There are many Dubai communities where you can find a property at this price point.
Prices of luxury property in Dubai are much more affordable when compared to global cities.
For instance, $1 million can only fetch you 16 square metres of prime property in Monaco, 22sqm in Hong Kong, 29sqm in London, 99sqm in Mumbai and a whopping 137sqm (1,485sqft) in Dubai as of Q2 2018, according to Knight Frank.
Dubai prime properties are also way more economical than in cities such as New York, Los Angeles, Miami and Singapore. This is because the Dubai property market is still a newcomer in comparison with the globally established cities. The volume of demand for prime property is significantly higher in cities with more established markets.
There are many Dubai communities where you can find property at this price point, both apartments and villas – Downtown, Palm Jumeirah, Emirates Hills and Emirates Living – to name a few.
Demand for Dubai’s luxury homes remains strong and prices have remained stable. There has been an increase in active listings and sales of luxury properties in Dubai.
Despite a reputation for luxury, those who call Dubai ‘home’ often have more modest needs, especially if there is a family to support.
We rounded up the 5 most affordable communities (based on AED median price per square foot) in Dubai to rent or buy a villa, so those looking to make a move before the new school year starts or for a strong investment opportunity can make an informed decision.
For renters, The Villa, a community of Spanish-style homes southeast of Downtown near Silicon Oasis, made its debut on the top of our affordability ranking. It dropped in asking prices by 13% over the last 12 months to 34 AED per square foot. Declines were a bit steeper in Al Furjan, down 15% in the last year, and ranked second in affordability, our data shows.
For those ready to make the leap to buy, Jumeirah Village Circle, Dubai Land, and The Villa are the top 3 least expensive per square foot.
Although prices are still declining, consumers are staying on the fence about whether to buy now or wait, as the large down payment needed to purchase a property continues to be a hurdle for most end-users, according to Lynnette Abad, Director of Data and Research.
“Once the new ten-year visa and 100% ownership of foreign companies legislation is formally released in the second half of 2018 and all details are known, this will certainly have an indirect effect on the real estate industry,” says Abad, looking ahead to what’s to come for the second half of 2018. “The new legislation will likely give expats confidence to invest in property locally due to the assurance they can remain in the country for a longer period of time.”
Al Furjan, Jumeirah Village Circle, and The Villa actually appear on both lists (to rent or buy) and are worth a look as family-friendly options with lots of brand new units to their name, in central locations with short commutes to all of Dubai’s business hubs.