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In Dubai, 30,767 housing purchase and sale agreements were completed in the first three months of this year, totaling AED 87.9 billion ($ 23.96 billion). Rent in the villa segment rose by 89% while housing costs grew by 24%. This is in accordance with information released by the emirate's Land Department.
Content:
Most Sought-After Areas: Dubai Marina
Dubai Marina continues to be the most well-liked neighborhood in the city among buyers of luxury properties. The average price per square meter for flats in this area rose by 12.5% to AED 27,522 ($ 7,500) in the first three months of 2023.
Palm Jumeirah
In the market for luxury villas, there has been a noticeable expansion. When it comes to real estate investors looking to rent out homes, Palm Jumeirah has emerged as the top choice. After a 23.3% price increase, detached homes in the archipelago were selling for an average of AED 40,000 ($ 10,900) per square meter.
International City and Umm Suqeim
The International City area of Dubai experienced the highest rental housing profitability in the first quarter of the year. An annual average of 9.16% of the property value is paid to property owners.
The most significant price increases were seen in upscale neighborhoods with villas. All sorts of residential property rents in the Umm Suqeim region increased by 50% between January and March 2023 compared to the prior quarter. For four-bedroom homes, the average rent was AED 271,000 ($ 73,800), for five-bedroom apartments, it was AED 315,000 ($ 85,800), and for six-bedroom flats, it was AED 474,000 ($ 129,000).
Conclusion
Experts claim that while many nations around the world are having financial challenges, while the real estate market in Dubai is now growing. The emirate has gained popularity among expats and tourists from all over the world as a result of the expanding economy. Experts observe a rise in local real estate interest among buyers and tenants each month.
