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Dubai ranked 1st in the MENA region and 12th globally for attracting foreign direct investment in 2023 and it also holds its position as 2nd for best city globally for expats in 2022. According to Property consultancy Savills, Dubai ranked as the best city worldwide for remote workers in 2023.
Certainly, the city has gained a new identity and has also gradually become more popular for various reasons. New World Wealth reported that Dubai is the 20th richest city in the world and contributes approx. 30% of the UAE’s GDP. The city is in the developed phase and welcomes innovative ideas, using advanced technology and giving special privileges to expats and that’s the reason now the city is attracting more expats to invest here.
Dubai’s tax-free environment, high rental yields, advanced infrastructure, Dubai property visa, booming economy, market stability, safety, diverse property options, quality of life, attractive property prices as compared to other cities, and foreign ownership majorly attracting investors to invest here.
And the most important factor is that Dubai offers ten times the best luxury lifestyle with an affordable price range which you will barely get in other cities.
Market Overview
Dubai’s property market has seen constant growth in 2023. The demand for waterfront properties was in trend and remained steady, and approx. 59.4 percent of off-plan transactions have been done. The city is the hub of a wide range of luxury properties including apartments, villas, townhouses, duplexes, mansions and penthouses. Also, available in various sizes as well as typologies but the apartment trends were high. Not only this, the real estate developers of Dubai had introduced some sustainable apartment projects by giving a green theme infused with a waterfront view.
In Q3 -2023, waterfront properties transacted worth AED 3.04 billion. Most of the property transacted in Dubai’s most sought-after community Dubai Creek Harbour – AED 5.01 billion transaction has been done in the first half of 2023. Likewise, 127,000 property sales transactions were done in Dubai by December 2023. And it is expected that, in 2024 also this trend will continue.
Dubai real estate market 2024 will be a year of success and its evidence is seen in the last year. The Dubai property market always follows trends and that’s the reason developers meet home buyers’ needs quickly and property demand increases and projects get sold out within a few hours or days after launch. Rental apartment demands are quite high in Dubai and as per new updates of RERA the existing tenants might experience an annual increase and the same, they will experience with the villa property too.
Best Property Types in Dubai for Real Estate Investment 2024
According to Value Start, Allospp & Allsopp and Betterhomes Dubai Property market has seen a strong resilience over the past few years and remained an attractive investment destination. Additionally, the UAE government has taken many initiatives as well as issuing many business-friendly rules and given special rights and relaxation to experts as mentioned above at the beginning of the blog
As I have mentioned before, Dubai offers diversified property options for residence as well as investment purposes including apartments, villas, and townhouses. But majorly investors choose apartments for investment as such typologies mostly generate higher rental yield and after that villa properties come in the list. Below you can see the YoY ROI of apartments as well as villa properties.
YoY ROI of Ready Properties in 2023
| Property Types | ROI (YoY) |
|---|---|
| Apartment | 36.1% |
| Villa | 38.5% |
YoY ROI of off-plan Properties in 2023
| Property Types | ROI (YoY) |
|---|---|
| Apartment | 4% |
| Villa | 9.8% |
The property demands will continually surge in Dubai and the above-mentioned data in the table is the indication that, in 2024 these properties’ prices would increase by 5-7 percent in 2024. Not only this, but rental demand for water-facing -properties will increase because end-users love to follow the trend and builders are also blending luxury with a peaceful ambience to boost the property value. And indeed, this is the USP of the project hence such property demands a lot among end-users.
Dubai Apartments or Villas: Which is the Wiser Choice?
Dubai offers a wide range of luxury apartments as well as villa properties and it entirely depends on end-users & investors’ objectives behind the investment. Because both are good accommodation types and come with different advantages. Offers good capital appreciation and generates lucrative ROI.
If you have planned apartment investment, you can check out areas like Dubai Marina, Downtown Dubai and Business Bay which give strong investment potential as well as the area has recorded higher sales transactions of 38%. So, those who are looking for a second source of income can plan an investment here.
Choosing an apartment for investment can give you endless benefits because mostly, apartments are developed in well-connected areas as well as communities from where you can easily get access to commute to nearby places. Furthermore, if you are planning for longer-term investment, undoubtedly apartment properties are the most preferred choices.
Likewise, if you are looking for villa properties for investment you can check out the area like Dubai Hills Estate, Palm Jumeirah, and Arabian Ranches. This area records a 20.72% sales increase.
