Despite declining real estate prices, Dubai Marina was found to remain a solid real estate investment alongside four other established or up and coming areas
Town Square, Mira, Sports City, Studio City and Marina are the best areas in Dubai to invest in real estate, according to real estate website Property Finder.
Property Finder said Town Square, which is located at the intersection of Al Qudra Road and Emirates Road, has “grown to be one of the most popular and equally stable communities.”
For AED 920,000, Property Finder noted, investors can purchase a two-bedroom, three-bath apartment in the new Hayat Boulevard or Zahra building. Three-bedroom townhouses are also available for AED 1.4 million and four-bedrooms for less than AED 2 million. Even though new, Property Finder data shows that these communities have yields of 8 or 9 percent for investors.
Meanwhile, in Mira – which is also known as Reem – rental yields have remained stable since 2017 at 7.2 percent, higher than Arabian Ranches (5.3 percent) and Damac Hills (4.5 percent). The asking price of a three-bedroom villa averages AED 2.2 million, while four-bedrooms hover at AED 2.6 million.
In Sports City, which remains popular for its affordable apartments, rental yields have remained consistent at between 7 and 8.7 percent per year. Current prices average AED 890 per sq ft. Asking prices for studios are AED 500,000 or less, while one bedrooms range between AED 550,000 and 700,000.
In Studio City, studios were found to be available for AED 500,000, compared to AED 800,000 for one-bedrooms and just over AED 1 million for two-bedrooms. Yields in the area remain high at between 7 and 8 percent.
Lastly, Property Finder found that Marina “remains a solid real estate investment” despite slight decrease in property prices from AED 1,615 per sq ft in June 2017 to AED 1,500 per sq ft as of June 2018.
“Despite the decline in value, you can still expect to yield 6.4 percent, the same as last year’s figure,” Property Finder’s statement said.