The Dubai residential real estate market has set a sales record in 2022. Contrary to popular belief, not only because of the influx of Russian money. Investors from Western Europe and Asian countries showed high interest. And new promising projects are appearing in Dubai – in particular, the Damac Harbor Lights skyscraper.
Almost 97,300 property transactions took place in Dubai last year, up 60% from 2021. Such a rise in sales has not been observed since 2009 when 81,800 transactions were recorded. The top 5 foreign buyers, according to the Financial Times, are from Russia, Great Britain, India, Italy and France. The attractiveness of investing in Dubai real estate is well known: the dynamic development of the local economy, investment openness, and very favorable taxation.
In this context, the construction of the 52-story Damac Harbor Lights has commenced within the Dubai Maritime City area, and real estate sales have been initiated. The skyscraper is being built next to the historical center of Dubai and the yacht marina, which in itself makes it a rare object. There are coastal properties in the Emirates, but they are more expensive and, in addition to the price, do not have a combination of factors such as the size of the apartments and the level of the building.
Residents of Damac Harbor Lights will have access to several swimming pools, landscaped gardens, a gym, and spaces for rest and relaxation. 291 business residences and 3 luxury residences with private pools and designer decorations are available for purchase. For example, 1-bedroom apartments today can be purchased at prices starting from 1.32 million AED ($359,500). For comparison, the average transaction value in the Dubai residential real estate market in 2022 exceeded $435,000.
If you look only at properties on the coastline, then prices in Damac Harbor Lights are 1.5–2 times lower.
Now in Dubai, you can buy an apartment in a residential complex during the construction phase at an affordable price, and after a few years, you can own real estate that has seriously increased in price. And also capable of generating income: the average return on investment in Dubai today is 5–8% per annum for long-term rentals and 11–13% for short-term rentals. Both strategies will be available in Damac’s new skyscraper, as the Maritime City area includes business and educational centers and tourist areas. AX CAPITAL brokers will help you with your choice and take care of all bureaucratic procedures. The first 30 buyers at Damac Harbor Lights will receive a 2% discount on title registration.