Property in Dubai
Over the past 70 years, the population of Dubai has increased 165 times: if in 1950 only 20,000 people lived in the emirate, then in 2023 it will already be 3.6 million. At the same time, more than 80% of the inhabitants are not Arabs at all, but foreigners. According to forecasts, by 2040, about 6 million people will live in Dubai. Therefore, the construction of new districts, the development of infrastructure and the expansion of business opportunities will continue here for many more years. Flats in Palm Jumeirah for foreigners can become a great investment opportunity.
Real estate in Dubai leads in luxury property price growth predictions in 2023
Analysts agree that the cost of luxury real estate in Dubai will show growth of 13.5% in the coming year. This is due to a markedly growing interest from foreign buyers. This news was reported by Bloomberg on November 29, 2022, referring to Knight Frank.
Knight Frank LLP is a real estate, residential and commercial real estate consultancy founded in London by John Knight, Howard Frank and William Rutley in 1896.
According to the Knight Frank (KF) ranking on the rise in prices for luxury housing in 2023, Dubai occupies the leading position. Miami is in second place. The KF study includes 25 cities, and shows that London and Seoul are in the last places of the mentioned rating. It is expected that prices in metropolitan areas will fall by 3%. New York is in the middle of the list with a 2 percent increase.
According to Knight Frank, the cost of luxury housing will increase by an average of 2% in the 25 largest cities around the world, compared to 5.2% in 2022. A KF spokesperson pointed out that homeowners are struggling with the unpredictability of skyrocketing inflation, debt costs and tax increases, but the situation continues to change in most cities around the world.
The Knight Frank Research Center conducted a survey among people representing the wealthy class of the population on the topic of their preferred place to buy luxury housing. Despite the ratings, many rich people named London and New York, although there are signs of modest growth. Moreover, 9 out of 10 Chinese buyers said they plan to buy property next year, when, as in 2022, only half of the British and American investors surveyed were thinking about the topic.
Azizi Riviera, copy of the French Riviera in the Persian Gulf
Azizi Riviera is a large-scale project on the waterfront of the Dubai Canal. Located in the MBR City area.
This is a young area of Dubai, which will soon become the second center of the city. It is located a ten minute drive from the Burj Khalifa and Downtown Dubai. There are 2 km² of green park areas, the Crystal Lagoon promenade and golf courses. The highlight of the area will be an entertainment center for the whole family, created in collaboration with Universal Studios.
The Azizi Riviera complex has everything you can imagine: a shopping and entertainment center, a sports area, a square with “dancing fountains”, a marina, gardens and schools.
The developer has thought of every little detail for the recreation of residents. They swim in the large pool, play chess, watch movies at the cinema, and walk along the 4-kilometer promenade.
Also in the project are:
- spacious parking;
- landscaped gardens;
- yoga area;
- bocce playground;
- spa area;
- cafes and restaurants;
- barbecue area.
Azizi Riviera is made up of 1-3 bedroom apartments and penthouses with rooftop terraces.
Real estate agency in Dubai
If we talk about the process of transactions, then if you buy real estate through a reliable agency, there are also no risks. Moreover, with an agency it will turn out even more profitable than doing everything yourself. For example, the AX CAPITAL agency has already formed relationships with the largest developers in the UAE. This gives them an advantage: their customers can get access to the best units before the official start of sales and the best prices. If you want to buy a property in Dubai for living or investment, go to the Ax Capital website to get a consultation from specialists and an up-to-date property catalog.