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The Dubai Effect: buying property for less than the average property price in a growing market

By Jamie Richardson | April 19, 2023

Dubai’s residential property market experienced record sales in 2022. Many investors from Western Europe and Asia chose Dubai as their investment destination, as its market offers increasingly more new promising projects, such as DAMAC Harbour Lights.

Hisham El Assaad

Last year, there were almost 97,300 real estate sales registered in Dubai. This is 60% more than in 2021. Such a surge in sales had not been observed since 2009 when 81,800 transactions were recorded. According to the Financial Times, the top 5 foreign buyers were home hunters and investors from the UK, India, Italy, Russia and France. The reason they prefer Dubai real estate is that it is known for its investment appeal thanks to the rapid development of the local economy and friendly investment and tax policies.

DAMAC Harbour Lights is one of the new promising projects. It’s a stunning 52-storey residential tower nestled in Dubai Maritime City, and apartments in this development are already for sale. The skyscraper is being erected in close proximity to the historic centre of Dubai and the yacht marina. This unique location ensures the apartments in this project are a great investment.An unparalleled waterfront experience with stunning views of the Arabian Gulf overlooking Dubai's heritage districts from Harbour Lights is exceptional. It is a compelling location for those who seek a therapeutic environment whilst living amongst luxurious amenities in a branded tower that will define the coastline of Dubai Maritime,” says Hisham El Assaad, Head of Off-plan at AX CAPITAL agency. Harbour Lights is nestled amongst an emerging location with ease of access to landmarks spread along the renowned Jumeirah coastline and the various commercial hubs.”

Residents of DAMAC Harbour Lights will have access to several pools (including a floating pool located on a platform in the waters of the Persian Gulf), landscaped gardens, a gym and leisure areas. The project offers 291 one-to-three-bedroom apartments with top-quality finishing and 3 luxurious units with a private pool.

You can buy a one-bedroom unit for 1.32 million AED ($359,500) while the average price of a property sold in Dubai in 2022 exceeded $435,000. According to Hisham El Assaad, if you’re only considering beachfront properties, prices for an apartment in DAMAC Harbour Lights are 1.5–2 times cheaper. “The entry price point for the different unit types is an attractive proposition for this waterfront zone. As land is becoming scarce along the coast, prices are anticipated to rise over the course of the next five to seven years, so it's a good investment. I would recommend Harbour Lights without hesitation.

Given the performance of homes overlooking the water, they tend to outperform any other residential asset class in terms of rental income, capital appreciation and ease of investment exit. It's worth saying that this project is being sold exclusively by AX CAPITAL,” says the Head of Off-plan at AX CAPITAL agency.

Today, you can buy cheap, off-plan property in Dubai, and in a few years, it will have grown in price considerably. In addition, it can also ensure high rental yields since the average ROI for a long and short-term lease can reach 5–8% and 11–13% respectively. In the new residential tower, you can use your apartment both for long and short-term rentals since Maritime City is home to business and educational centres and many tourist spots. The Brokers at AX CAPITAL will help you choose your ideal apartment and take care of all the paperwork. The first 30 buyers at DAMAC Harbour Lights will receive a 2% discount on title registration.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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