If you are looking for investment in Dubai then you can consider on some off-plan apartments and villa residences available in Dubai which are listed below: –
- Emaar Greenbay at Emaar South
- Bayz 101 at Business Bay
- Aeternitas by London Gate
- Urban Life Residences at Business Bay
- Emaar Address Residences Zabeel
- District One West Villas at MBR City
- Charlotte at DAMAC Hills
- Sobha Reserve Villas at Wadi Al Safa 2
- Emaar Farm Gardens Villas
Best Communities to Live in Dubai
Dubai has some of the best communities, where you can live and explore the best side of life and you will be facilitated with different types of amenities. These communities are quite ideal for families and business professionals. You will get a wide range of property, social services, transportation facilities and endless opportunities. Let’s have a glance at some of Dubai’s top communities.
Downtown Dubai: – The most affluent community of Dubai- Downtown is quite famous for holding world’s major attractions within. Home to world’s tallest tower Burj Khalifa, Dubai mall, and the Dubai Fountain. Further, the community is a luxury hub, offering a range of property options like high-rise buildings, penthouses, villa properties. In addition to this, Downtown Dubai boasts impressive world-class amenities. Despite the community, Downtown is the top tourist attraction of Dubai. Developed by Emaar Properties, this super-luxury community holds myriads of things to explore. With an average ROI of 5-7% Downtown welcomes investors for a promising return. Currently, Baccarat Hotel & Private Residences Downtown Dubai, Sol Tower by Sol Properties, 25h Heimat at Downtown Dubai, Imperial Avenue, Keturah Downtown, Keturah Burj Khalifa Views, Opulent Residences are some of the sought-after properties located in Downtown Community.
Palm Jumeirah: – Palm Jumeirah- the world’s first man-made archipelago is indeed an iconic landmark of Dubai. The developer Nakheel Properties has grabbed a lot of appreciation for this stunning development. An Impressive waterfront community is the hub of luxury accommodation including luxury villas, townhouses, apartments and luxury hotels. Palm Jumeirah is the third most popular area for renting luxury apartments and one of the most sought-after locations in Dubai. According to dubizzle report, the average ROI for villa property in Palm Jumeirah was 3.34% in Q3 2023.
The community also provides a high-end lifestyle hence you will discover all lavish recreation just within reach such as luxury resorts, restaurants, shopping malls, spa & golf courses, and yacht clubs. on the other hand, residents here would explore beach sports. Extravagant is what Palm Jumeirah perfectly defines. So, if you want to be a part of this extravagant world then just book your own units at some recent off-plan projects of Palm Jumeirah includes Orla Infinity, Armani Beach Residences, The Palm Crown, 1 bedroom Apartment in Palm Jumeirah.
Dubai Marina – One of the coveted Residential communities in Dubai is best known for its water-front lifestyle. Developed by the noted real estate firm Emaar Properties, this superb development boasts a world within. Providing you all lifetime leisure options that too of high-end level. The community is quite popular for shopping malls, promenade, cruise tours beach activities and retail therapy. Dubai Marina is home to over 200 luxury residence and it offers luxury accommodation including apartments & villas in different typologies and prices. You can expect furnished and semi-furnished property in Dubai Marina. Because of waterfront views, upscale amenities and cosmopolitan lifestyle the community offers expats highly choose Dubai Marina. Dubai Marina is the top area where 6,618 property transactions have been done by November 2023. With 7.15% higher ROI Dubai Marina became an ideal investment community. 2 bed apartments in Dubai Marina generated Highest ROI of 6.6%. LIV Waterside at Dubai Marina & Ciel Tower is the most recent development where you can purchase apartments, villas, and townhouses of your choice. And if you are not planned yet for investment then act fast.
Business Bay – Developed by Dubai Properties, Business Bay is an impressive community in the heart of Dubai. It’s a mixed-used development and offers a home to myriads of properties including residential, and commercial developments. Business Bay offers studios, apartments, and penthouses and each of the developments carries luxury finishes. Many reputed developers have delivered their real estate development here. The community is specifically delivered with all updated facilities which you will get all just at your doorstep.
The community is bustled with a range of social and civic amenities just at a reachable distance and here, you would get supermarkets, schools, hospitals, places of worship, malls, luxury hotels, fine dining restaurants. Further, the community provides smooth transportation facilities for everyday commutes. Here residents would be facilitated by Dubai Metro Red Lin’s Business Bay Metro Station is available for the best transportation facilities. You can also hail a cab and taxi for the commute.
With all these facilities, the development offers quite an advantageous lifestyle. According to Dubai Sales Market Report, Business Bay’s higher ROI was 5.28% in 2023. So, if you intend to invest in Business Bay, there is a higher probability that you will grab higher benefits. Last year Business Bay generated 6% ROI for studios, 5.8% ROI for 1-bedroom apartments and 5.1% for 2-bed apartments. Sankari Properties, Ellington One River Point, Binghatti Trillionaire Residences, Urban Oasis at Business Bay, Urban Life Residences, Vela Viento Residences by Omniyat are the top off-plan projects in Business Bay right now.
