Dubai is filled with expensive but luxurious residential properties. The rate of the properties depends upon the area in which they are. The good part is that the prices of the properties are going down drastically each year. This is because of the competition that the real estate development companies are providing us with. New projects like Central Park City Walk will surely give us a decrease in the properties constructed early.
Still, some of the residential areas are not affordable for a middle-class man. Here are some of the most expensive residential areas in Dubai:
Palm Jumeirah is the most expensive neighbourhood to buy an apartment in Dubai. The luxury island has an average apartment sale price of nearly 4 million Dirhams and that includes penthouses, four, five, six-bedroom apartments.
Let’s talk about the one and two-bedroom apartments that you can buy. The average price of a one-bedroom apartment is around 1.5 million Dirhams, while a two-bedroom apartment will cost you around 2 million Dirhams.
The two-bedroom apartments in the Jumeirah are more expensive than the two-bedroom apartments in the Palm Jumeirah. The average price of the apartments in this coastal neighbourhood goes for around 2.2 million Dirhams and 1.3 million dirhams for a one-room apartment.
The neighbourhood is getting a bit cheaper though, with apartment prices coming down at 0.6% annually.
Dubai festival city:
The average price of the apartments here is around 2.8 million Dirhams. It is located next to the Dubai Festival City mall, you will find the hard rock cafe and the amazing light show. You will find two-bedroom apartments coming in at a price of 2.2 million Dirhams, while the one-bedroom apartments will be around 1.6 million Dirhams. The average market condition has been going downhill annually, lowering the prices of the apartments.
Burj Khalifa area and Downtown Dubai:
If you fancy a room with a view though, then perhaps one of the world’s most iconic neighbourhoods will suit you. How about the Burj khalifa area and downtown Dubai? Now if you want an apartment at Dubai’s most iconic location, you will be paying more than the prices you will find anywhere in the city.
A one-bedroom apartment here will cost you around 1.3 million Dirhams on average, whereas a two-bedroom apartment will cost you around 2.1 million Dirhams. The average asking rate for the apartments is 20% higher than the current rate, so there are a lot of chances for a bargain. If you are up only for a studio apartment, you can pick one for around 800,000 Dirhams.
To get an apartment in JBR, you will be spending around 2.4 million Dirhams on average. Found in the very heart of new Dubai, you will find this place down by the coast with glorious views of blue seas.
A one-bedroom apartment will cost you around 1.3 million Dirhams on average, which is a good 10% down from the average market price. The jumping cost between one and two-bedroom apartments isn’t actually that high. You can get a two-bedroom apartment for an average of 1.6 million Dirhams.
Villas at Palm Jumeirah:
This comes in as the most expensive neighbourhood for buying a villa. This is where you will find plenty of villas, some even come with their own stretch of private beach. Despite property prices falling 1.5% in the last year, the average four-bedroom villa goes from more than 10 million Dirhams, but the prices do start from 6 and a half million Dirham. If you are looking forward to a five-bed villa, the average price starts at 9 million Dirhams.
The location allows you to be next to some of the world’s famous and iconic hotels including Atlantis the Palm and the newly opened W at the Palm. You will also be next to The Point, which has the most scenic views.
Getting property and enjoying the Central Park City Walk Dubai can be a dream for many residents out there. The prices of the above-mentioned areas differ from each other, but one thing is for sure that the fluctuation in prices of the properties have surely opened possibilities for a common man to buy a property at these places.