The real estate market in Dubai has experienced a significant increase in 2021-2022, with prices rising over 30%. This trend is expected to continue as demand for local houses and apartments remains high. In the first quarter of 2023, there were over 30,000 real estate transactions, indicating a strong interest in the Dubai real estate market. This also allows us to make bold forecasts for further growth and expect new records this year.
In January, Prime Minister of the United Arab Emirates and Emir of Dubai, Mohammed bin Rashid Al Maktoum, outlined the country’s main priorities for the year. Among other things, he mentioned environmental protection and sustainable development. The authorities of the UAE and Dubai, in particular, are trying to create a more environmentally friendly area, which is affecting the real estate sector.
One of the most green places in Dubai is Dubai Creek Harbour. Originally, the coastal project was designed to cater to all the needs of modern people. The residential buildings are located next to entertainment and shopping areas, and the developers intend to construct the largest shopping center in the city on this site. In addition, Dubai Creek Harbor will soon have four metro stations, making the area even more accessible in terms of transport – and less dependent on petrol cars.
Despite being 2.5 times the size of Downtown Dubai, Dubai Creek Harbor is a pedestrian-only area with parks, recreation areas, bike paths, a nearby beach, and a picturesque promenade with cozy restaurants. Due to large-scale landscaping and proximity to water, residents of Dubai Creek Harbor feel that they are living in close contact with nature. Visitors to the Wildlife Sanctuary can admire pink flamingos.
Dubai’s natural surroundings, sustainable economy, and high life safety have made it a desirable location to relocate to. People from all over the world come to the Emirates with the intention of staying, but not everyone has the opportunity to purchase premium housing. Therefore, recently there has been a growing demand for more affordable lots.
Traditionally, the cheapest areas in Dubai for renting housing are considered to be International City, Dubai Production City, Liwan, and Dubai Sports City – rather remote locations that benefit only due to price. Jumeirah Village Circle has become a compromise option, combining an affordable price and a quality offer.
The rise in real estate prices in Dubai will continue until the end of 2023. Analysts give a variety of figures: from 5% to 20% growth, depending on the object. The Peninsula Four at The Plaza complex is the fourth and final phase of the large-scale Peninsula project where lot prices are expected to soar. More and more large entrepreneurs are looking at locating their businesses in the Emirates, which is why the luxury housing segment is showing the greatest increase in price.
The development will include studios, one- to four-bedroom apartments, and penthouses with breathtaking city views. It represents the fourth phase of construction of the large-scale Peninsula project in the Business Bay area. The complex will grow on the canal embankment in close proximity to the water. It will consist of two 52-story skyscrapers and two small buildings with premium apartments. The high-rises will feature studios, one- to four-bedroom apartments, and penthouses offering unparalleled views of the city.