2022 proved to be a successful year of the real estate in Dubai. Investors purchased properties on the very convenient conditions and have already started to get ROI. If you have been looking for property in Downtown for sale, as this area is one of the most promising ones in 2023, you’d better hurry up, as the area is going to have a couple of the new projects being developed.
Real estate in Dubai
According to Knight Frank forecasts, between 2022 and 2025, about 100,000 properties are planned to enter the market in Dubai, with more than 70,000 of them this year, which is a record figure since 2009, when 120,000 real estate entered the market.
However, it should be taken into account that 30–40% of the commissioning announced in 2022 will be postponed to 2023 due to construction delays.
At the same time, only 15% of the new supply will be villas, which will keep the demand for them at a higher level than for apartments.
Overall, Dubai's average residential property value is still 26.6% below the latest market high. At the same time, in 2023, in the mass segment, the enthusiasm in the market may weaken. It is likely that prices will begin to stagnate due to weakening demand, but they most likely will not decline. In the elite segment, in 2023, price growth, on the contrary, will only intensify due to a shortage of supply. Thus, only 2,700 units will enter the elite market this year, which is 3.6% of the total planned supply.
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Downtown area
Downtown Dubai is the heart of the city, the most luxurious and most expensive area. It is full of business and tourist life. Emaar, the largest development company in the UAE, is responsible for the construction of Downtown. Currently, there are more than 30,000 properties for sale, including luxury apartments with panoramic windows and views of the Burj Khalifa, and small cozy apartments in complexes with low-rise buildings.
Downtown is located in the center of Dubai. It is here that the main attraction of the UAE - the Burj Khalifa tower is located. And at its foot are the famous dancing fountain and the Dubai Mall.
Construction of the area began in 1998. Residential and office skyscrapers have grown on the site, as well as hospitals, schools and kindergartens. Hotels, entertainment centers, banks, boutiques and restaurants have opened. The Downtown area in the city continues to develop even now.
The territory is of interest to foreign investors, as it is a freehold zone where non-residents are allowed to purchase real estate. The tourist attraction of Downtown guarantees a high income from short-term rentals.
Advantages of Downtown Dubai
- Convenient location.
- 20 minutes drive from Dubai Airport (about 13 km).
- Developed infrastructure.
- Subway line.
- Constant flow of tourists.
- Close proximity to iconic attractions.
Real estate for sale in Downtown
The main developer of Downtown is the state-owned company Emaar Properties. Recent projects include Act One towers and Act two. The complex is located in the Dubai Opera area. The buildings consist of premium apartments with 1-3 bedrooms. Apartment prices are affordable for the area and start at $442,000.
Another project is The St. Regis Residences. These are two elegant towers in Art Deco style, 262 and 171 meters high. At the beginning of April, 83 apartments are free. Apartments from 791 square meters can be bought for $584,000.
Opera Grand is 70 floors of luxury. The project includes hotel rooms, 1-5 bedroom apartments and 5 bedroom townhouses. Their cost exceeds $1.3 million. Another iconic real estate in Downtown Dubai is the Burj Crown. It stands on the fashionable Sheikh Mohammed bin Rashid Boulevard. Apartments with 1-3 bedrooms are available in the building at a price of $670,000.
Property for sale in Dubai
Emirates.Estate will help you invest in the safe and successful real estate market in Dubai. Their experts work only with reliable properties - ready and under construction. With the help of the Emirates.Estate website your acquiring of the real estate in the sunny emirate will become a smooth and quick process. Go over to the website and start your search today.