Real estate in Dubai in 2022 proved to be a profitable asset. Investors from all over the world witnessed the growth of it. Property for sale in Burj Khalifa, for example, remains one of the most popular investment options. Let’s have a look at what is so special in the district.
Real estate in Dubai
Real estate in Dubai is at the peak of growth: it grew by 10% in a year, and in the third quarter the total amount of transactions reached a record $19 billion, and sales reached a 12-year high. In 2022, the demand is so great that there is simply not enough housing in some areas and price categories: first of all, we are talking about off-plan property (that is, under construction) in the most popular and prestigious locations. Among them are apartments under construction in the areas of:
- Business Bay
- Dubai Hills
- Dubai Creek Harbor
- and Dubai Water Canal
In the first half of 2022, Dubai ranked 4th in the world in terms of growth in the cost of housing and investment, becoming the only non-US city in the top five. The cost of housing here rose by 4.7%, compared with 2.4% in other countries. At the same time, prices for luxury real estate over the past year have increased by more than 70%: more than in London, Paris or New York. Developers are also optimistic: since the beginning of this year, they have submitted more than 31,000 different lots, the highest figure since 2018.
In all major cities of the world, including European ones, there is a market for “second homes”. Tired of the bustle of the city, on weekends, residents go by car or by sea to their second, country house in the forest, near the beach or river, to relax and unwind. For Dubai and the UAE, this is a new phenomenon.
In the mature real estate markets of Europe and North America, there is a growing trend to acquire investment assets that can provide a stable income. For example, the second home market is ready to offer high rental yields in the holiday real estate segment. Most of people who invest in property in Dubai are from the UAE and the Gulf region, however, we are now seeing an increase in interest from European investors who are very familiar with the concept of a “second home” and are aware of the high profitability of the proposed investment properties.
Burj Khalifa District is a prestigious area in the central part of Downtown with an area of almost 259,000 square meters. Real estate is represented by luxury apartments, penthouses and studios in skyscrapers. This is one of the most popular tourist destinations – an area where life is always in full swing. Apartments here are a profitable investment that will increase in price every year.
The community is located almost in the centre of the most famous tourist area of the emirate downtown. Tourists from all over the world come here all year round for the sake of the Burj Khalifa tower, from where from the observation deck you can enjoy the panorama of the city, the world’s largest shopping centre Dubai Mall and amazing musical fountains.
Near the Burj Khalifa area is the main highway of the United Arab Emirates – Sheikh Mohammed Bin Zayed Highway. Travel time by car takes:
- 15 minutes to Dubai airport;
- 40 minutes to Al Maktoum Airport;
- 10 minutes to the Jumeirah area;
- 15 minutes to the Business Bay area.
For all residential buildings in Burj Khalifa area, personal parking is provided. Having a car in this community is not a necessity. The transport infrastructure is well developed, you can get to the main attractions and entertainment of the city from the Burj Khalifa area by bus, tram or on foot.
Investment attractiveness of the Burj Khalifa area
Foreign investors are attracted by the unique location of the community. Apartments in the Burj Khalifa near the main attractions of Dubai are in great demand among tourists. Another advantage is breathtaking views of the city from the windows of luxurious hotel rooms and private residences.
The DIFC economic zone and the business center are located near the community, so not only foreign tourists rent apartments, but also employees of international companies.
The Burj Khalifa area is quite compact, residential development is limited, which in the long term leads to an increase in the capital cost of properties. Owners of real estate in this community multiply their capital at times, both by renting out housing and selling it.
Property for sale in Dubai
Emirates.Estate cooperates directly with developers, so it is ready to offer you the best investment option in the Burj Khalifa area in Dubai. Check out the offers on their website. Even if the catalogue does not contain properties suitable for you, it will be possible to search other areas of the emirate. Everyone will find something to their taste in the huge database of the Emirates.Estate.