After a good level of activity in 2016, Dubai’s real estate market is expected to pick up in 2017 and continue on an upward trend as the city marches toward Expo 2020. Several residential developments are on the horizon, many of them offering studio apartments to cater to single young professionals, a market segment that is always on the rise in Dubai. But which studios are worth investing in?
Here are the top 4 areas in Dubai where buying a studio will get you the most bang for your buck:
Jumeirah Village Circle (JVC)
JVC is an emerging property bordering Dubai Sports City and Motor City, and is primarily residential. Parts of it are still under development, and it is not expected to hit maturation until 2020. However, it is in close proximity to other major communities, such as Al Barsha, and there is a lot of scope for growth in the area.
Apartments, serviced apartments and villas are the most popular property options, and apartments have an approximate 85% occupancy rate so far. On average, studios in JVC can be purchased for about AED 1,089 per sq. ft.
Dubai Investment Park (DIP)
As the name suggests, Dubai Industrial Park is a business-focused development, with uniquely designed residential communities under development. Most of the residential properties there are low-rise apartments, villas and townhouses.
The Green Community, one of the most prominent residential developments in DIP, has several amenities nearby, including a shopping center, supermarket and a park area for families. It is also located right by the Maktoum International Airport, which serves passengers and cargo.
With plenty of scope for development in the short-term and a solid commercial infrastructure surrounding it, DIP is bound to become prime real estate very soon. Studios average AED 952 per sq. ft.
Dubai South, previously known as Dubai World Central (DWC), is a rapidly developing mixed use community that is meant to be a self-contained city in Dubai. It is going to have residential, commercial, hospitality and logistics components within the space.
While many of the residential units are still in the construction phase, there is much to look forward to in Dubai South. It will be the site of Expo 2020, so one can expect a massive influx into the area and surrounding communities over the next two and a half years. The area contains the Maktoum International Airport, which has become a much needed counterpart to the very busy Dubai International Airport. And another commercial development, Logistics City, will connect Dubai South to the Jebel Ali Port, making it a hub of trading and logistics operations.
At present, studios in Dubai South are available for 1,116 per sq. ft.
Image via Flickr/Jean Grey
Business Bay, which was originally conceived as the main business centre of Dubai, has seen a lot of success as a residential destination in recent years. Several property developments have started coming up in the past few months, and a vast majority of them are residences, including the Executive Towers and the upcoming Elite Business Bay residence.
With close proximity to Downtown Dubai and the Dubai Mall and its own Metro Station, it’s perhaps not surprising that Business Bay is attracting residential clients who are looking for a place where they’re not too far from the office. Its own recent developments, such as Bay Square and the recently opened Dubai Canal, add a layer of natural beauty to the otherwise skyscraper-dominated area.
As more residence units get delivered, and the Canal promenade gets developed into a retail and leisure destination in its own right, business will be booming in Business Bay for property investors. Currently, studio apartments in Business Bay are priced at an average of AED 1,600 per sq. ft.