Rental And Property Prices Are Rapidly Growing With Emaar Beachfront Being In High Demand

The cost of rent in Dubai is growing rapidly. As confirmed in the most recent CBRE report, average rents in Dubai have increased by 19.1% in the last 12 months, while apartment and villa rental prices have grown up by 18.3% and 24.3% respectively. Experts consider this as the fastest increase ever since 2014.

In May 2022 the average price of renting an apartment was AED 83,000 (USD 23,000) per year, while the average cost of renting a villa was AED 250,000 (USD 68,000). One of the most expensive annual apartment and villa rental prices were found in the Palm Jumeirah and Al Barari with prices of rent averaging at AED 214,000 (USD 58,000) and AED 874,000 (USD 238,000) respectively.

Transaction numbers are also growing, as the total volume reached 5,542 in May 2022 which is 33% higher during the same period in the previous year. Off-plan sales grew by 55.4%, which can be explained by buyers wanting to purchase a unit under development at a more affordable price, save their money, or generate a profit when reselling it after the handover date. A completed property always costs more than one which is under construction.

The total number of transactions since the beginning of the year until May 2022 amounted to 30,903, which is the highest record ever since 2009. Property prices have increased by 10.9% in comparison to May 2021, with apartment prices growing by 9.6%, while the cost of a villas rose by 19.8%.

Experts consider that beachfront projects and communities are always in demand both for long and short-term rentals. Emaar Beachfront is in high demand among local residents and foreigners wishing to move to the emirate or make a profitable investment, which will provide a stable income in the near future. The ROI of the area at the moment is 7%, and this number is expected to increase with the development and completion of Emaar Beachfront.

The total number of units in Emaar Beachfront is 10,000, which include studios, spacious apartments, villas and penthouses, and almost all properties are overlooking the Persian Gulf. A range of amenities, including a 1.5km white sandy beach, and a shopping mall with an area of 194,000 sq. ft, as well as easy access to the key areas of Dubai, are the main factors as to why people are wanting to purchase a property in this area.

Due to the recent overhaul in the Emirati visa system, those purchasing a residential property with a cost from AED 2,000,000 (USD 545,000), have the opportunity to apply for a 5-year Golden Visa. The visa is given to the owner, his/her family members and home staff, and can be extended in the case that you remain the owner of the property after the expiry date.

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