Property in Dubai
New offers for luxury housing appear on the Dubai real estate market. Experts report that in the near future there will be a rapid demand for properties worth up to AED 350 million. Let us have a look at the areas most popular and profitable, where there are apartments to buy in Dubai the UAE.
High demand for luxury real estate in Dubai
A record number of real estate transactions has already been registered on the artificial island of Palm Jumeirah. But at the same time, attracting buyers capable of purchasing properties worth AED 350 million will have an impact on the overall pricing process.
To date, the most expensive deal is the purchase of a mansion worth AED 280 million, which is located on the artificial island of Palm Jumeirah. Sources say that today there are many buyers from Russia and the CIS countries: today they are already in search of luxury homes. And specialists expect sales deals to close in the coming weeks.
Development of Expo City Dubai
Expo 2020 brought Dubai not only a huge investment, but also a great heritage in the form of exhibition grounds. And it is the territory of the former site that will be used to create a “city within a city.”
- The creators note that Expo City Dubai will be completely focused on the needs of residents, use environmentally friendly technologies, and have limited mobility.
- But the most important advantage of the city is the complete absence of cars and heavy vehicles. That is, it will be a completely pedestrian city.
Under current plans, vibrant Expo City Dubai will be more than just a smart city, it will use innovation to deliver entertainment and educational experiences. This place will be one of the largest projects in the implementation of which the principles of green urban planning will be used.
It is known that more than 80% of the infrastructure which was previously used at Expo 2020 will be preserved here. The creators of the project are trying to create an urban community which will be fully integrated into the development process of the city. Entertainment facilities, restaurants, recreation areas, sports and children’s playgrounds will be located here.
The most popular area to buy property in Dubai
One of the leaders in the number of homes sold was the Business Bay area. Over the past 2 years, the value of real estate in this district has grown by 17%, which is explained by the preferences of international investors who prefer to pay attention to the central areas.
Indeed, among all real estate properties, it is the skyscrapers in the Business Bay district that show the highest growth rates.
- On the one hand, such growth indicates changes in investor preferences.
- On the other hand, it proves that housing in the city is growing in a wide variety of areas.
Specialists of the consulting company Knight Frank say that in recent years the Business Bay district has been rapidly gaining the status of the main business center of the city. In addition, it is located in close proximity to the richest areas of the city, which leads to an increased demand for real estate in this area.
At the same time, there is a very wide variety of properties in the Business Bay area. Previously, there was a rather limited range of offers here: most often these were apartments costing from USD 300,000 to 900,000. Today, many developers offer buyers super-premium real estate, whose value can reach USD 20 million.
Another sale of a luxury mansion
Super luxury projects have always been popular in Dubai. They used to be seen as an investment, but today many wealthy people buy premium real estate for their own use, seeing there attractive business climate and a stable economy.
An ultra-expensive real estate – a villa XLV worth AED 225 million (equivalent USD 61.26 million) has appeared on the market recently. The developer is Select Group which is well-known for its ambitious projects in Dubai Marina area, which is considered quite prestigious among investors in the real estate. Villa XLV has a total area of 4629 square meters and seven bedrooms.
This villa is probably going to become the one of the most valuable properties in the city. It location in one of the popular districts – Emirates Hills – proves to be a district where the biggest amount of luxury housing is sold. A high demand has been noticed there during the past couple of months, from buyers both from Europe and the USA.
Real estate agency in Dubai
Do you want to buy property in Dubai? Contact the specialists of the Ax Capital agency, and they will help you find the best properties that suit your requirements.