Apartment buildings in the Burj Area are driving rental returns between 8 – 10% and outperforming villas in the same location according to real estate professionals in the Dubai property market.
Amenities such as swimming pools, gymnasiums, squash courts, saunas and steam rooms added to the panoramic views are driving the surge in prices say industry experts.
Asal Abedi, Community Specialist for Better Homes told Emirates 24|7 rent has increased around 20 – 30% this year depending on the location and view on offer.
“High-rises are more popular [as they offer] a better view, more amenities [and give better] value for money,” he said.
It is a further sign that the Dubai property market is seeing its strongest recovery period since prices dropped back in 2008/09. As investors take a more pragmatic, long-term approach to real estate in the emirate, prices are going to see steady growth and excellent opportunities for substantial returns, both in terms of rental income and capital gains on property valuation.
Residents make a lifestyle choice when selecting where to live and locations such as the Burj Area, Dubai Marina and Sheikh Zayed Road are set to continue driving strong returns.
Abedi added that a one-bedroom in the area will fetch AED 75,000 – 85,000; a two-bedroom between AED 110,000 – 135,000 and a three-bedroom AED 180,000 – 200,000.
Service charges in the area are starting at around AED 20 per square foot he said.
A number of new apartments are being completed in the Burj Area to offer more choice in the premium real estate strip in Dubai.
DAMAC Properties recently announced its first luxury serviced apartment development Burjside Boulevard in the Area which will offer stunning views across to the Burj Kahlifa and Dubai fountains.