Real estate in UAE on Emirates.Estate

Lifestyle

Renowned for their staggering skyscrapers and ultra-modern villa developments on the one hand and for traditional bustling bazaars and chic boutiques on the other hand, the UAE property market attracts many foreigners who are looking for something luxurious. Property choice in this country ranges from stylish apartments in luxurious high-rent-yield development projects to stunning villa projects and larger houses in the top neighborhoods.

Property prices in UAE in 2023

The UAE real estate market has been known as one of the most volatile markets. The country saw one of the most significant housing crashes from 2008 to 2011. However, by 2014 the market managed to recover, with property prices rising by almost 70%. The global pandemic has only temporarily suspended sales in the housing market, and already 2021 in the UAE has become a record year in eight years. The growth rate of sales reached 74.7% while transaction value increased by 110.1%. On average, in 2021, prices rose by 21% compared to the previous year. In 2022, the trend has continued. Increasing demand and reduced supply contribute to an increase in the cost of housing. This is especially noticeable in popular resort areas. For instance, for the first quarter of 2022, villas in Dubai and houses in the premium sector have risen in price by 4%. Today, the average pricings in the most popular UAE cities look as follows:

• Dubai – 15,052AED (4,097 USD, 27,617 CNY) per sq. m in the city centre and 6,466 AED (1,760 USD, 11,864 CNY) per sq. m outside the centre while in the luxurious resort communities the prices can be as high as 20,521 AED (5,586 USD, 37,656 CNY) per sq. m;
• Abu Dhabi – 7,589 AED (2,066 USD, 13,925 CNY) per sq. m in the city centre and 7,844 AED (2,135 USD, 14,392 CNY) per sq. m outside the centre;
• Ras-Al-khaimah – 6,205 AED (1,689 USD, 11,385 CNY) per sq. m in the city centre and 6,800 AED (1,851 USD, 12,476 CNY) outside the centre;
• Fujairah- 5,800AED (1,578 USD, 10,641 CNY) per sq. m in the city centre and 4,800 AED (1,307 USD, 8,807 CNY) outside the centre;
• Ajman – 1,929 AED (525 USD, 3,340 CNY) per sq. m in the city centre and 4,418 AED (1,200 USD, 8,100 CNY) outside the centre;
• Sharjah – 8,564 AED (2,331 USD, 15,714 CNY) per sq. m in the city centre and 9,116 AED (2,481 USD, 16,726 CNY) outside the centre.

These are the average prices. It means that you can find cheaper options. For instance, off-plan projects are a great solution if you have a limited budget.

Property investment in the UAE

The UAE property market has recently attracted many foreign investors looking for luxury options. The reason is that these days, the market has been offering top-quality properties in exclusive projects at prices at their lowest in a decade and mortgage rates at their lowest in history. With decreasing prices, foreigners get an opportunity to bag a property bargain.

In addition, private international investors are likely to choose the UAE because of the sun and the security of this country.

Emirates.Estate will help you buy property in the UAE

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• User-friendly property search with different parameter filters;
• The latest market news and statistics, guides and reviews and other useful information for expats;
• Professional real estate advice.

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