Dubai beachfront property prices soar 20% in one year

Dubai’s beachfront properties prices have gone up by as much as 20 per cent in the past one year, making real estate a good investment option in the emirates once again.

“The prices have increased by 15 to 20 per cent starting from mid last year till now,” Elen Manukyan, senior residential consultant, JBR Office, Better Homes told Emirates 24|7.

Agrees Rushi Raj Mehta at Legacy real estate but believes this kind of hike in prices is limited to the villas and not the beachfront apartments.

“There are technically only two beachfront properties in Dubai - JBR and Palm Jumeirah Shoreline Apartments (on the right hand side) and villas on the Palm Jumeirah,” said Mehta.

“Villa prices have increased by 15-20 per cent and have a strong continuous demand. JBR and shoreline apartments on the right side have not seen a hike of more than 10 per cent,” he added.

Commenting on the most popular beachfront properties in the city, the Better Homes expert added: “The most popular beachfront properties are the ones on the Palm such as the villas (Garden and Signatures), projects like Tiara, Oceana and Kempinski. Popularity of JBR has gone up too as it is also a beachfront property.”

The properties in JBR are more affordable and the most expensive on the list are the villas on the Palm. “The sale price of such properties vary from an average of Dh900 per square feet in JBR and goes up to Dh2,200 per square feet for Kempinski and Palm Jumeiarh Villas,” explained Manukyan.

According to Mehta, demand in JBR has not gone up substantially as availability is not an issue here. “JBR as a whole is a massive community with adequate availability, hindering the prices to go up aggressively. [However], there has been a stable rise which is considered positive,” he said.

“Shoreline [right side] is an exclusive community where there have always been limited number of buyers and sellers. The rise is gradual [due to the few] transactions taking place. There is always the left side shoreline at much lesser price but it is not beach facing so clients prefer the latter due to the price, thus keep the overall market stable,” explained.

Better Homes estimates show that rent varies from Dh75,000 for a one-bedroom in JBR, and goes up to around Dh650,000 for a signature villa on the Palm.

ALSO READ:

UAE deadline: Register SIM card by October 16 or lose service


All Abu Dhabi government staff will have to live within the emirate


Speeding kills Sharjah dad and his 2 kids; housemaid critical

Print
  • Twitter
  • submit to reddit
comments powered by Disqus

Videos

Follow
Emirates 24|7

Follow
Emirates 24|7
Pinterest Facebook Facebook Twitter RSS

Most Popular in News

Latest jobs available

In Case You Missed It ...