Downtown Dubai Real Estate Market Report Q1 2022
It can also be noted that there has been increasing demand for prime and super prime apartments in Dubai which can particularly be seen with Downtown Dubai where the average property prices have seen a Year on Year growth of over 24%. This has meant that prices of properties in Downtown are considerably higher than in other areas of Dubai, a natural reflection of Downtown being one of the city’s most prestigious areas.
The number of transactions has increased considerably, and well priced properties have been shown to get sold relatively quickly. When looking at what buyers are looking for in Downtown, demand has been focused on newer and higher end projects such as Burj Royale.
There is also a strong rental market in Downtown, with the area being popular amongst corporate tenants. As these tenants have ready cash available, or they work within companies that pay for their accommodation, they are able to afford fewer cheques, which landlords find highly desirable, which has meant the area has become highly desirable for investors.
Overall with limited space for new projects in Downtown Dubai, there are very few opportunities for new stock to come to market which will lead to demand continuing to outstrip supply, so it can therefore be expected that property prices within Downtown will continue to rise.
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