Dubai is often considered a city of large opportunities. It perfectly suits business conduct, housing investment, recreation, and constant living. Purchasing a property in this metropolis can allow the buyer to get not only a perfect place for residence and vacations, but also significant revenue, a residence visa, and access to the well-advanced infrastructure. To date, Dubai is among the most sought-after property markets. In this review, our experts will talk about the average house price in Dubai and the aspects determining the value of real estate.
Average House Price in Dubai: Figures and Trends
Monthly, dozens of real estate transactions are carried out in Dubai. From January to June 2024, more than 43,000 residential units with a common value exceeding 123 billion dirhams were purchased. Among the prevailing trends in the market is the gradual growth of prices. As Bayut data demonstrate, in the first six months of 2024, price rise was especially noticeable in the villa segment, when the cost of most villas in DAMAC Hills 2 increased by 41%. In other neighborhoods, the prices, on average, rose by 5–20%.
The property price varies depending on the unit’s type. The tiny studios typically cost $3,500 per square meter. The cost of regular apartments varies from $3,500 to $8,500 per m2. The average house price in Dubai is about $8,500 per m2 for villas and $4,200 per m2 for townhouses. The price range for Dubai property is rather vast and involves both affordable and elite options. For example, it is possible to acquire a small two-bedroom villa worth $160,000 and buy an elite mansion with an area exceeding 600 sq. m worth $11,200,000. A standard villa costs approximately $800,000.
The DXB Interact statistics allow tracing the average home price in Dubai in the last decade.
Factors Determining the House’s Value
The average home price in Dubai depends on numerous factors, such as real estate location, its living area, the developer’s policy, and the available facilities.
Position
The price is formed with consideration of transport accessibility, the community’s prestige, the availability of park zones, and proximity to shopping facilities, schools, clinics, and kindergartens.
- Dwellings in the districts within a 30-minute drive of the city’s central part cost approximately $4,000.
- The average price of a property situated a 10-minute drive from Downtown Dubai amounts to $5,600.
- The residential units in the central part of the metropolis and the sought-after neighborhoods are pricey. The elite houses cost $7,500–16,500, but with the assistance of property experts, it is possible to select significantly cheaper housing options.
- The flats and houses on the first coastline are the market’s gems. In several cases, their price per sq. m exceeds $18,000.
The Average Property Price in Dubai’s Neighborhoods
The Stage of Building
As a rule, the average price of a ready-to-move house in Dubai is significantly higher than the cost of a unit that is under construction. Off-plan options can be 20% cheaper than the analogical ready facility. According to the opinions of experienced investors, the most cost-effective variant is to purchase a house at the excavation stage.
The Experts’ Assistance
Those who decide to acquire property with the assistance of a real estate agency can count on more beneficial options and a lower average home cost in Dubai. It is partly facilitated by the awareness of specialists about the market situation and the availability of direct communication with developing companies.
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