Dubai has really been one of the world’s most vibrant real estate markets in recent times and both investors and owner-occupiers are making investments in this part of the world for obvious reasons. The Emirate is home to an endless array of attractions, luxury lifestyle, and a long list of cherishing experiences that everyone would want to indulge in. And, that list is ever-growing with more and more opportunities to take a luxury lifestyle to the next level opening up here.
So, before you plan to be a part of these amazing luxuries on offer in Dubai and experience them firsthand by living there, here’s a look at how Dubai’s real estate market is turning up in Downtown Dubai. It will surely help you take the right investment decision.
The Market Dynamics
The property brokers in Dubai have revealed that they are facing more inquiries from the owner-occupiers and there’s an increase in the number of these owner-occupiers buying properties in Dubai. So, that really means the market dynamics are seeing a paradigm shift and the increasing number of end users are now opting to buy homes in Dubai.
If you go back only a few years, the market was driven primarily by investors who wanted to buy properties from the sales viewpoint. But that has certainly changed and, in 2019, people are opting to buy properties where they can live with their families and settle in this luxury getaway rather than simply coming over for their holidays. That’s certainly a sign of maturity and Dubai seems to be becoming a life-long home for many.
Now, what it has lead to is that people are choosing bigger villas and apartments where they can have a taste of the city’s community living. In addition, despite being more in demand, these properties are becoming ever more affordable in the Emirate.
This current situation of the market is definitely opening up new opportunities. Furthermore, this maturity of Dubai’s real estate market would mean that an increasing number of people will settle here and there will be greater demand for the new developments. In addition, there will be new projects coming up in the future to add to the luxury lifestyle and entertainment opportunities for both the residents and the vacationers here.
The number of young families is growing in Dubai and they’re choosing villas in top communities like the Arabian Ranches and Dubai Land. They really want the community feels these developments are known for.
Furthermore, if you’re the end user, the return on your investment isn’t the only thing that you’re looking at. Obviously, the kind of experience you are going to have is more of a priority for you. So, with more and more properties being bought by the end users, these major considerations are more accounted for and even the developers have realized that as well.
The Price Trend
If this paradigm shift in Dubai’s real estate market seems to have convinced you for investing in the Emirate, knowing the current price trend is certainly important for you.
Some of the high-end communities in Dubai like Arabian Ranches, The Springs, and Palm Jumeirah have lately seen a decline in their prices as they’re being sold at almost 11% less now.
The average per sq. ft. price for 3-bed villas in the premium community Arabian Ranches has declined from 1098 AED to 980 AED which marks an 11% decline. On the other hand, the same average price in Palm Jumeirah has declined by 10% going down from 1573 AED to 1415 AED. As for The Springs, there’s an 8% decline with prices going down from 1077 AED to 987 AED. And, these are among the top 5 communities that have been searched by the investors in Dubai.
So, with the market shaping up with this new trend, and the prices marking a decline, it’s high time for both the investors and the owner-occupiers to secure a place in one of the premium communities in Dubai.