The Dubai property market is expected to continue its golden run in 2023.
Inayat-ur-Rahman, Business Editor
Business Bay and Dubai Marina continue to dominate the Dubai property market in 2022 as these areas remain the preferred choices of buyers and tenants alike throughout the year, says a latest report.
Average price in these most sought-after areas has seen a significant upward trend this year due to the increase in demand and interest of buyers and tenants, according to the Zoom Property Insights.
Ata Shobeiry, CEO of Zoom Property, believes the diversity and high-quality lifestyle of both these areas attract buyers and tenants.
He said Business Bay and Dubai Marina cater to a distinct set of property seekers, yet they remain the top choice because of their diversity and high-quality lifestyle.
“Their location and proximity to iconic landmarks in Dubai also make them attractive options for buyers and tenants. With new developments in these areas, they are expected to continue their upward momentum in 2023 as well,” he said.
“With more people relocating to Dubai for employment, investment, and other opportunities, the Dubai property market is expected to continue its golden run in 2023 as well,” Shobeiry said.
“Both the buying and rental prices will increase, thereby yielding high ROI for investors. This makes it a perfect time to venture into the Dubai property market,” Shobeiry concluded.
Business Bay leads the charts for the most popular areas to buy property in Dubai. The average price of studios here is Dhs 870,000 while apartments and villas cost around Dhs 1,333,000 and Dhs 22,900,000, respectively, according to the Zoom Property Insights.
Business Bay is followed by Downtown Dubai, where average property prices range from Dhs 1,250,000 and Dhs 4,300,000, depending on the residence type.
Dubai Marina is another popular choice among buyers. The average property price in this community is Dhs 9350,000 for studios, Dhs 1,400,000 for apartments, and Dhs 2,600,000 for penthouses.
