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Gulf Press > Gulf > UAE > Demand for affordable real estate rises in other emirates as property prices in Dubai reach highest point
UAE

Demand for affordable real estate rises in other emirates as property prices in Dubai reach highest point

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Last updated: 2024/06/03 at 5:36 PM
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With property prices in Dubai reaching their peak, the demand for freehold properties in neighbouring emirates such as Abu Dhabi, Ras Al Khaimah, and Sharjah is on the rise. According to experts, Abu Dhabi’s residential market has remained stable over the last four years, with prices being about a third cheaper on average compared to Dubai, contributing to the increasing transactional activity in the emirate.

A report by real estate marketplace Property Finder highlighted a significant increase in property transactions in Abu Dhabi, with a 75% rise in total transactions over the previous year. Investors are now looking for real estate investment opportunities in Sharjah, Abu Dhabi, and Ras Al Khaimah, driven by factors such as lower property prices, a robust economy, and the growing tourism industry in these emirates.

In Abu Dhabi, residential tenants are taking advantage of the stable prices to transition from renting to owning properties. International demand for real estate in Abu Dhabi has also increased, with a rise in the proportion of international buyers, making the emirate an attractive destination for property investment. Despite the growing interest, property prices in Abu Dhabi are still cheaper than previous highs, with villa prices experiencing a 10% uplift over the last 12 months.

The development of a multi-billion-dollar gaming resort in Ras Al Khaimah has further boosted the demand for real estate in the emirate. The planned arrival of casino giant Wynn Resorts’ property in 2027 has garnered the attention of international wealthy individuals, making Ras Al Khaimah a more favorable property investment destination. Major developers from Dubai have also launched flagship projects in Ras Al Khaimah, capitalizing on the emirate’s natural beauty and investment potential.

The establishment of free economic zones in Ras Al Khaimah has promoted business growth and attracted foreign investments, with the recent announcement of air taxis set to reduce travel time between key destinations in the emirate. In popular areas like Abu Dhabi, there has been a steady rise in demand for community living, with specific interest in locations offering social connectivity and shared amenities. Affordable neighborhoods like Al Raha Gardens and Al Reef Villas have experienced significant gains in property prices over the last few years.

In Ras Al Khaimah, Marjan Island and other waterfront communities have seen a surge in demand due to the announcement of the gaming resort. Areas like Al Hamra Village and Mina Al Arab are also gaining popularity for their resort-style living, attractive beachfront properties, and scenic views, driving up property values and rental prices. In Sharjah, communities developed by Arada and Alef have attracted interest for their amenities and comparatively lower prices per square foot, making them attractive options for buyers and investors.

Overall, the real estate market in the neighbouring emirates of Dubai is experiencing a shift as investors and buyers explore new opportunities in Abu Dhabi, Ras Al Khaimah, and Sharjah. The stability of prices, coupled with the development of key infrastructure and tourism projects, is driving growth and demand for properties in these regions, making them emerging hotspots for real estate investment in the UAE.

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News Room June 3, 2024
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