Dubai’s investment districts: where is the best place to buy an apartment in 2024

The content of the article

1. Downtown Dubai: tourist center
2. Business Bay: business quarter
3. Dubai Marina: a comfortable life in the center
4. Jumeirah: the elite coast
5. Palm Jumeirah: the symbol of Dubai
6. Motor City: a green area with a developed community
7. MBR City: “a city within a city” on the shore of the lagoon
8. Dubai Hills Estate: a green oasis near the center
9. Meydan City: an elite location where life boils
10. Jumeirah Village Circle: the tranquility and convenience of everyday life
11. Arjan: comfortable family life in a young neighborhood
12. Damac Hills: two areas around golf courses
13. Dubai Creek Harbour: the new symbol of the city
14. Deira: historical district and Russian school

Dubai is the capital of the emirate of the same name, the largest of the seven emirates in the country. Dubai is home to 3.74 million people. At the same time, about 85% of Dubai residents are expats.

In 2023, the city’s population grew by 100,000 people. Attracting new residents is one of the main goals of the Emirate’s government. The city authorities expect that 5.8 million people will live in Dubai in 20 years. At the same time, the expansion of the city area and the construction of new urban areas continues.

Downtown Dubai: tourist center

Downtown Dubai is the central area of the city, where the main attractions are located: the Burj Khalifa Tower, the largest shopping mall in the world, the Dubai Mall, the singing fountain and the Dubai Opera. Because of the number of famous places in Downtown, there are always a lot of tourists.

Downtown has a well-developed residential and transport infrastructure: there are many shops and restaurants, a metro line and bus routes. There is a small green park in the center of the district. The urban planning and development of Downtown was handled by the development company Emaar.

Downtown offers easy access to the main business centers of the city: the Business Bay area, the DIFC Free Economic Zone and the Dubai Internet City Technology Park. But Downtown is relatively far from the city beaches: a 20-minute car ride away. There are also no schools in Downtown, only kindergartens.

Real estate prices in Downtown are among the highest in the city. In June 2024, the cost of off-plan real estate in the area averaged 3,540 dirhams per square foot (approximately $10,375 per square meter), which is almost twice the city average.

Downtown belongs to the freehold zone, which means that foreigners can buy real estate in the area.

The cost of housing in Downtown in May—June 2024

* — according to Dubai Land Department data for May-June 2024

Business Bay: business quarter

This area of Dubai is one of the main financial centers of the Middle East. The area is located on the banks of the Dubai Canal, between Downtown and Jumeirah districts. Most of the development of the area is reserved for office and retail premises. However, there are also many residential complexes in Business Bay.

Most often, young professionals and bachelors, office workers and entrepreneurs settle in Business Bay. Almost 18 thousand companies are registered in the district. At the same time, there are practically no parks and playgrounds here.

Business Bay has its own metro station, and many bus routes pass through the area. As well as from Downtown, Business Bay is easily accessible to other centers of economic activity: the DIFC Free Economic Zone and the Dubai Internet City Technopark.

Occasionally, young families also choose Business Bay. For them, this area is more attractive than Downtown, because there are more kindergartens and elementary schools here. However, there are no schools for older children in the district itself. But there are many secondary and high schools nearby in the surrounding areas, including the prestigious GEMS International schools and Safa British School.

In May–June 2024, an off-plan apartment in Business Bay was bought on average for 2,728 dirhams per square foot (7,994 US dollars per square meter). 

The cost of housing in Business Bay in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Dubai Marina: a comfortable life in the center

Dubai Marina is a coastal area near a man—made bay, next to the Palm Jumeirah Island. This area is built up with skyscrapers that form a recognizable silhouette of the city. Among them are the Kian Tower, “twisted” by 90°, and the Princess Tower.

Dubai Marina is home to many residential and commercial buildings, as well as the Marina Mall and the 7-kilometer-long Dubai Marina Walk. The beach is within walking distance. There are two metro stations in the district, bus and tram routes.

This prestigious area is very convenient for living: within walking distance from any residential building there are supermarket chains, local grocery stores, gyms, beauty salons, clinics, kindergartens.

The disadvantages of the area include the lack of schools, heavy traffic jams during rush hour and high noise levels. As well as high housing prices. The average price per square foot of an off-plan in Dubai Marina is 3478 dirhams, which is about 10,191 US dollars per square meter.

The cost of housing in Dubai Marina in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Jumeirah: the elite coast

Jumeirah is a coastal area, the main building of which is low—rise villas. Families often settle here. Jumeirah has a well-developed residential infrastructure: there are many supermarkets, schools and clinics. There are large green parks in this area: Safa Park and Jumeirah Beach Park. The Persian Gulf coast with urban beaches and water sports facilities is very close.

The easiest way to get around the area is by taxi or by your own car. The nearest metro station is located far from the coast, near the Sheikh Zayed Highway.

