Best Off-Plan Investments in Downtown Dubai
Investment yield over last 12 months – 5.4%
Billed as ‘The Centre of Now’, Downtown Dubai is a thriving urban hub featuring a fine collection of stunning skyscrapers, world-famous landmarks, gourmet restaurants, upscale retail options and luxury living experiences. Downtown Dubai’s Sheikh Mohammed bin Rashid Boulevard, a thoroughfare that encircles the perimeter of the district, is famous for its spectacular array of upscale restaurants and its chic design that juxtaposes contemporary and traditional Middle Eastern design aesthetics.
Downtown Dubai has been conceptualized by Emaar, one of the most prominent developers in Dubai. Emaar has been the driving force behind the district’s most instantly recognizable buildings as well as many of the residential towers. Partnering with renowned hospitality brands such as The Address and Vida Hotels & Resorts, the noted developer has also delivered spectacular five-star hotels and serviced residences.
Dubai’s most iconic landmark, the 163-storey high Burj Khalifa, sits at the heart of the Downtown district. It is the tallest free-standing structure in the world and is the very epitome of luxury living, providing residents with an unrivaled experience. One of the most prestigious and highly sought-after addresses in Dubai, the Burj Khalifa offers an excellent selection of apartments and penthouses. The savvy investor can also find an entire floor or two for sale, providing a portfolio of residences that will generate excellent returns over time.
Surrounding the majestic tower are an array of residential skyscrapers, also developed by Emaar, each providing a unique aesthetic ranging from from an Art Deco style inspired by 1920’s Manhattan to a design that mimics the Burj Khalifa itself. Also flanking it are two of the city’s most famous attractions - world’s largest shopping center The Dubai Mall and the city’s newest cultural destination The Dubai Opera. The latter forms part of the Opera District, adding an extra layer of prestige to an already sophisticated neighbourhood. From high-end shopping that includes top fashion brands to entertainment provided by renowned international musical talent, Downtown Dubai has no shortage of experiences for its residents to enjoy.
Sitting adjacent to Downtown is the district of Business Bay, a planned commercial hub that has found new life as a key residential area. The Dubai Water Canal, which flows through Business Bay and was inaugurated almost two years ago, has helped transform it into a very popular waterfront district. Consequently, many of the properties on the periphery of Downtown have gone up in value as they are equidistant from the Burj Khalifa and the Canal.
Rising out of the center of Dubai, Downtown enjoys a very prime location in the city and as such, prices in the area are a bit on the higher side at over AED 2,300 per square foot. That being said, demand is high as well and the district enjoys a comfortable 5.5% yield on average. As far as major developments are concerned, Downtown can be considered to be ‘complete’. No more major projects will be announced in that area in the near future, but there are plenty of options for investment in ongoing developments.