DAMAC Lagoons – This Mediterranean-inspired community is majorly garnering global attention these days. The community is inspired by the Mediterranean lifestyle and the renowned developer DAMAC Properties has made it all possible by building 8 Mediterranean -inspired clusters in the heart of this gulf nation. DAMAC Lagoons community is home to a wide range of property options and here you can easily get all things just at your doorstep. The community has a range of property options like villas, apartments, and townhouses with different sizes and ranges. If we talk about the amenities of DAMAC Lagoons, it carries various types of basic amenities and offers state-of-the-art facilities such as a floating amphitheatre and a water cinema. Located opposite to DAMAC Hills it offers easy connectivity to many places.
With a 6% ROI, this community welcomes you to invest in property here. If you are looking for an off-plan project in DAMAC Lagoons view then you can consider DAMAC Lagoon Views 1, DAMAC Lagoons Views 2, and DAMAC Lagoons Morocco.
The Valley – Developed by the leading developer of Dubai Emaar Properties, this superb master development community is home to luxury villas and townhouses. Located on the outskirts of Dubai on Dubai- Al Ain Road, this masterpiece development offers a whole serene life away from the hustle and bustle of the city. Not only this, here residents will be facilitated with world-class amenities hence, they will experience many pocket parks, sports courts, green outdoor spaces, and playgrounds in the community.
Endless recreational facilities are underlined, specifically, The Valley by Emaar is finely defined with intense greenery in the community and that makes the community livelier. The community has all the facilities nearby like you can easily find out schools, hospitals, clinics, supermarkets and places of worship at one place. Undoubtedly, the valley is the most preferred choice for those who are looking for a balanced life. And if you are looking for investment then Emaar Alana at the Valley, Emaar Farm Gardens at the Valley are best options.
Dubailand – One of the most sought-after residential communities in Dubai. It’s a family-friendly community Developed by Dubai Properties. This masterpiece community carries many different facilities within such as theme parks, shopping malls, eco-tourism projects and also avails ranges of residential properties.
Residents here would perfectly get a suitable option for accommodation as the community offers studios, apartments, independent villas as well as townhouses that too in 1-4 bed options hence you can easily get your preferred choice here. Although Dubailand has not the best mode of public transport services of metro nearby still it offers shuttle bus services for everyday commutes. There are bus stops nearby. You can take the Union metro services from Deira. Other than this, you can easily get cab facilities like taxi services such as Uber and Careem. If you are looking for investment here, then you can consider on the new off-plan project in Dubailand Platinum by Vision, The Corner at Dubailand, Edison House 2 at Dubailand.
Risky Communities and Challenges:
I know investment is associated with challenges and risks. It is riskier when you invest in a stock market. But in, Real estate market of Dubai, investment always returns higher. Thanks to the UAE government’s major initiatives. The UAE government has issued several policies for expats and assures them to invest in Dubai. For instance, Dubai provides a tax free environment, golden visa facilities, freehold area services, 100% foreign ownership, etc.
Property investment in Dubai would not be at all risky because the tax-free environment policies will work in your favour. The tax-free rental income is the major benefit you would get. All you have to do is buy a property and give it on rent and you will see a steady income. And if you choose the right property in right location, you will eventually see the property appreciation within one year
Government is taking many initiatives to strengthen the Dubai Property market and the best instance you can see in Dubai South community where the Dubai South Developer (Associated body of UAE Government) is taking major initiatives and implementing them to bring a transformation in the Southern area of Dubai. Here, the government is majorly focusing on logistic, commercial, residential and aviation and already stated work on it. Al Maktoum International Airport is the best instance of it (going to be the world’s largest airport). In the upcoming time Dubai South is going to be the hub of all major sectors and will generate major countries GDP. Seeing this upcoming growth, many reputed developers also started to deliver their real estate projects there. The reputed developer Nakheel Properties has delivered their most sought-after developments Azizi Venice in Dubai South. Similarly, ESNAD Management has entered Dubai south with their most impressive development Creswell Residences at Dubai South.
Conclusion
Dubai is a safe haven for investment and there are major factors that make it a promising destination. World -class developers are delivering iconic properties with a proven track record of successful projects. Further, UAE government’s initiatives and business-friendly policies, freehold opportunities to foreign investors, tourism boom, demands for rental properties, higher returns are some major reasons that will strengthen investment in Dubai. So, if you are planning for investment always choose the right location or communities before investment. Most of the area offers best returns but there are major areas which you can consider, mostly where tourist attraction is frequent and close to the commercial zone. Similarly, follow the current trend and it will add benefits to you.
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