Top 3 Locations Preferred By Homebuyers In Dubai
Owing to factors such as an increase in stock in the secondary real estate market and a rise in the cost of living, rates of resale properties in Dubai witnessed certain correction in the recent past, say industry reports. In that light, let’s explore some of the ideal locations for apartments in Dubai.
An affluent residential neighbourhood and an artificial canal city built along the Persian Gulf shoreline known for its picturesque location, Dubai Marina offers a perfect mix of villas and apartments to a buyer. Located at the Sheikh Zayed Road, Dubai Marina is close to popular destinations of the city such as The Address Marina Hotel, Dubai Marina Mall, Emirates Golf Club and the American University of Dubai and the famous Jumeirah Beach.
The man-made marina waterfront, created by bringing the waters of the Persian Gulf into the site of Dubai Marina, hosts a large number of restaurants, cafes and luxury hotels. Though much of the space is occupied by marina waters, there is about eight kilometre of landscaped public walkways.
Dubai Marina provides smooth connectivity via Jumeirah Lake Towers and Dubai Marina Metro stations, a public boat taxi service that takes commuters to key locations around Dubai Marina, and a tram that connects Palm Jumeirah and Al Sufouh Road to Dubai Marina. The Dubai International Airport is a 45-minute drive along the Sheikh Zayed Road that connects to Sharjah and beyond.
The average price of residential properties in Dubai Marina is AED 1,641 per square foot (psf).
Much like its name, International City was born with the idea of providing a stylish-yet-affordable home-living experience to people from various walks of life. Inspired by the traditional carpets of the West Asia in terms of arrangement, the Dubai International City is spread over an area of 800 hectare. As a mixed-purpose development, it offers a cosmopolitan space for retail, tourism and business activities for over 60,000 residents. Comprising of 1 or 2 bedroom unit apartments up to 1,600 sqft and studio apartments of about 500 sqft, International City has clusters named after countries, including Russia, France, Spain, Emirates and China. These compact apartment spaces are ideal for young workers and professionals.
Within the International City district is the famous Dragon Mart, which draws people from across the world for its wide variety of items, including clothing, hardware and electronics.
Located just off the Sheikh Mohammed bin Zayed Road and the Al Awir Road along the Dubai-Hatta Road between Emirates Road’s Interchange 5 and 6, International City in the Al Warsan region of Dubai, is home to various educational institutes, parks and shopping malls. It is a 20-minute drive from the Dubai International Airport.
Average price for property here is AED 647 psf.
Jumeirah Lake Towers (JLT)
Constructed along the edges of three artificial lakes and JLT Embankment of eight towers facing Jumeirah Islands, JLT comprise 80 towers with a minimum of 35 storeys. The cornerstone of JLT is Almas Tower with 90 storeys. It is one of Dubai’s tallest buildings and is situated on its own island between Lake Almas East and West.
JLT is the second-largest freehold office district in Dubai currently. There are 26 organised clusters of three named from A to Z, with each cluster having its own retail waterfront and parking structure.
One of the most attractive features of the development is its direct connectivity to two Metro stations which make commuting convenient for its residents. It is also located close to other business districts of Dubai, including the Media City, the Dubai Internet City and Jebel Ali.
Considering it provides affordable and mixed-use community space with offices, retail establishments, apartments and hospitality services and is less congested than the other prime locations of Dubai, JLT is preferred as a value for money district as it provides larger unit sizes at cheaper rates. The studio and 1 bedroom units are preferred by investors looking for rental yields that range between six-seven per cent. The high-end users prefer 2 or 3 bedroom units that are cheaper in terms of pricing compared to Dubai Marina or Downtown Dubai.
The average price of residential properties in JLT is AED 1,212 psf.
During January 2018, Dubai Marina clocked 134 transactions, with an average sales price of AED 1.2 million for 1 bedroom unit, AED 1.9 million for a 2-bedroom apartment and AED 1.3 million for a studio unit.