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5 Most Sought-after Areas in Dubai's Property Market
2021.03.24
According to Arabian Business Global News, five most sought-after house investment areas in 2021 are Dubai Marina, Business Bay, Palm Jumeirah, Downtown Dubai and MBR City. Let's take a look their house prices.
5.Dubai Marina
Dubai Marina ranked as 5th, the real estate transaction volume is AED 2,754,955,791
Source - Luxhabitat, Sotheby's, Property Monitor ---Jan 2021
Dubai Marina is one of the most vibrant areas in Dubai, and one of the most popular areas for Westerner. The vibe is open and friendly, the area is full of business, companies, shopping spots, bars and restaurants.
Taking 1BR as an example, the average price of a house in Dubai Marina in the past two years is AED 920,000, and the average annual rental income is AED 65,000
4.Business Bay
Business Bay is ranked as 4th. The real estate transaction volume is AED 3,113,023,487.
Business Bay spans both sides of the Dubai Canal. As its name suggests, there are many local and international companies in Dubai. The well-known Marriott Hotel and Paramount Hotel are also located here.
The area is only ten minutes away by car from Downtown Dubai. It has convenient living functions and low house prices which is friendly for both white-collars and families.
Taking 1BR as an example, the average price of a house in Business Bay in the past two years is AED 1,008,334, and the average annual rental income is AED 60,000.
3.Palm Jumeirah
Palm Jumeirah is ranked as 3rd, , with a real estate transaction value of AED 3,556,598,348.
Palm Jumeirah is one of the eight wonders of the world and the largest artificial island in the world.
As early as 2007, the world's most wealthy people came to invest, including Hollywood celebrities such as Madonna, Beckham, Robert De Niro, etc., their real estate is located here. Palm Jumeirah is dominated by luxury villas.
However, the house price in this area was too high during 2000-2010, therefore when the Wall Street financial turmoil in 2007-2008, Dubai real estate suffered the most severe setbacks in this area. Since 2018 and during the 2020 epidemic period, there have been many villas with low prices for sale, which may also be a good time to pick up secondary houses. But be noted, this district prioritizes self-occupation and the rental report is not as good as other districts.
Taking 4BR as an example, the average price of 4-BR houses on Palm Island in the past two years is AED 3,900,000, and the average annual rental income is AED 320,000.
2.Dubai Downtown
Dubai Downtown, ranked 2nd, has a real estate transaction value of AED 5,192,279,685.
The Burj Khalifa, the tallest building in the world is located in Downtown Dubai, Armani Hotel, world's biggest shopping mall Dubai mall, world's biggest music fountain are also located here.
Taking 2BR as an example, in Dubai Downtown in the past two years, the average price of the second bedroom has been AED 2,500,000, and the average annual rental income is AED 119,999.
1.Mohammed Bin Rashid City
Mohammed Bin Rashid (MBR City) ranked the first, with a real estate transaction volume of AED 6,436,887,347.
MBR City can is a rising star area for real estate market in Dubai. Not far from Dubai Downtown, MBR City is a large land built with luxury houses, apartments, hotels, and the Crystal Lake.
Take 2BR as an example, in the past two years in MBR City, the average annual rental income has been AED 92,000.
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