Business Bay and Dubai Marina continue to dominate the Dubai property market in 2022 as these areas remain the preferred choices of buyers and tenants alike throughout the year, says a latest report.
Average price in these most sought-after areas has seen a significant upward trend this year due to the increase in demand and interest of buyers and tenants, according to the Zoom Property Insights.
Ata Shobeiry, CEO of Zoom Property, believes the diversity and high-quality lifestyle of both these areas attract buyers and tenants.
“Their strategic location and proximity to iconic landmarks in Dubai also make them attractive options for buyers and tenants. With new developments in these areas, they are expected to continue their upward momentum in 2023 as well,” he said.
TOP AREAS FOR BUYING PROPERTY
Business Bay leads the charts for the most popular areas to buy property in Dubai. The average price of studios here is Dh870,000 while apartments and villas cost around Dh1,333,000 and Dh22,900,000, respectively, according to the Zoom Property Insights.
Business Bay is followed by Downtown Dubai, where average property prices range from Dh1,250,000 and Dh4,300,000, depending on the residence type.
Dubai Marina is another popular choice among buyers. The average property price in this community is Dh9350,000 for studios, Dh1,400,000 for apartments, and Dh2,600,000 for penthouses.
Jumeirah Village Circle and Palm Jumeirah are other areas that remain high in demand among property buyers.
TOP AREAS FOR RENTING PROPERTY
The Zoom Property Insights disclose that Business Bay is the most popular choice for tenants in Dubai this year. The average annual rent here lies between Dh43,000 and Dh775,000.
Downtown Dubai, with average annual rent touching Dh900,000, is the second most preferred option by tenants.
Housing many expatriates belonging to different regions, Al Barsha occupies the third spot. It is followed by Discovery Gardens and Jumeirah Village Circle.
“With more people relocating to Dubai for employment, investment, and entrepreneurial opportunities, the Dubai property market is expected to continue its golden run in 2023 as well,” Shobeiry said.
“Both the buying and rental prices will increase, thereby yielding high ROI for investors. This makes it a perfect time to venture into the Dubai property market,” Shobeiry concluded.