emirate’s largest tourist landmarks.
Some other factors worth considering
As per latest reports, Sheikh Mohammed bin Rashid Gardens stood at third position with 2,430 units in sales volumes and cumulative values of 4.920 billion while Wadi Al Safa 5 came in at fourth place (1,993 units in sales), followed closely by First Alkhiran (2, 495 units and values of Dh4.410 billion) and Business Bay at number 6 (2,999 units in transactions and Dh4.79 billion in values). The Palm Jumeirah came in at number 7 with 914 units in sales and values of Dh3.741 billion as per reports.
Al-Merkadh was at number eight in the list with 1,711 units in sales volumes and cumulative values of Dh2.680 billion and Al Barsha South the Fourth attained ninth place with 1,844 units in sales and values of Dh2.306 billion. The 10th position was occupied by First Jumeirah with 764 units in sales volumes and cumulative values of Dh2.246 billion. Values of real estate units stood at Dh81 billion in 2019, spread across 40,249 properties in all. The strategic locations of each of these areas spurred faster and higher real estate sales along with great selling values/rates. Proximity to major business zones in Dubai from each of these locations is another factor behind higher sales values according to experts.