Who doesn’t dream of buying a house that is huge like a mansion, and has all the comfort and luxury in the world? For the super-rich, this dream can be fulfilled in Dubai. Dubai is the land of investors, and if you are thinking of making a considerable investment, now is the ideal time to do so. Compared to the real estate market of 2018, last year saw a huge volume of real estate transactions in Dubai, all of these accumulated to the total acceleration of 22%.
Since influential people have always wanted a luxury property in Dubai, their dreams are coming true as the market is experiencing a price declining phase.
As the prices keep going down, a luxury villa or splendid apartment in Dubai will cost the investor 42.3 billion UAE dirhams in 2019. As the market is changing, the buyers are sending out feelers to grab the best possible properties in Dubai. In the last year only, 1,454 villas, as well as 16,522 apartments, have been bought by both international investors and UAE residents. These properties are around 4.3 million UAE dirhams each.
Luxury sales director at LuxuryProperty.com, stated that high-net-worth buyers in Dubai are more active this year than the last due to the reduction in sale prices. The buyers are coming in from all regions of the world, including India, Saudi Arabia as well as the UK. And it’s not only that, the decrease in prices is proven to be beneficial for the residents who are now shifting to better and premium neighborhoods of Dubai. This dip in price is an excellent thing for people who are looking to upgrade their living standards and move to more secure communities where they can bring up their families in peace. The decline in prices has made the decision easier for many residents of Dubai.
High-Net-Worth Individuals – Where Are They Buying:
A high-net-worth individual or HNWI, for short, are those individuals who have around $1 million in liquid financial assets. Although there is no exact description of how rich an individual should be to get this prestigious tag, the worth is generally quoted by measuring the liquid assets of a certain number. Typically a high-net-worth individual should have a net wealth of around 6- to 7- or more figures.
Needless to say, Dubai is one city that attracts this high-net-worth individual like honey attract bees. From around the globe, high-net-worth individuals seek properties in Dubai to buy or invest in. Many comminutes offer the world to high-net-worth individuals. These neighborhoods include Al Barari, Arabian Ranches, Downtown Dubai, as well as Dubai Marina, Emirates Hills, along with Jumeirah, Jumeirah Beach Residence, The Lakes, Meadows, and Palm Jumeirah, among others. If you are thinking of investing in any part of Dubai and are also expecting to get double ROI, these are the communities you should check out for sure.
Residential villas or fully furnished apartments in these prime locations including Jumeirah Luxury Living at JGE are around 8.7 million UAE dirhams. And this is a steal according to last year’s rates in the real estate market. Thinking about the market value five years back, in today’s time, the luxury homes are quiet affordable.
The prices have gone down about 3.72 percent from last year, and this is the best news for people who have always been looking to invest in the luxury properties of Dubai. On average, the current market price of luxury Villas in Dubai is around 1,348 UAE dirhams, as for the apartments that have been recorded at 1,376 UAE dirhams.
The decline in prices can be for many reasons; in the year 2014, the reason was supply surplus. The Higher Real Estate Planning Committee then stepped in to curb this and handle the situation.
Prime Locations To invest in Dubai:
No matter which country or city you are looking into invest, the prime location matters. For an investor, it’s the most important thing when investing in a certain property, as this is their bread and butter.; here are the three prime residential areas of Dubai that will reap you profitable ROI in no time.
Mohammed bin Rashid City:
Accumulated transaction of 8 billion UAE dirhams was done in this one area of Dubai, making this the most sought after neighborhood of Dubai.
Downtown Dubai is mostly famous for the tallest tower in the world, and it’s down to this landmark that Downtown gets the most investor traffic. Around 7.9 billion UAE dirhams worth of transactions were recorded in this neighborhood in the last year only.
Emaar Properties’ Dubai Creek Harbour:
Neck to neck with Downtown for building the next tallest tower, this neighborhood got around 4.2 billion UAE dirhams worth of transactions in the last year. As the tower completes the neighborhood will get more investors, than it does now.