Palm Jumeirah, Business Bay among best areas to buy property in Dubai

As the Dubai real estate market staged a strong recovery this year, its prime areas remained in demand throughout the year because of their strategic locations, modern infrastructure and affordable rates, according to Zoom Property Insights.

The latest data compiled by the property portal showed that Dubai Marina, Business Bay and Jumeirah Village Circle are among the best areas to buy a residential unit in Dubai while Palm Jumeirah, Downtown Dubai and Arabian Ranches are equally popular in the luxury category.

Speaking about key performing areas in the Dubai property market, Ata Shobeiry, CEO at Zoom Property, said that property buyers with limited budgets are mostly preferring suburban districts with affordable housing. However, areas closer to the Expo 2020 site have picked up the ace as well.

“The demand for properties has also increased in more established areas renowned for offering upscale lifestyle,” Mr Shobeiry said.

The Dubai property market witnessed substantial growth in 2021 after a brief setback in 2020 due to the global pandemic. The V-shaped recovery is evident as the demand and prices of properties in various areas are on the rise.

On the whole, the residential property prices witnessed a jump of 21 per cent during the first 10 months of the year, according to Zoom Property Insights.

Dubai Marina, Business Bay dominate

The ideal location and the availability of modern amenities make Dubai Marina a preferred choice of many to buy property in Dubai. The waterfront community continues to attract high interest from buyers and investors, according to Zoom Property Insights.

Reports from leading property portals show that Dubai Marina recorded 1,142 transactions worth Dh2,592 million and 1,543 transactions worth Dh4,020 million during the first and second quarters of the year. During the subsequent quarter, 1,678 transactions worth Dh5,149 million were made in Dubai Marina.

Early estimates show that the fourth quarter is going to follow suit and the area is going to sustain its upward trend in the market, according to Zoom Property Insights.

Business Bay, a mixed-use community, offering high-end apartments was the second most popular area in Dubai as two of the most expensive apartments in Dubai were sold in Business Bay during the third quarter. Valuing Dh40 million and Dh37 million respectively, these apartments are part of Volante and Dorchester Collection Dubai projects.

The ‘Jumeirah Club’

Maintaining their position in the top 10 club, Jumeirah Lake Towers (JLT), Jumeirah Park, and Jumeirah Islands also remained popular throughout the year among investors and end-users. These communities collectively recorded sales figures of Dh1,114 million, Dh1,290 million and Dh1,259 million, respectively, during the first three quarters of the year.

— business@khaleejtimes.com