A hotspot of its own – properties in Dubai continue to soar in value
In less than five years, since the freehold ownership of properties in Dubai was permitted for the first time, the city has emerged as one of the world’s most exciting property hotspots. Prices are soaring and Dubai apartments and villas are now amongst the most coveted properties to be found anywhere. Dubai property is going through a boom which shows no sign of ending in the short to medium-term.
Soaring cost of properties in Dubai
Dubai property is far less expensive than you would find in commercial centres in other countries. However, this is not likely to be the case for much longer as the value of properties in Dubai rise exponentially. Some Dubai apartments have risen by 10% in a week during staged release of developments and there have been instances of off-plan Dubai property increasing by 100% before completion.
Dubai property hotspots
As you would expect, prices are not uniform across the city. Dubai apartments could set you back between £42,000 and £800,000 depending on where you want to buy. Around £5 billion worth of developments take place in Dubai every year with each one seemingly grander than the next.
Of course, there are the truly exceptional developments for which Dubai has become famous. The two most well-known are probably The Palm Jumerirah and The World. These are huge scatterings of man-made islands which will be visible from space once complete. Each of The World’s 250 islands is for sale at between £4-6 million.
More reasonably priced Dubai apartments can be found in areas such as Satwa and Garhaud. Jumeirah and Umm Seqiem are amongst the more exclusive mainland neighbourhoods.
Up-and-coming areas for Dubai property
There is no end in sight to the expansion of Dubai. The city is growing in all directions (including reclaiming land from the sea) and even into Sharjah, the emirate to the north. Permission was recently granted for a multi-billion light-railway project to link the Jebel Ali region with Sharjah. New developments linked to this may be among the best performing properties in Dubai in years to come.
Ex-pats are also starting to move into primarily Arabic neighbourhoods such as Rashidiya, Mirdif and Al Quoz so expect to see the value of Dubai apartments rise in these areas.
Dubai property has rocketed in price since freehold ownership was allowed amongst foreigners. This has created a city-wide hotspot and properties in Dubai can double in price in just a few years. You must remember, however, that the market is new and constantly evolving and you should keep abreast of developments before committing to any Dubai apartments.