Jumeirah is considered an elite area: this is confirmed by real estate prices. In May–June, the average cost of off-plan apartments sold in Jumeirah was 2904 dirhams per square foot (8510 USD per square meter).

There are freehold projects inside Jumeirah where foreigners are allowed to buy housing. 

The cost of apartments in Jumeirah in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Palm Jumeirah: the symbol of Dubai

Palm Jumeirah is the largest artificial island in the world. Most of the island is occupied by hotels and private villas. It is on the Palm Jumeirah that the famous Atlantis Hotel and a large water park are located. A significant part of the infrastructure on the island is made for tourists: for example, most of the restaurants and other entertainment on the island are located inside hotels.

Nevertheless, Palm Jumeirah is also suitable for the daily life of both families with children and young professionals. There are two kindergartens, several medical clinics, a mall and supermarkets of popular chains on the island.

There is no public transport on the island except for the monorail connecting Palma with the continent.

Palm Jumeirah is only part of The Palm Islands archipelago, which consists of several artificial islands. These also include Palm Jebel Ali and The Deira Islands, which have not yet been completed.

In the Palm Jumeirah new-build market, apartments in May–June on average sold at a price of 4649 dirhams per square foot (13,624 US dollars per square meter).

The cost of apartments in Palm Jumeirah in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Motor City: a green area with a developed community

Motor City is a thriving area of Dubai, where an active community of middle—class residents has formed. Families with children are drawn here for a good education: in Motor City there is one of the best schools in Dubai — GEMS Metropole School. Investors, in turn, are attracted by the area’s high rental demand: new construction has not been carried out for 5 years, there are almost no offers on the primary market.

Motor City residents enjoy a well-developed infrastructure: numerous coffee shops and restaurants, two large sports complexes and a large green walking area. The area has the highest concentration of retail in the whole of Dubai: residents of neighboring areas go shopping at Motor City supermarkets.

The developed expat community from Europe chooses Motor City because of the low-rise buildings, many green areas and developed infrastructure. Their families have been living here for many years: residents tied to the area stimulate an increase in rental demand.

According to the analysis of Tranio experts, the average return on real estate in Motor City reaches 7.3%. This is 0.5% higher than in the second most profitable area of Dubai Hills, where the average cost of apartments, according to the Dubai Land Department, is $ 400,000 higher.

The cost of housing in Motor City in May–June 2024

* — according to Dubai Land Department data for May-June 2024

MBR City: “a city within a city” on the shore of the lagoon

The full name of this area sounds like Mohammed Bin Rashid City — it is named after the current Prime Minister of the UAE. It is located 12-15 minutes by car from Downtown. The total area of housing in MBR City is about 4 million square meters. meters.

MBR City is an ambitious “city within a city” project, where there is everything you need for life. Several large green parks, a shopping mall, an amusement park, a golf club, and a racing club have been built on the territory of the district. There are also two international British schools located here.

MBR City has a low building density for Dubai and has left enough space for parks, gardens and courtyards, which is rare for Dubai. In the center of the district there is a man-made lagoon with a 14-kilometer-long embankment, with jogging and bike paths.

Many buildings in MBR City are still under construction, so it can be difficult to get into a ready-made apartment quickly. There is also no metro line connected to the area, but there are bus routes. The area is located close to the main streets of the city: Sheikh Zayed Highway and Al Khail Highway.

MBR City is one of the largest freehold zones in the city, which means that real estate is available for purchase by foreigners.

The cost of housing in MBR City in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Dubai Hills Estate: a green oasis near the center

Dubai Hills Estate is an area inside the giant MBR City. It is located 15-20 minutes from the central Downtown and Dubai Marina, and the nearest beach is 15 minutes away.

Most of the territory is given over to open spaces and green spaces. 180 sq. m . Dubai Hills Park is located 500 meters away, and there is also an 18-hole golf club, tennis courts, a skate park, and a 54-kilometer bike path.

In early 2022, the Dubai Hills Mall opened with many shops, restaurants and a cinema. For families with children, there are three branches of the British private school GEMS and a private kindergarten of the European network in the area.

The cost of housing in Dubai Hills Estate in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Meydan City: an elite location where life boils

Meydan is another part of MBR City. It borders Business Bay and is also close to the Ras al Khor Flamingo Reserve and the Dubai Design District. Some of the most sought-after and elite real estate properties in the city are located here. The area is also known for the largest Meydan racetrack.

Meydan is a lively area with many restaurants, bars, clubs, cinemas. It also has a Meydan Free Zone, where foreigners can register as freelancers or launch their own startup.

There are not many international schools in the area itself: one French-speaking school and a British girls’ school. However, within 10 minutes by car there are prestigious English-speaking schools GEMS, Safa, Hartland and others.

