The most sought after areas for real estate in Dubai
In this article, you will discover which are the most popular neighborhoods for real estate investment in Dubai in 2023. We will also discuss the types of properties available in these areas as well as the advantages and disadvantages of each of these Dubai neighborhoods, and the average prices.
Jumeirah Village Circle, the most sought-after neighborhood for investors
In the first quarter of 2023, the Jumeirah Village Circle (JVC) district recorded more than 3,300 sales. It ranks first in terms of the number of sales in the first quarter. Highly sought after by European investors, JVC is a residential area that offers mainly apartments for sale but also some townhouses.
There are many reasons for the success of the JVC Dubai neighborhood:
- Strategic location less than 20 minutes from Downtown, 12 minutes from Marina and Palm Jumeirah
- Attractive prices between 3000€ and 4000€ per m2
- Strong demand for short and long term rentals
- Payment plans generally longer than in other parts of Dubai
- Mall and shops within the community
- Many green spaces
If one were to list a few drawbacks to the Jumeirah Village Circle areas:
- Unevenly developed neighborhood
- Traffic jams at the end of the day while waiting for the expansion of access roads (in progress)
All new real estate programs of JVC Dubai
Business Bay, the attractiveness of Dubai's hyper center
The Business Bay district ranked second in terms of sales in the first quarter of 2023. This neighborhood, initially dedicated to business and offices, is seeing more and more residential developments. These are becoming more and more beautiful and larger, like Canal Heights or Peninsula Jumeirah Living. The Business Bay area is adjacent to Downtown Dubai, the area of the Burj Khalifa and the Dubai Mall. Crossed by the Dubai Canal, Business Bay is very attractive. The price per square meter for a new apartment is between 5000€ and 10.000€.
The reasons for investor interest in Business Bay are many:
- Very high demand for short and long term rentals
- Proximity to Downtown Dubai
- Proximity to DIFC, the financial district of Dubai
- Neighborhood crossed by the superb Dubai Canal
- High quality programs and developers
- Dubai Mall at 5 minutes
- Hundreds of shops and restaurants in the neighborhood
- Several metro stations in the neighborhood
- Close proximity to Sheikh Zayed Road, the main road in Dubai
- 10 minutes from Jumeirah beaches
- 15 minutes from Dubai airport
Disadvantages of Business Bay Dubai: traffic can be difficult on some roads in Business Bay at the end of the day.
All Business Bay Dubai real estate programs
Damac Lagoons, the favorite neighborhood for villa buyers
The Damac Lagoons area offers only villas, from 4 bedrooms upwards. It is the area in Dubai with the highest number of villa sales in Q1 2023, with over 1350 transactions. This villa community is being developed by Damac, Dubai's largest private developer.
The Damac Lagoons community has many advantages:
- Secure community
- Huge artificial lagoons in which it is possible to swim
- Green spaces, sports facilities, shops
- Attractive prices between 2500€ and 3500€ per m2
- Mall, shops and restaurants planned within the community
- Strategic location on Hessa Street, one of the main roads in Dubai
- International schools nearby
If one were to identify a few disadvantages to the Damac Lagoons area, the first one to emerge would certainly be the payment plan. You will have to pay 20% upon reservation, another 60% during construction and 20% at the end of the work. A cash flow commitment that not everyone can afford.
All villas for sale in Damac Lagoons
Dubai Creek Harbour, the mega project of Emaar
This is certainly Emaar's most ambitious project. With Dubai Creek Harbour, Emaar wants to create a new Downtown, on the waterfront. Entirely developed by Emaar, Dubai's largest developer, Creek Harbour is a residential area that will be used for tourism in the coming years. In addition to superb residential developments, Emaar plans to install many luxury hotels, as is already the case with Address or Vida, which are already operational.
See the main advantages of the Dubai Creek Harbour area:
- Neighborhood entirely developed by Emaar
- Apartments with view on the Creek
- Huge park in the center of the neighborhood
- Long walks along the sea front
- Restaurants, local shops
- Marina
- Huge mall planned for 2026
- Artificial beach open in 2023 (creek beach)
- 10 minutes from Downtown
- 10 minutes from Dubai airport
Prices per square meter in Dubai Creek Harbour are around 5000€.
All new real estate programs in Dubai Creek Harbour
Dubai Marina, an undeniable attraction
The Dubai Marina area is a favorite among tourists and residents alike. Set around a beautiful marina, the area also faces the sea. Many of the residences offer superb views of the Persian Gulf or the marina. With more than 2,800 sales in the first quarter, Dubai Marina proves that the area is still very attractive to investors. However, there have been almost no new real estate projects in the last two years. The vast majority of these transactions are on the secondary market (the old), which proves once again the strength of the market and the appetite of investors for this area of Dubai.
The main advantages of Dubai Marina are:
- Tourist district par excellence
- Very high rental demand
- Apartments with sea view
- Marina
- Beaches
- Metro
- Tramway
Disadvantages of the Dubai Marina area:
- Very complicated traffic at the end of the day and in the evening
- No or very little new construction
- Aging and not always attractive buildings
