2023's Best-Performing Areas in Dubai: Off-plan propeties in Dubai

2023's Best-Performing Areas in Dubai: Off-plan propeties in Dubai

2023's Best-Performing Areas in Dubai: Off-plan propeties in Dubai

2023's Best-Performing Areas in Dubai: Off-plan propeties in Dubai

  • Punit Rana
  • (0)
  • (678)
  • January 15, 2024

News, Apartments and villas,real estate,Real Estate Transactions

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Discover Dubai's Top Off-Plan Apartments - Prime Real Estate Opportunities

2023 is proving to be an extraordinary time for off-plan properties in Dubai. This year’s top-performing areas showcase the city’s evolving landscape, bringing unique appeal and market vibrancy. Below is an in-depth look at these hot spots, reflecting a style of analysis and detailed reporting similar to DXB Interact

Jumeirah Village Circle (JVC)

JVC has emerged as the leader, selling 9,712 units for Dh8.4 billion. The median price increased by 18.7% to Dh798,000 and the price per square foot increased by 26.2% to Dh12,000, underscoring JVC’s appeal to those seeking harmonious urban-suburban living.

Almecade

Al Merkadh has sold 7,248 units with a total value of AED 11.2 billion, remaining the leader in the industry. The median price increased by 15.9% to Dh1.4 million and the price per square foot increased by 7.9% to Dh1,900, reflecting continued demand in this upscale area.

Dubai Marina

Dubai Marina has been a favorite, with 5,240 units sold, contributing AED 25.2 billion to the market. The median price surged 31.4% to AED 3.7 million and the price per square foot increased significantly by 39.7% to AED 4.1 million, confirming its status as a luxury haven.

Business Bay

Catering to demand from professionals, Business Bay sold 5,226 apartments worth AED 11.3 billion. The median price increased by 27.3% (AED1.6 million) and the price per square foot increased by 20% to AED23,000, underscoring its appeal to business-focused customers.

Dubai Hills Estate

Dubai Hills Estates saw 3,768 units sold worth AED 7.7 billion, with the median price rising significantly by 42.9% to AED 1.8 million. Prices per square foot increased by 15.2% to AED 2K, underlining its emergence as a family-friendly enclave.

Argen

Arjan saw 3,608 units sold for Dh3 billion, with the median price rising 19.1% to Dh750,000. Prices per square foot increased by 12.5% to Dh1,300, indicating its market potential.

Dubai Creek Port

Dubai Creek Harbor sold 3,203 apartments for Dh7.8 billion, with the median price rising 23.2% to Dh2.2 million and the price per square foot rising 17.6% to Dh2.1 million, underscoring its focus on those seeking beachfront living way people are attracted to.

Altanya Fifth

Al Thanyah Fifth saw 2,768 units sold with a total value of Dh4.2 billion, with the median price rising by 26.9% to Dh1.5 million. Prices per square foot increased significantly by 82.5% to Dh2,000, indicating growing interest in the area.

Dubai City Center

Downtown Dubai has maintained its iconic status with 2,050 apartments sold for Dh7.9 billion. The median price is AED 2.6 million (up 2.3%), with prices per square foot rising 4.2% to AED 2.7 million, reaffirming its status as a city hub.

Town Square

Town Square saw 1,785 units sold for Dh1.6 billion, with the median price rising 34.1% to Dh779,000. However, prices per square foot fell by 7.1% to AED 1,100, providing more affordable options in the market. The Dubai real estate market showed resilience and growth in 2023, with certain areas performing well in terms of transactions, total value, and median prices. Investors and homebuyers are advised to pay close attention to these trends in order to make informed decisions in this dynamic market.

Reasons to Buy Off-Plan Real Estate in Dubai

There are many reasons to invest in Off-plan Properties in Dubai. The real estate sector is back in the limelight after the pandemic and is showing signs of sustained growth, according to statistics from the Dubai Land Department.

The residential real estate market in Dubai is also expected to remain stable with a moderate increase in prices. The resulting stability, recent visa reforms, attractive pricing, and overall quality of life standards are attracting new residents to the emirate. Among the various properties, off-plan properties in Dubai real estate is considered a brilliant investment alternative, especially for those interested in long-term benefits and low down payments. First, you can buy the property and pay it off in small installments instead of paying the full price upfront. Secondly, you can sell it later at higher prices and secure a handsome profit in the process of ROI.

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