Dynamics of real estate prices in Dubai
Dynamics of real estate prices in Dubai
The wealth and beauty of the United Arab Emirates are known all over the world: a wonderful warm climate, valuable resources and a developed economy have turned the desert into a real paradise for tourists. In recent years, the UAE has been trying to overcome the dependence of the dynamics of oil prices by developing the service sector, tourism, infrastructure and the financial sector. The real estate market did not stand aside either - from the beginning of the 2000s until the global financial crisis in 2008, the growth in property prices in Dubai managed to grow 4 times and also fall sharply. In the period from 2012 to 2015, the local market underwent an active recovery after the crisis - the cost of residential properties began to grow by an average of 20% per year, and the real estate market entered a growth phase.
Everything was going relatively well until 2020. But after the coronavirus pandemic began, housing prices in Dubai fell again. There has been a large decline in tourist flow, as well as the departure of skilled expats from the hotel and transport industries. Since the end of the pandemic and the opening of borders, the housing market has started to recover again. The restoration of the tourist flow has led to an increase in the welfare of the country, the development of the economy and the attraction of investors. Therefore, in 2021, the dynamics of housing prices in Dubai showed a growth rate of 175% compared to 2020. Real estate price analytics in Dubai at the beginning of 2022 also showed an increase in housing prices: the cost per square meter was able to reach 10,775 dirhams - approximately $ 2,933.
What determines property prices in Dubai
According to the calculations of UAE Assets specialists, in the next few years it is not planned to build the same amount of real estate in the Emirates as in previous years, so the volume of offers from developers will decrease - there will be a positive growth in real estate prices in the UAE, so the search for apartments in Dubai should start as possible earlier. The cost of real estate is the main factor that most buyers rely on when looking for housing in Dubai. Most often, the budget for the purchase is limited, so the choice in favor of a particular residential property is made within the framework of available finances.
Real estate prices in Dubai per square meter depend on several factors at once:
Type and area of property
- Location (location)
- Transport accessibility
- Landscaping of the local area
- Infrastructure
An important role in setting the price is also played by the popularity of the place among foreigners. If there is a sea coast near the house, various attractions, a transport hub, catering points and shopping and entertainment places, then the value of real estate will be much higher. Below we present an overview of real estate prices in Dubai in average values.
How much does property cost in Dubai?
In 2022, apartment prices in Dubai were distributed as follows:
| Price segment (in $/¥) | Average apartment price in Dubai 2022 (in $/¥) | Average price per sq. m/$ (¥) |
|---|---|---|
| Offers up to 224K/1.4M | 165.5K/1.05M | 3.3K (21K) |
| Luxury real estate from 1.2 million/7.6 million | 3.8 million/24.1 million | 32 thousand (203 thousand) |
| All properties | 1.3 million/8.26 million | 12 thousand (76,272) |
Current prices for villas in Dubai
| Price segment (in $/¥) | Average price of villas (in $/¥) | Average price per sq. m/$ (¥) |
|---|---|---|
| Offers up to 336k/2.1m | 272k/1.7m | 2.2k (about 14k) |
| Luxury real estate from 1.2 million / 7.6 million | 4.8 million / 30.5 million | 58 thousand (more than 368 thousand) |
| All facilities | 3.4 million/21.6 million | 39.3 thousand (250 thousand) |
Land plots in Dubai
| Price segment (in $/¥) | Average price of land plots (in $/¥) | Average price per square meter m/$ (¥)) |
|---|---|---|
| Offers up to 166k/1.05m | - | - |
| Elite plots and real estate from 560 thousand / 3.55 million | 27.5 million / 175 million | 1.8 thousand (11,440) |
| All facilities | 20.2 million/128.4 million | 1.5 thousand (9.5 thousand) |
The information above is provided for informational purposes only, to clarify the rates, you must contact the broker or seller of housing. In order not to get confused and not to miss a good option, we recommend using the services of qualified UAE Assets specialists.
Buy property in Dubai with UAE Assets
UAE Assets has been working with real estate in the UAE for several years, so it has solid experience. Our company cooperates with many well-known developers and has up-to-date information, tracking all trends in the real estate market in Dubai. Investing in local real estate is a great way to save money and increase it in the long run. An actively developing housing market with high consumer demand maintains the liquidity of apartments at a high level. This, in turn, provides property owners with a stable passive income and a quick payback of the object.
You can find out from our specialists what the cost of an apartment in Dubai depends on, what advantageous offers to pay attention to and what documents you need to provide. We are ready to provide you with a comprehensive consultation and answer your questions. Use the contact number on the site to contact our call center. You can also fill out the feedback form, after which we will call you back as soon as possible and advise.
