Staff Writer: Khaleej Times
September 11, 2023
Sobha Hartland, Dubai Harbour Part 1 and Bu Kadra Part 2 are the top three locations for invest in Dubai real estate, according to a recent report.
The projections, made by proptech firm Realiste, were based on its propietory AI platform. According to the findings, these areas were deemed as the 3 most profitable locations in terms of average annual price growth.
Realiste AI is an advanced algorithm that uses self-learning capabilities to evaluate the investment attractiveness of real estate properties worldwide. It considers local preferences, simulating the decision-making process of potential buyers in specific locations. “To determine the score, our algorithm analyses over 200 metrics sourced from various reliable sources. These metrics have different impacts on the evaluation. All factors can be categorised into 4 groups with very high, high medium and low levels of impact,” a Realiste spokesperson said. The main factors of each are shown in the picture.
Individually, The Features Of The Three Areas That Stood Out Are As Follows:
SOBHA HARTLAND: This neighbourhood has witnessed an average annual price growth of 17.6 per cent. It is located within a 15-minute drive to Burj Khalifa and the International Airport. The development has over 30 per cent of greenery (3 functioning parks), pools and gyms. The project is located in close to the lagoon with the embankment and two top Dubai international schools.
DUBAI HARBOUR Part 1: The average annual price growth here has been 16.5 per cent. It is located within a five-minute drive to the Promenade, with a wide array of retail and dining destinations, Marina & Yacht Club, and Sheikh Zayed Road. It has a private beach with pristine sands and the shimmering waters of the Arabian Gulf and offers stunning views of Palm Jumeirah, Ain Dubai, Cruise Terminal, Dubai Marina and Dubai Harbour Boulevard.
BUKADRA Part 2: The average annual price growth in the area has been 14.5 per cent. It is located close to two iconic areas of Dubai: Downtown and Creek. The area features a golf course and a private beach. The best investment products in the complex are the 1BR and 1.5BR apartments on the middle and upper floors with panoramic views.
Alex Galt, founder of Realiste said, “Dubai will remain attractive to foreign buyers who are seeking to shield their assets. It will strengthen its position as the geopolitical instability and energy crisis grow. As a result, there will be a further boost in demand for local property and the market in 2023.”
Overall, the growth outlook for Dubai’s real estate market, as shown in the data presented, is consistent with the findings of AI’s analysis. Consistent double-digit average annual price growths and project diversity highlight the potential attractiveness to investors, which is consistent with AI’s assessment of market trends. This overlap between AI-derived data and observed market indicators further reinforces the view that Dubai’s real estate sector is poised for further expansion and investment opportunities.