Given the ongoing inflow of capital into the real estate market, prices in Dubai are anticipated to rise even more. The luxury sector has, among other areas, dominated the real estate market. The price increases are the result of a lack of fresh supply and a significant influx of high-net-worth individuals looking for second homes in Dubai’s upscale neighbourhoods. So let’s take a sneak peek at some of the Emirates’ most luxurious neighbourhoods.
From MBR City To Palm Jumeirah, The Most Expensive Neighborhoods Of Dubai
In addition to Business Bay, DIFC, MBR City, Dubai Hills, and other well-liked neighbourhoods have drawn interest from investors and tenants.
With a price increase, Palm Jumeirah is still the top choice for villas. In addition, customers were drawn to District One, MBR City, Dubai Hills, and The Meadows.
Dubai’s prime location, Palm Jumeirah, has seen a premium price surge of more than 100% since the epidemic began. The cost of premium residential properties in Dubai’s most prestigious neighbourhoods rose 89% in the previous year, although values are increasing from a low foundation.
Also Read: You Can Stay At Aloft Palm Jumeirah For Only Dhs5! We Are Not Kidding!
Dubai Has A Highly-Variable Residential Market And Currently Observe A Steep Rise
View this post on Instagram
Dubai is one of the “cheap” premium apartment marketplaces in the world because of the average transaction price of AED 3,220 per square foot.
The most costly areas of the city continue to be the submarkets with the best performance. Average transaction prices in the third quarter increased by 6.9%, rendering Palm Jumeirah villas 48.2% more expensive compared to last year. These villas continue to see the steepest price increases.
Even more price rise is being seen in Dubai’s premium markets, which include the neighbourhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. Prime values are strengthening, increasing by 29% in just the third quarter of 2022.
Villas & apartments have been observing a competitive surge and it is anticipated to rise in the Q3 of this year. The highest and second-best performers, respectively, were MBR City (10.3%) and Palm Jumeirah (8.2%).
Are you planning to go house-hunting in these luxurious neighbourhoods of Dubai?
Cover Image Courtesy: Media Library