Buying property in Dubai is easy. It is enough to contact the Ax Capital agency, and their specialists will select the best properties for you. There are luxury properties in the different districts of the city, including the One Palm area in Palm Jumeirah, or Residences at Marina Gate in Dubai Marina in the UAE. If you want to invest not only in Dubai, then you should pay attention to two more emirates, which we will discuss in this article.
Prices of real estate in Dubai
The Dubai real estate market is a real discovery for many experts. It is here that high rates of price growth are demonstrated and new records are set. In particular, the Knight Frank agency is engaged in researching the Dubai real estate market, regularly publishing its reports.
One of the latest reports was dedicated to the luxury housing segment in the emirate. It is reported that the growing interest of international investors has contributed to the fact that this segment has experienced growth over the past year, reaching a figure of almost 60%.
The list of the top three most popular areas where you can purchase real estate does not really change from year to year and in 2022 looks as follows:
- Palm Jumeirah,
- Jumeirah Bay Island,
- Emirates Hills.
It is worth noting specific indicators that indicate a rise in prices. For example, over the past year in the Palm Jumeirah area, the cost of villas has increased by 38%, but at the same time, an increase of 11% was recorded in the first three months of 2022. The report also includes data for the Emirates Hills area. In 2021, there was an increase of 20%, and during the first quarter of this year, prices rose by 6.5%.
The data in this report indicate that higher price growth is definitely expected at the end of 2022 than in 2021. At least this applies to the luxury real estate segment. It is for this reason that today wealthy foreign citizens are betting on Dubai, where the property is not only housing but also a highly profitable investment.
Mass construction in Sharjah
The United Arab Emirates has become an increasingly attractive state for foreign investment. And today, not only Dubai is becoming a choice for property buyers from other countries. And Sharjah can be cited as an example, where mass construction will begin in the near future.
Experts report that the Massar project will be implemented in Sharjah. The construction process is scheduled to begin immediately after the signing of contracts worth AED 460 million (equivalent to USD 125 million).
This large-scale project includes more than 4,000 townhouses and villas, which will be located on a vast territory, whose area will be more than 19 million square meters. It is noted that the developer will undertake the obligation to develop the surrounding infrastructure. In particular, open amphitheaters, parks, playgrounds, and an entertainment center will be located here. Fans of an active lifestyle will be able to use the jogging and cycling path, the length of which is more than 6.5 kilometers.
According to reports from the developers, the process of completing the construction work will take about 14 months. The full implementation of the project will take approximately 7 years.
Fixed demand for real estate in Abu Dhabi
Contrary to popular belief, not only Dubai real estate is popular in the United Arab Emirates. Other emirates also deserve the attention of investors, and Abu Dhabi is a prime example. The first quarter was almost a record for this emirate at least since the end of the COVID-19 pandemic.
The emirate’s Department of Municipalities and Transport reports that Abu Dhabi’s economy continues its rapid recovery from the global pandemic. In particular, this also applies to the real estate market, where more than 3,300 transactions were recorded in the first quarter. At the same time, the total amount of transactions should be noted – AED 11.3 billion, which is equivalent to USD 3 billion.
- It is noted that mortgage transactions and transactions with direct payment were divided almost equally. With the help of mortgages, 1,582 properties were sold for a total of AED 6.9 billion. At the same time, 1,722 transactions were registered with direct payment for a total amount of AED 4.35 billion.
- Along with the growth in demand in Abu Dhabi, real estate prices are also rising. The average cost of villas increased by 1.1%, but a square meter in an apartment rose to AED 10,900 – that is, by 1.6%.
Real estate agency in Dubai
Do you want to buy property in Dubai? Ax Capital agency will help you find the best properties suitable for investment and living. Contact the agency – their experts are ready to advise on all your questions.