SmartCrowd, the UAE’s first regulated digital real estate investment platform, has highlighted six areas to invest in Dubai in 2023. These areas stand out as particularly promising for investment purposes based on their strategic locations as well as high rental yields, capital appreciation and general attractiveness, the company said recently.
SmartCrowd is an app that allows users to invest in properties in Dubai for as low as AED 500, and recently revealed its projects to go to Pakistan.
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The six key areas highlighted are listed below:
1. Business Bay
Located just south of Downtown Dubai with a prime canal-side location, Business Bay was the most traded area in 2022, according to Reidina real estate information company focused on emerging markets.
“One of Dubai’s fastest growing areas, with demand for its limited properties increasing accordingly with new supply expected in 2023,” SmartCrowd said.
Business Bay is also known as Dubai’s Skyscraper District, boasting stunning views of the Burj Khalifa, Downtown Dubai and the Canal and offers high-end amenities and a fast-paced upscale lifestyle in a central location.
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The area has also become a popular short-term rental destination as well as a major business destination, given its proximity to the upscale downtown district. Property prices and rental rates have increased by 15% and 34% respectively over the past year, making it one of the best places to buy property in Dubai.
2. Downtown Dubai
Downtown is considered the heart of the city and has always been in high demand from high net worth individuals and overseas buyers. Defined by landmarks such as the Burj Khalifa, the Dubai Mall and the Dubai Fountain, this prime location is a favorite for long and short term rentals in Dubai.
It consists of luxury towers and high-end nightlife. All of this has made it one of Dubai’s most heavily traded areas, buoyed by its strong rental market and rising prices for selling and renting apartments (14% and 41% year-on-year, respectively).
As more affluent individuals seek to move downtown, an increase in demand will continue to outstrip supply while studios with limited supply will be priced higher.
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Additionally, a property with a view of the Burj promises higher returns on platforms like Airbnb. Although the city center is a more expensive area, especially around Sheikh Mohammed Bin Rashid Boulevard and the Armani Hotel, huge demand and high rental returns make it a great investment.
3. Palm Jumeirah
This palm-shaped man-made island is increasingly becoming one of the most popular areas to invest in properties in Dubai. It features a mix of beachfront apartments, bespoke villas, restaurants, entertainment venues, resorts and malls like Nakheel Mall and The Pointe.
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Palm Jumeirah has been one of the top performing areas for luxury real estate as tourists and high net worth individuals from around the world turn to its unrivaled privacy and world-class quality. The growing demand for luxury villas, in particular, along with its high occupancy rates reaching 88%, and the surge in sale and rental prices for villas (45% and 40% over 1 year, respectively) make it a promising investment in Dubai.
Many billionaires have invested in luxury villas on the Palm, referring to one section as “Billionaire’s Row”. Indian entrepreneur Mukesh Ambani recently made headlines for his record purchase.
4. Dubai Marina
Located just between Jumeirah Lake Towers (JLT) and Jumeirah Beach Residence (JBR), this sought-after area is packed with restaurants, entertainment and shopping where residents and tourists alike can enjoy proximity to major attractions, including the nearby promenade at JBR, Bluewaters Island and the Port of Dubai.
Dubai Marina was also one of the most traded areas of the year in ready-to-sale apartments, particularly in the luxury segment and would be one of the best areas to invest in high-end holiday homes. in Dubai – it has an occupancy rate of 87.04%. Dubai Marina’s limited upcoming supply and rising rental prices, 29% YoY, make it a favorable choice for those looking to make a valuable investment in Dubai and capitalize on the buoyant rental market .
5. Jumeirah Lake Towers (JLT)
Built around four man-made lakes, JLT is a business hub next to Dubai Marina, with a mix of residential and commercial towers to suit all budgets and real estate needs. With its proximity to Dubai Marina, Downtown Dubai and other major commercial hubs, JLT has seen an influx of buyers looking for more affordable mid-range properties in Dubai, which is is reflected in a high occupancy rate.
Rental rates have increased by 27% over the past year. Additionally, JLT is located between two metro stations, Jumeirah Lake Towers and Damac Properties with access to 600 retail outlets, over 300 restaurants and cafes, 5 hotels, day care centers, outdoor activities, educational institutions And much more.
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6. Greens and views
Developed by Emaar, The Greens and Views is known for its high quality construction and excellent amenities. Located near Dubai Knowledge Park, Internet City and Media City, the scenic neighborhoods are nestled between the greenery of Emirates Golf Club and Barsha Heights, with a lake separating The Greens and Views.
This peaceful urban setting is recommended as an ideal place to reside and invest in a long term rental, as it has a suburban setting complete with waterways, shopping malls, international schools, golf courses and hotels five stars. The Greens is a more affordable area compared to its neighboring upscale development, The Views. With sales and rental prices increasing 9% and 18%, respectively, over the past year, the company said.
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