Akoya Oxygen Dubai suburban property boom expected in 2023
Property in Dubai
Wealthy people worldwide continue to move to the UAE in search of a high level of security, developed infrastructure, and a favorable tax environment. Real estate in Dubai has long become a sign of status. Purchasing villas in Akoya Oxygen for expats is an excellent opportunity to become a member of society or earn income through renting out. It is at the same time suburban and is quite close to the city. Let’s look at the market’s prospects and the trends awaiting it in 2023.
Many Dubai residents increasingly move from city apartments to townhouses and villas in family-friendly areas. Demand for townhouses and villas in Dubai will continue to rise in 2023 as families with close ties to the emirate embrace country living. Real estate in new suburban developments is expected to be in high demand but not cheap as property prices in Dubai soar well above pre-pandemic levels. The popularity of suburban neighborhoods has begun to rise with the relocation of apartment buildings in the center of Dubai, which began during the pandemic.
In the past few years, the emirate’s government has done a lot to make Dubai a reputation as one of the most comfortable jurisdictions for doing business. Now home to 67,900 millionaires, 202 centimillionaires (assets over USD 100 million) and 13 billionaires, Dubai is projected to be one of the twenty wealthiest cities in the world by 2030. Responding to increased demand, developers are bringing more and more luxurious and unique properties to the market. During the past nine months, the number of properties worth more than AED 15 million (USD 4 million) has quadrupled.
The most anticipated real estate in Dubai in 2023
The two most notable communities to be commissioned in 2023 are Arabian Ranches 3 by Emaar and Tilal Al Ghaf by Majid Al Futtaim. The first phases are due in both communities’ first and second quarters and are three- and four-bedroom townhouses. Another townhouse slated for completion in the second quarter of 2023 is Cherrywoods by Meraas, located along Al Qudra Road next to Mira Oasis and across from Nshama Town Square.
By the end of 2023, four, five, and six-bedroom Harmony 1 villas are also expected to be commissioned. The Harmony 1 project has made such an impression on the market that capital gains have been 30-35 percent.
As for what people can expect in terms of rent, look at comparable areas nearby as a guide.
- The three bedrooms at Ranches 3 are expected to rent from AED 140,000 (USD 38,147) to AED 150,000 (USD 40,872) and sell for AED 1,850,000 (USD 504,087) to AED 2,100,000 (USD 572,207).
- Speaking about Elan, the three-bedroom apartment is expected to cost approximately AED 2,000,000 (USD 544,959) with a rent of AED 150,000 (USD 40,872).
- Speaking about Harmony, the estimated sale price of the four-bedroom apartment is expected to be AED 4,500,000 (USD 1,226,158), with rental prices starting at AED 290,000 (USD 79,019).
There is an increase in demand for real estate in nearby Mira and Town Square, where 85,000 people will live after construction is completed.
A 43 square-meter apartment located in the suburbs, in the cleanest air area of Akoya Oxygen, which combines the advantages of the city and the privacy of country life can cost you AED 367,310 (USD 100,000).
The reasons behind the popularity of these properties in Dubai
Before the pandemic, the process of relocation from apartment buildings in Dubai to communities of townhouses and villas had already begun. People stay in the metropolis longer than before in order to settle here for a longer period, and this is a sign of a mature market. This trend has accelerated since the lockdown, with demand for townhouses and villas rising to an all-time high.
Consider, e.g., Dubai Hills, a popular development known for its green spaces. Availability is limited and prices have risen significantly, forcing more people to move beyond the 311 and 611 highways.
Townhouses and villas mainly attract families, especially in areas with good infrastructure and a wide range of international schools in the immediate vicinity. Young couples are also moving into these communities, especially those working from home or in a mixed mode where they go to the office twice a week.
The impact of the new properties on the real estate market
New development to some extent will help reduce pressure on the real estate market. It is expected that it will revive the movement from apartments to townhouses and villas, not only for tenants, but also for buyers.
Many of these buyers will buy on loan. These are the people who would like to buy earlier, but payment plans were previously unfeasible for them. This is especially true is you are in the situation when you need to pay in cash when choosing the option of reselling a real estate under construction.
New projects will offer more choice in the market, but demand should continue to outstrip supply in 2023. Demand during 2023 is expected to far outstrip the supply that is about to hit the market. At the same time, it is assumed that most of the real estate launched after the Covid-19 epidemic will not be commissioned until the end of 2024.
New townhouses will really appeal to young families who are looking for additional space, parks, pools and infrastructure – properties that come with quality life in the community.
Real estate agency in Dubai
AX CAPITAL agency is ready to offer you a wide range of properties in Akoya Oxygen or any other area of Dubai. Maintaining the high support of the customers, Ax Capital allows you to become an owner of real estate in the UAE in the shortest time and without any difficulties. Visit their website for more details.