The cost of housing in Meydan City in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Jumeirah Village Circle: the tranquility and convenience of everyday life

Jumeirah Village Circle should not be confused with Jumeirah. It is located about 15-20 minutes by car from the familiar “Palm Tree”. Jumeirah Village Circle is so called because of the radial layout: part of the streets looks like circles from above, and part converges to the center.

Jumeirah Village Circle has a comfortable infrastructure for living: there are many parks, fitness centers, swimming pools, medical clinics, supermarkets. There are also five kindergartens and a private international school, JSS, in which education takes place according to the Indian educational standard.

The area is located near the intersection of Sheikh Zayed and Al Khail Road, so it is easy to get from it by car to anywhere in the emirate.

The construction and gentrification of JVC has not yet been fully completed: for example, many plots of land have not yet been landscaped. When all the work in the area is over, housing prices in it are expected to rise.

The development in the area consists of both villas and residential complexes with apartments. There are also club houses with developed infrastructure for residents: with gardens, swimming pools, gyms, children’s clubs.

Foreigners are allowed to buy real estate in this area.

The cost of apartments in Jumeirah Village Circle in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Arjan: comfortable family life in a young neighborhood

A quiet area 20 minutes drive from Dubai Marina, which is chosen by young professionals with families and a prosperous middle class.

Families with children rent and buy real estate in the Arjan area to immediately cover all the needs for a quiet life — there are several international schools in the area, one of which, Nord Anglia International, is included in the list of the best schools in Dubai according to the Emirate’s Ministry of Education (KHDA).

Every second tourist in Dubai visits the main attractions of the area: Dubai Miracle Garden and Dubai Butterfly Garden. The world’s largest natural flower gardens with a total area of 72 thousand m2 attract both local residents and guests of the emirate.

Arjan is actively greening: by the time of completion, all new development projects are surrounded by greenery, parks, hiking trails and public areas. Competent planned development already allows you to imagine the future appearance of the area and predict the demand for real estate.

Arjan district is not overloaded with supply. Compared to neighboring JVC, rent here is 10% more expensive, and there are 80% fewer vacant apartments. According to the number of transactions, Arjan is among the top five districts in Dubai in the 4th quarter of 2023.

The cost of apartments in Arjan in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Damac Hills: two areas around golf courses

Damac Hills and Damac Hills 2 are green areas from the largest private developer in Dubai. They are located deep in the emirate, half an hour’s drive from the coast. Elite golf clubs owned by Donald Trump are located in the center of both districts. Both Damac Hills are considered a quiet place for families and nature lovers.

There are transport interchanges not far from both areas, so you can easily get to any part of the emirate by car.

The facilities in Damac Hills are distinguished by a good price-quality ratio of the interior decoration of the apartment and the infrastructure of the residential complex. Prices in the quarters are quite affordable.

The disadvantages include the location: both areas are far from the business center. It takes half an hour by car from Damac Hills to Downtown, and about forty minutes from Damac Hills 2. The development of the territory in Damac Hills 2 has started recently. The area itself has the necessary infrastructure: supermarkets, schools, hospitals and fitness centers – but there are almost no points of attraction outside the residential quarter.

Nevertheless, the government of Dubai is now actively developing the internal territories of the Emirate. For example, near residential areas and golf courses in Damac Hills, the first in The UAE is an Etihad Rail high-speed train line that connects Dubai and Abu Dhabi. Therefore, buying a home in this location can be a good investment for the future.

Both Damac Hills belong to the freehold districts.

The cost of apartments in Damac Hills in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Dubai Creek Harbour: the new symbol of the city

There is another large-scale project on the banks of the Dubai Creek Canal: a 550-hectare area called Dubai Creek Harbour.

The developers of the district have tried to organize for residents everything that is necessary for a comfortable life for both bachelors and families with children: parks and gardens, swimming pools, gyms, playgrounds, nurseries and kindergartens. The main building of the district is modern high—rise buildings.

Downtown Dubai Creek Harbour can be reached in 10-15 minutes by car.

A shopping center larger than the Dubai Mall, hotels, restaurants and a marina with a yacht club will be built in the area.

Foreigners are allowed to buy housing in Dubai Creek Harbour.

The cost of housing in Dubai Creek Harbour in May–June 2024

* — according to Dubai Land Department data for May-June 2024

Deira: historical district and Russian school

Deira district is located in the east of Dubai, next to the neighboring city of Sharjah. Previously, before the start of large-scale construction in Dubai, Deira was the business center of the city.

Historical sites are concentrated in Deira — for example, the Heritage House, one of the oldest buildings in the UAE. It was built in 1890. There are also many traditional oriental bazaars in Deira.

Families with children most often settle in this area, so there are many clinics, kindergartens and schools in Deira. It is in Deira that the only Russian-speaking school in the world is located UAE is a Russian international school. There are three metro stations in Deira, and on one of them the Red and Green lines intersect.

Deira is considered one of the areas with the most affordable prices for living. However, this area does not belong to the freehold areas, so foreigners cannot buy housing here.

Источник