Buying properties in Dubai is a good investment. The real estate industry in the United Arab Emirate is experiencing a huge boom. This is the reason you should invest in real estate in Dubai The prices of homes and rents have been going up a lot in recent time. Buying landed properties Dubai for Investment purpose is a ecision that cannot go wrong if you invest wisely.
For illustration, In August 2023, there were 11,328 home deals in Dubai. That's the alternate- topmost number ever recorded. This means that several people are buying their homes in Dubai right now.
The most popular type of home deals are offplan deals. An offplan property is a property that is not yet fully- erected. The investors buy offplan parcels predicated on the innovator's plans. Offplan apartments are constantly sold at a lower price than completed structure, as there is more risk involved for the buyer. This means that people are buying homes that haven't indeed been erected yet. The number of offplan deals in Dubai has gone up by about 58% in the recent time.
WHY Buy properties in Dubai for investment?
The average price of homes in Dubai has increased by about 19% in recent time. Apartment prices have gone up by 20%, and villas prices have gone up by about 17%. As of August 2023, the average price per square ft or apartments is AED 1,344, and that of villas, it's AED 1,571. Indeed, with these high prices, apartments are still 9.6% cheaper than they were in 2014. Some neighborhoods have indeed reached advanced prices than they did in 2014. The rate at which rents are going up has slowed down a bit. On average, rents in Dubai increased by 21.7% in the time leading up to August 2023. This is slightly lower than the 22% increase in July 2023.
The number of secondary request deals has gone down by 10.2%. The secondary request in real estate refers to the resale of landed properties that some investors have formerly bought and they intend to resell. This includes homes, apartments, condos, and other types of real estate. What this means is that people are buying homes that are listed for resale.Â
Apartment rents went up by 21.5%, and villa rents went up by22.6. In August 2023, the average rent for an apartment was AED 106,674($ 29,000) per time, and for a villa, it was AED 322,573($ 88,000) per time. The most precious apartments and estates to rent are in Palm Jumeirah. So, if you're looking for a fancy place to live, that's the neighborhood to check out.
The Most Profitable Locations to Invest in Dubai
Downtown Dubai: For those who consider buying homes in Dubai for investment, Downtown Dubai the most popular place to buy property in Dubai. It's the home to the major landmarks such as the Burj Khalifa and the Dubai Mall. The average price of an apartment in Downtown Dubai is AED(US$ 430,000).
Dubai Marina: Dubai Marina is another popular area for property buyers. It has a shorefront community with a marina, a shopping walk, and bars. The average price of an apartment in Dubai Marina is AED(US$ 380,000).
Jumeirah Beach Residences ( JBR): It has different kinds of apartments, townhouses, and estates and it is a beachfront community. The average price of an apartment in Jumeirah Beach Residences is AED(US$ 330,000).
The future of the real estate in Dubai is uncertain. Some experts believe that the prices will continue to go up, while others believe that they will start to go down. Only time will tell what will be. However, one thing is for sure, the Dubai real estate market is booming right now, and it's surely worth keeping an eye on.Â
Conclusion
The government is investing heavily in structure systems, which is anticipated to boost the nation's economy and produce farther demand for covering. This is another reason you should invest in real estate in Dubai. Dubai is a profitable destination for real estate investors, and the number of immigrants and tourists is anticipated to continue to grow in the coming times. This is also anticipated to produce farther demand for shelter. Buying properties in Dubai for investment right now is one of the best decisions you can make. When demand is greater than supply, the price will surely be affected.Â
The United Arab Emirates is a considerable stable country with a strong economy. This makes it a safe place to invest in real estate. Overall, the real estate market in Dubai offers a good investment opportunity for those who are looking to buy or rent a home. Still, it's important to do your market research and understand the risks involved before making your decision. You should invest in real estate in Dubai now before it is too late.
ALSO READ