Apartment prices in Dubai in 2020
If you would like to purchase a piece of real estate in Dubai in 2020, you will be interested to learn about the apartment prices in the most popular housing complexes to found in the Emirate.
Real property prices are lowering in Dubai
The prices of residential accommodations have dropped by 12% on average in Dubai over the last two years. The increase in the number of newly built residence complexes has been the main contributor to the drop in prices. It is expected that 640,000 new flats will be built in the Emirate by the end of 2020.
The maximum decrease in prices is found in the sector of economy-class accommodations. Prices for luxury property have lowered only insignificantly. Today, the average cost of one square meter (10,8 sq. ft.) of residential accommodations is approximately US$ 3,400. It also should be noted that in other Emirates the prices of real property have dropped even more considerably.
Alongside the decrease in prices, the number of apartment purchase deals also decreased by about 5% in 2019 in comparison to the previous year. This is mostly explained by the rise of interest to villas on the part of investors. Villa sales increased by about 30% last year as compared to 2018. The demand for real property in Dubai is expected to grow in 2020 especially with the view of the upcoming ‘EXPO 2020’ event.
Real property in Dubai: the prices
The lowest prices of real property are found in the following residential complexes: Dubai Silicon Oasis, Dubai Sports City, and Jumeirah Village Circle. The cost of one square meter in studio apartments there is US$ 2,107, US$ 2,252, and US$ 2,418, correspondingly. Prices are the highest in Downtown Dubai and Palm Jumeirah residential complexes. The cost of one square meter there is US$ 5,042 and US$ 5,704, correspondingly. As has been noted above, the average price of real property in Dubai is currently around US$ 3,400.
The prices per one square meter in residential accommodations in the most popular housing complexes in Dubai:
|Name of the complex||Price per one square meter|
|Dubai Silicon Oasis housing complex||US$ 2,107|
|Dubai Sports City housing complex||US$ 2,252|
|Jumeirah Village Circle housing complex||US$ 2,418|
|Jumeirah Lakes Towers housing complex||US$ 2,987|
|Al Barsha housing complex||US$ 3,159|
|Jumeirah Beach Residence housing complex||US$ 3,862|
|Dubai Marina housing complex||US$ 3,874|
|Business Bay housing complex||US$ 3,891|
|Palm Jumeirah housing complex||US$ 5,042|
|Downtown Dubai housing complex||US$ 5,704|
As most of these residential complexes have studio apartments 35 to 45 square meters in size, the price of a modest apartment varies between US$ 73,000 and US$ 150,000.
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Tags #Real estate in Dubai