In Dubai, 2022 turned out to be a prosperous year for real estate. Investors bought homes on very benevolent terms, and they have already begun to see a return on their investment. If you’ve been looking for property in Downtown to buy since it’s one of the most promising areas in 2023, you’d better act quickly because there will be a few new projects going up there.
Property in Dubai
More than 70,000 properties are expected to enter the market in Dubai between 2022 and 2025, a record number since 120,000 houses entered the market in 2009, according to predictions from Knight Frank.
It should be noted, meanwhile, that 30–40% of the commissioning scheduled for 2022 will actually happen in 2023 due to building delays.
Villas will only make up 15% of the new supply, which will maintain a stronger demand for them than for apartments.
The average price of residential property in Dubai is still 26.6% below the most recent market high. At the same time, the market’s enthusiasm may wane in the mass segment in 2023. Due to weaker demand, prices are probably going to start to stagnate, but they probably won’t go down. In contrast, price increases in the elite market will only pick up steam in 2023 due to a supply crunch.
Thus, only 2,700 units, or 3.6% of the entire anticipated supply, will reach the elite market this year.
City center
Dubai’s downtown is the most opulent and affluent part of the city. Both business and tourism are thriving there. Downtown was built by Emaar, the leading development business in the United Arab Emirates. There are currently over 30,000 homes available for purchase, ranging from tiny pleasant apartments in complexes with low-rise structures to luxurious apartments with panoramic windows and views of the Burj Khalifa.
Dubai’s downtown is situated in the city’s middle. The Burj Khalifa tower, the main draw of the UAE, is situated here. The renowned dancing fountain and Dubai Mall are also at its base.
In 1998, work on the area started. Along with hospitals, schools, and kindergartens, the area has seen the growth of residential and office towers. There are now hotels, amusement parks, banks, shops, and restaurants. Even now, the city’s Downtown is still evolving. Foreign investors are drawn to the region since it is a freehold area where it is legal for non-residents to buy property. Downtown’s popularity as a tourist destination ensures strong short-term rental income.
Dubai Downtown’s benefits
Location is convenient.
13 kilometers away and 20 minutes by car from Dubai Airport.
constructed infrastructure.
subway system.
A steady stream of tourists.
a short distance from famous sites.
Downtown real estate for sale
Emaar Properties, a state-owned business, is the primary developer of Downtown. Act One towers and Act Two are recent constructions. In the vicinity of the Dubai Opera is the complex. The structures house luxurious flats with 1-3 bedrooms. Apartments start at $442,000, which is reasonable given the neighborhood.
The St. Regis Residences is a different undertaking. These two beautiful Art Deco structures are 262 and 171 meters tall. 83 units are available at the start of April. Costing $584,000, apartments starting at 791 square meters are available.
The luxurious Opera Grand has 70 floors. The project consists of hotel rooms, flats with one to five bedrooms, and townhouses with five bedrooms. Their price is more than $1.3 million. Added iconic property in Downtown Dubai is Burj Crown.
It is located on Sheikh Mohammed bin Rashid Boulevard, a fashionable street. The building’s apartments range in size from 1-3 bedrooms and cost $670,000.
Dubai property for sale
Emirates Estate will assist you in making investments in Dubai’s secure and thriving real estate market. Only trustworthy homes, both finished and under development, are used by their experts. The Emirates. Estate website will make the process of purchasing real estate in the sunny emirate simple and quick. Visit the website now to get started with your search.