As we delve into the final quarter of 2023, the Dubai property market is poised for significant growth, with several key areas expected to witness substantial price appreciation. A recent report from Realiste AI, a leading proptech platform, sheds light on the areas likely to experience the highest price gains. Here’s five areas predicted to experience significant price gains in the end of 2023.
1. Bukadra Part 2
Topping the list, Bukadra Part 2 is predicted to experience the most robust property price growth. In Q4 2023, an impressive 8.12 percent increase is expected. This surge is attributed to ongoing construction activities in the area. Analysing the figures, we find that three-bedroom units are currently available at the lowest average price per square meter, starting at AED 22,497. In contrast, one-bedroom units command a higher price of AED 24,919. Projections indicate that the average price for one-bedroom units will continue to rise, reaching AED 24,323, while three-bedroom units are expected to reach AED 26,941.
2. Sobha Hartland
Sobha Hartland is just a little behind, with an anticipated price growth of 8.05 percent. This area offers four types of units with similar annual rental yields, and Studio units stand out slightly with a yield of 5.7 percent. Regarding the average price per square meter, three-bedroom units have the highest prices, while Studio units are the most affordable, with prices starting at AED 20,387.
3. Al Warsan First
Al Warsan First is also expected to see significant price increases, projected at 6.99 percent for the next quarter. This area offers a varying range of annual rental yields, with three-bedroom units leading at 7.6 percent, while one-bedroom units have the lowest yield at 3 percent. Notably, three-bedroom units offer the lowest average price per square meter, starting at just AED 6,318, compared to other unit types starting at AED 10,420.
4. Dubai Harbour
Dubai Harbour, with an expected average price growth of 6.18 percent in Q4 2023, boasts a high-class rating of 98 percent and a development level of 2.4 percent. Like Al Kheeran, Dubai Harbour also provides information for one-bedroom, two-bedroom, and three-bedroom units. One-bedroom units in Dubai Harbour offer an impressive annual rental yield of 5 percent, on par with two-bedroom units. Meanwhile, three-bedroom units have the highest average price per square meter, commanding AED 42,001.
5. Al Kheeran
In Al Kheeran, also known as Dubai Festival City, the forecast for the average price per square meter in the next quarter is 5.58 percent. Data is available for one-bedroom, two-bedroom, and three-bedroom units. Notably, one-bedroom units are the most favorable option here, offering an impressive rental yield of 7 percent, surpassing the otherswith yields of 4.5 percent and 5.1 percent, respectively.
As 2023’s final quarter unfolds, the spotlight shines brightly on Dubai’s property market, particularly in areas like Bukadra Part 2, Sobha Hartland, Al Warsan First, Dubai Harbour, and Al Kheeran. These zones stand out not only for their anticipated significant price gains but also for their unique offerings in terms of rental yields and unit price averages. Investors and potential homeowners scouting for lucrative opportunities should pay close attention to these areas, as they represent some of the most promising investment prospects in Dubai’s dynamic real estate sector.
Original article reference: ZAWYA.