In recent years, the real estate landscape of Dubai has gone through many phases. From a shooting growth rate of 14.4% between 2012-2014 to a significant slowdown of the market in the following years, and finally hitting a plateau in the last couple of years, the real estate space has seen quite a journey. Many factors like changes in mortgage regulations revised immigration, visa policies, and an oversupply of properties against the demand had a lot to contribute to this shifting market sentiment. Despite having undergone a radical shift from rising property prices to a much-softened market, the City of Gold remains a name synonymous with luxury.
Luxury living in Dubai
The city of Dubai houses a total population of more than three million people, which include both natives and expats. Of them, at least 1.8 percent or roughly, 55000 people are High Net Worth Individuals (HNWI). Of these, about 2,590 multi-millionaires and 10 billionaires have made this emirate their home. The number continues to grow with an increasing number of wealthy expats from all over the world, moving to this international city and bringing the best of their community and cultures.
Moreover, the city ensures that these investors and buyers are duly catered to by presenting them with the best in class homes, establishments, and civic amenities. The city is replete with the most magnificent residential communities, lakefront homes, beachside villas and apartments, and not to mention, the most premium urban penthouses. As far as luxury is concerned, there is no dearth of choices for buyers from tropical beach villas to hilly chalets, each within a self-sustaining community and excellent connectivity to major areas in and around the city. As a city offering the best in the world living amenities, and all kinds of environments, Dubai attracts wealthy investors, thus raising the bar of living.
Today, we look at some of the wealthiest areas in Dubai and explore the residential indulgences this international city has to offer.
Expensive areas in Dubai you can look at
A recent report by the New World Wealth states that most luxury home buyers prefer to live by water bodies and choose beachfront apartments or villas. It makes most of the southern part of the city, which consists of premium waterfront communities. By the simplest definition, Downtown can term as the most expensive neighborhood in Dubai with a massive population of High Net Worth Individuals as primary residents of these areas.
Most of these HNWIs love to indulge in the world-class amenities that areas like Jumeirah, Umm Suqeim and their adjacent zones offer. Many wealthy investors also prefer the upscale communities of Al Karama, Al Raffa and Al Barsha, and further narrowing down to Al Safa, Deira, Trade Centre area, Dubai Marina and Palm Jumeirah.
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Here’s what each of these communities offers to their residents and thus grown to be the most sought-after and the richest areas of Dubai.
A place synonymous with ultimate glamor, Palm Jumeirah is a real estate wonder in itself. With its unique layout design and breathtaking vistas of the Persian Gulf, Palm Jumeirah is home to the rich and famous from around the world. The ritzy hotels, premium villas on every ‘frond’ and exclusive retail establishments, this island community has evolved to become a world in itself, within the infinite city of Dubai.
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Named after Los Angele’s famous Beverly Hills, the Emirates Hills houses exclusive homes to the wealthy expatriates. The community boasts the first ever freehold properties to offer to investors and buyers. Majority of the property owners here are expats from the Indian subcontinent, Iran, and Europe. With marble-clad villas, sitting amidst the lush greenery of its signature golf course, the Emirates Hills speaks class and luxury, at the very sight of it. The community offers both rentals and purchase of its luxury villas.
The largest human-made marina ever built, the Dubai Marina is a highly affluent neighborhood of the city. It is built on the Interchange 5 on the Jebel Ali Port surrounds by Al Barsha, Emirates Golf Club, the Dubai Internet City, Dubai Media City, and the American University in Dubai. From customized penthouses, apartments to exclusive lifestyle offerings like pop-up craft markets, smart cafes, and a whole stretch of luxury retail, Dubai Marina has grown to become one of the most sought-after areas for expats. The waterside promenade called the Dubai Marina Walk is the highlight of this area which is also a docking zone for luxury yachts of residents. The marina also has experienced the instances of marine wildlife being close to the sea.
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This neighborhood is along the Jumeirah Beach coastline which houses the world-famous, sail-shaped Burj Al Arab hotel. It is bordered by Jumeirah on the north, Al Sufouh on the south, Al Safa, Al Manara and Umm Al Sheif on the west. A community popular among families, Umm Suqeim, is known for its luxuriant beachside homes. Replete with beachside activities and tourist attractions like the Wild Wadi Water Park, kayak rentals, volleyball courts, skating park, and a beeline of artisan cafes and beach-side diners, Umm Suqeim makes for a premium neighborhood to live.
Jumeirah Golf Estate
Spread across 1119 hectares of greenery and open landscape, this is yet another luxury residential area of Dubai, developed within a golf community. There are more than 15 different kinds of residential options for investors and buyers, each with their exclusive amenities and signature offerings. Every apartment, villa, or townhouse opens up to incredible views of the rolling golf courses and ponds.
The golf courses within this estate were designed and conceptualized by the legendary Australian golfer and entrepreneur- Greg Norman. Each golf course here is given an environmental theme, based on the important elements of nature, like Earth and Fire. The Earth Course hosts the DP World Tour Championship, Dubai, the season-ending championship of the European Tour.
If you are an investor, buyer, or someone looking for a luxurious property, then there is no better destination than the golden city Dubai.