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Experts define two strategies for buying property in the central Downtown Dubai district, differing in price and type of sales offers, while overall demand for freehold properties in the area increased by 9.8% in 15 months. Read more for the most preferred Downtown Dubai buildings and hottest sales prices in the area.
Statistics revealed by the ValuStrat analytical company shows that property buyers’ interest in the Dubai’s central area of Downtown Dubai increased by almost 10% over the last 15 months. And this applies both to the most popular off-plan real estate sector accounting for 62% of all housing deals registered during this period, and to the secondary real estate market segment as well, with more affordable offers of apartments for sale.
Experts emphasize that off-plan property in today is mostly targeted towards the ultra-luxury segment, with large apartments in the perfectly located high-end residential buildings with breathtaking views. At the same time, secondary market offers more affordable smaller-sized apartments with, perhaps, not the most desirable views, but at a much more democratic prices.
Most off-plan apartments sold during the mentioned period are located in such buildings as Downtown Views, Bahwan Towers and The Address Residences Dubai Opera and had a price tag of AED2.45 million, while one the exclusive residences in the IL Primo Apartments was sold at a whopping AED18 million.
In the secondary market, the biggest demand was detected for studios, one- and two-beds in the , The Lofts, South Ridge, Burj Views and 29 Burj Boulevard. The average price tag for an apartment in this category was AED1.6 million.
Over the last 10 years, 25 real estate projects were delivered in Downtown Dubai area, which allowed to handover 10,600 residential units, and over the next 4 years it is planned to double the existing stock in the area due to 28 new projects under construction with more 10,800 housing units to enter the market.
