The rise of luxury residential property across the Dubai

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Affluent buyers will find it much easier to strike a deal for a slice of suburban life in Dubai’s exclusive villa enclaves, where homes sell for a fraction of the price five years ago. Frantic development in the emirate of Dubai over the past decade has spoiled home buyers with various options, from modern glass-front apartment towers to man-made islands coupled with beachfront villas, while keeping prices low.

Dubai’s economy recorded a stable growth of 3.1% after the Covid-19 pandemic. The rapid recovery was due to substantial government initiatives such as the national immunization program and the subsequent reduction in restrictions. These measures have not only led to an increase in tourist numbers and restoration of trade volumes but also contributed to the stable growth of the real estate sector in 2022.

In 2022, Dubai’s real estate market recorded its best start, with more than 137,762 units sold to date. According to Dubai Land Department, residential property market transactions totaling nearly 89 billion dirhams ($24.23 billion).

Reasons Behind the Popularity of Dubai Real Estate Market

Dubai’s luxury real estate market is currently witnessing interest from Russians, Indians, Chinese, British, Pakistanis, and French due to instability in the European region and steep taxation for high-net-worth families. In addition, recent policy-level initiatives by the UAE government, including a ten-year golden visa program, excellent rental yields, efficient real estate laws, and full foreign ownership of businesses located in the country, further prompted the growth of the real estate sector.

According to Mr Saeed Al Qadi, CEO of Homebond Properties, “Luxury property prices and rents in Dubai’s real estate residential market will also continue to rise in 2022 since it is supported by rising demand and interest from the international elite. The year 2021 witnessed increased activity in the luxury housing sector as it recorded a 40% surge in prices compared to the previous year despite the pandemic challenges.”

Market supply and return on investment

The Dubai real estate market offers a wide range of offers for potential buyers. We at Homebond Properties believe that there are two primary reasons for this. Firstly, it has a highly developed construction sector with a high rate of construction – more than 60,000 new projects annually. In addition, before 2040, the Dubai construction companies planned to develop more than 550,000 new properties. Another pertinent point is a diversified economy.

The Best Places to Buy Property in Dubai

1. Palm Jumeirah

One of the most sought-after areas among investors, Palm Jumeirah, boasts of several exciting real estate projects that deserve special admiration. Although Palm Jumeirah ranks high when it comes to prices, the location offers potential for investors who are looking forward to buying properties for passive income.

As expected from a premier location, real estate investors can enjoy the best shopping and dining experience. In addition, buyers can choose from several places that offer relaxing facilities, such as the Palm Jumeirah Boardwalk and the Aquaventure Water Park. One can also understand the prestigious status of this place, just look at some of the famous names that have stayed here, such as Tiger Woods and Boris Becker.

2. Downtown Dubai

Widely known for its massive skyscrapers, Downtown Dubai boasts the Burj Khalifa, one of the tallest buildings in the world and a popular tourist attraction. Albeit the prices are higher, Downtime Dubai offers an atmosphere that is not found anywhere else. There’s nothing low-key about Downtown Dubai, especially when hoards of tourists come to see Burj Khalifa.

3. Dubai Hills Estate

A master-planned community, Dubai Hills Estate is among the fastest growing communities offering luxury residential property in Dubai. This well-planned, multi-purpose development by Emaar and Meraas Holding has become highly popular among investors, prospective homeowners, and tenants. Dubai Hills Estate offers a cluster of elegantly designed, sustainable residential communities, luscious landscaped green, an 18-hole championship golf course, and pristine fairways with an iconic backdrop of the Burj Khalifa and the Dubai skyline.

4. Dubai Marina

Dubai Marina offers a luxury nautical lifestyle for anyone looking for it, with luxury villas, penthouses, and elegant commercial and gastronomic establishments. The Dubai Marina Mall alone offers four levels and 390,000 square feet to spend your money. Dubai Marina is especially famous among home buyers due to its high rental yields and a highly sought-after area for Dubai properties. Due to these reasons, Dubai Marina also called the “pearl of Dubai,” is the second most popular area to buy luxury properties after Business Bay.

5. Dubai Creek Extension — Business Bay

Situated right in the heart of Dubai, Business Bay promotes grand commerce, property, and luxurious living in style. Two hundred forty towers contain city offices, residential apartments, and penthouses. The commercial aspect makes it a great real estate market, but the location and proximity to other vital areas are other significant reasons. Working professions especially love this area thanks to affordable prices and profitable rentals for apartments. In addition, residents also get to enjoy easy access to Sheikh Zayed Road and Safa Park.

Who Are We?

Homebond Properties is a Dubai-based real estate company increasing the reach of property buyers, sellers, and investors in the real estate world. Since its inception, it has become the most trusted real estate brand for Dubai investors, landlords, tenants, and developers.

 

 

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