Dubai’s real estate market continues to surge, with luxury property prices growing over 13% in 2023—the highest rate globally. For savvy investors and buyers seeking unique properties with strong investment potential, several emerging areas provide enticing opportunities.
In this article, you can learn about five hidden gems in Dubai worth considering.
1. Dubai Creek Harbor
Located along the historic Dubai Creek, Dubai Creek Harbor is a massive master-planned community set to become the emirate’s downtown district. The development spans over 20 million square feet and is anchored by the Dubai Creek Tower, the future world’s tallest observation tower.
As an early-stage off-plan community, the area offers competitive rates starting from 1,900 AED per square foot. Investors can secure units in branded residential towers by leading developers like Emaar, reaping the rewards as property values appreciate over the next decade.
The project spans over six square kilometers and will eventually accommodate 200,000 residents. Some of the key features that make Dubai Creek Harbor an attractive option for property buyers include:
- prime location close to the historic Dubai Creek and Downtown Dubai;
- world-class amenities including luxury retail and F&B outlets, green spaces, and marinas;
- Dubai off-plan properties with attractive payment plans that allow buyers to secure units early with minimal upfront payments;
- strong potential for capital appreciation as the area continues to be built up over the next decade.
Prices in Dubai Creek Harbor can jump in the upcoming years as infrastructure improves and new attractions open.
2. Meydan
Meydan is located southwest of Downtown Dubai. It’s best known as the site of the Meydan Racecourse and sprawling Meydan City development. Meydan is an ideal sanctuary for equestrian enthusiasts. It offers exclusive access to premier horse racing events.
There are the Horizon residential towers, Grand Views residences, and Town Square shops and restaurants. The Meydan One Mall and Mohammed bin Rashid Al Maktoum City District One are signature projects.
Property value in this hidden gem has risen in the past two years due to its proximity to the racecourse. Discerning buyers looking for a trophy asset will find prized properties worth over AED 2,000 per square foot in Meydan.
In terms of residential options, Meydan has a variety of sub-communities to suit different budgets and preferences. From luxury villas in Al Khail Gate to mid-range apartments in The Balcony, there are attractive options at various price points. Meydan is expected to be among the top 5 most transacted areas in 2024.
3. Palm Jumeirah
Palm Jumeirah is one of the world’s largest man-made islands shaped like a palm tree when viewed from above. This engineering marvel comprises a trunk, 16 fronds, and a crescent-shaped breakwater encircling the island. Access to the mainland is provided via a bridge.
The innovative design provides over 75 miles of beachfront and exclusive properties. Beachfront villas, waterfront apartments, and resort-style residences offer luxurious living. Home to about 80,000 residents, Palm Jumeirah is only 10 miles from Downtown Dubai and 20 miles from Dubai Airport.
The limited availability of properties in Palm Jumeirah makes them highly desirable. Prices range from AED 2 million for a 1-bedroom apartment to over AED 50 million for a signature villa. With rising demand, properties on the Palm have seen steady price appreciation over the years.
4. Arjan
Nestled between Dubai’s bustling Downtown and bustling Marina neighborhoods lies Arjan, an area that has quietly emerged as a hidden gem for savvy property buyers. Whether you desire a serene community or a buzzing urban lifestyle, Arjan grants you the best of both worlds.
The Arjan diversity of real estate opens doors for property buyers with varying needs and budgets. Options range from high-end villas with 5+ bedrooms to mid-range 2-3 bedroom townhouses and apartments.
With new developments slated for the area, like Gardenia Livings and Torino, prices are expected to rise over the next 10 years. Investors can target Arjan for positive rental yields as demand rises from tenants desiring convenience, amenities, and a sense of community.
5. Business Bay
Connected directly to the Financial Centre Road, Business Bay provides easy access to Dubai’s business districts like Downtown Dubai, Dubai International Financial Center, and Dubai World Trade Center. For investors, Business Bay properties promise strong rental yields and capital growth. Proximity to the Expo show sites is an added advantage.
The Dubai Canal cuts through the district, offering premium waterfront living. With freehold ownership, sleek high-rises, and lifestyle amenities, Business Bay draws both investors and end-users.
Transaction trends indicate rising investor interest in Business Bay. In 2023, it accounted for 7.7% of Dubai’s total real estate sales transactions. Apartment and penthouse sales saw significant growth as developers offered attractive payment plans. Rental rates have also stabilized in recent months.
In Summary
Dubai is a luxury city with multiple possibilities for property investors. Whether you want to relocate, buy a vacation home, or diversify your real estate portfolio, Dubai property options have great potential to help you.
