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Real estate prices in Dubai are going up post-pandemic owing to foreigners shifting their base. Additionally, the real estate market ever since has been growing in leaps and bounds, much to the government’s surprise. The location is essential for determining the value or desirability of a property in Dubai. The top localities on the Property Finder search list were areas like Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, JVC, and DAMAC Hills. These are supreme locations that offer residents luxury living, safety, and access to all major amenities and attractions.
Top 7 Factors That Determine the Value of a Property
Some location factors that make a property more desirable and increase its are the neighborhood, cleanliness, and proximity to schools, mosques, and shopping centers.
Dubai’s real estate market is booming, and investors are contending for the best real estate agents to buy properties here.
In this section, we will discuss in detail the various factors that increase or decrease a property’s value, as mentioned above.
If you are looking to invest in a property with high expectations on ROI, then the neighborhood plays a significant role. Families and affluent people want to live in a well-known and family-friendly neighborhood. Moreover, it is vital to check if the locality is clean, well-maintained and has a positive reputation in the market.
The city of Dubai is known for its affluent lifestyle and luxurious properties. Imagine living in an area that does not even have the basic amenities! Such places are a must-avoid if you are looking for a high rental yield in the future.
Therefore, the property must be close to modern amenities like shopping malls, public transport, eateries, schools, gyms, and parks.
Road and Transportation
There is a reason behind the high property prices that are located near shipping malls and other attractions. Therefore, it is evident that properties that are away from such amenities will require transportation as close as possible. Dubai generally has good connectivity, and one can reach the other part of the city within a thirty minutes drive.
But locations with no immediate connecting roads and highways are bound to be inconvenient. Thus, such properties are cheaper, but living in them proves to be expensive for families. Therefore, it is important to invest in properties that have metro stations, roads, and taxis nearby.
Schools and Universities
Most families want to send their children to Dubai’s best and nearest schools and universities. Therefore, properties close to some of the best schools and Universities always offer high rental yields and appreciation over the years.
Crime rate and safety are crucial for those looking to live with children and older family members. Therefore, areas with the lowest crime rate and highest safety are always in demand. While those, on the contrary, are cheaper and not likely to get tenants as often.
Closeness to the Working Sector
The properties that are located near employment hubs, business hubs, and so on have a high demand throughout the year. Thus, such prices always offer high rental yield owing and appreciation. Working professionals prefer staying close to their offices as it saves their time, money, and energy from commuting long hours.
Scenery and Environment
The value of some properties is considerably higher than the others within the same location owing to the view it offers. Apartments with the Dubai city sky view tend to be pricier than those without any good view. Additionally, apartments on beach fronts, lakefronts, and ocean views sell for very high prices.
Beachfront and lakefront areas bring natural beauty to a busy city, increasing people’s desire to reside there. Furthermore, the sites with the lowest crime rate also boost the price of property.
Which Location Is Best to Buy/Invest in a Property in Dubai?
According to real estate professionals, when it comes to investing in a property that can give you a high ROI, it’s always about location. Some profitable properties are in prime locations of Dubai, like Downtown, Dubai Marina, and Palm Jumeirah. Central locations are close to the prime locations, including Creek Harbour, MBR City, etc.
The areas that are on the outskirts include Arjan, JVC, Sports City, etc. People have to pay not only for the property prices in the prime locations but also a premium to the sellers. The reason is that the sellers took a risk back when these prime locations started, and no Burj Khalifa or other tourist attractions are available today.
Buying or investing in a property in the central and outskirts are also great as they have the most modern amenities like shopping malls, hospitals, schools, entertainment, etc.
Where Can Investors Buy Property in 2023?
While most investors may want to buy a property in a prime location but cannot afford it now, the time for it was two decades ago. However, real estate experts believe the central locations will soon become prime in the next few years with new projects and developments happening in these areas.
These areas include Emaar South due to its proximity to Expo 2020. It is now called District 2020 and is close to Dubai World Central. Emaar South is comparable to the Arabian Ranches, as nobody wanted to live there fifteen years ago. Creek Harbour is another location investors can eye.
Find the Best Location in Dubai for Your Next Investment
Buying a property for residential or investment purposes can be challenging. Various factors contribute to the value of a property. As mentioned above, location is one such factor that plays a crucial role. Top Luxury Property can help real estate investors seek Dubai’s best location and property.
They have all kinds of properties in different areas of Dubai listed within different price ranges. Some localities that offer their services include Arabian Ranches 3, Downtown Dubai, Palm Jumeirah, and Damac Hills.