Property prices in the UAE
The most popular locations for property buyers in the United Arab Emirates are Dubai and Ras Al-Khaimah.
Dubai is the main economic and financial hub of the country and was the first emirate to allow foreign citizens to purchase and own property. Local real estate is mainly aimed at the prime property segment with mansions and residential skyscrapers. Prices for villas in upscale districts start from $1.5M and can be much lower in the less prestigious areas. Popular districts along the Persian Gulf include Palm Jumeirah, Dubai Marina, Emirates Living, Jumeirah Lake Towers and Down Town Dubai.
Property in the city has a reputation for grandeur and great proportions. The highest skyscraper in the world, the Burj Khalifa, the highest apartment building, The Torch, and two of the highest hotels, the seven-star Burj Al-Arab with its 202 two-story rooms and the 482-room Rose Tower. Some of the city’s main attractions are its 5-slope indoor ski resort, Ski Dubai, and its many malls which rank among the largest in the world: Dubai Mall, BurJuman, Ibn Battuta, Karama Centre, Lamcy Plaza and Mercato Mall. This emirate is also renowned for the world’s biggest artificial island, Palm Jumeirah, built in the Gulf using 7M tonnes of stone. There are a lot of prime apartments and villas with prices ranging from $450,000 to $4M.
Ras Al-Khaima is the second most popular emirate among investors and tourists. It has luxury hotels, apartment buildings, golf clubs and malls. A one-bedroom apartment sells for $120,000-150,000.
Foreign investments in Abu Dhabi are mainly channelled into office and commercial real estate.
The property market in the UAE only started growing a decade ago so the majority of property sold is new and the secondary property market is not very popular.
In general, apartment prices vary from $100,000 to $500,000 and premium flats and villas range from $900,000 to $1.4M.
|Apartment||2 000 – 3 500||2 000 – 3 000|
|Detached house||2 500 – 4 500||2 500 – 4 500|
|Prime property||6 000 – 9 000||5 000 – 7 000|