Dubai is known for its stunning architecture, luxurious shopping malls, and extravagant lifestyle. Over the years, the city has become one of the most sought-after travel destinations in the world. With the influx of entrepreneurs and businesses, the real estate market has been on a steady rise, with luxurious properties becoming increasingly popular.
Al Barari, Dubai. Image: Al Barari
According to data from Knight Frank, the average price per square meter for a luxury property in Dubai increased by 1.5 percent in the first quarter of 2022. This trend is set to continue as more investors flock to the city. Savills, a global real estate service provider, reported that the high-end residential market in Dubai has seen a 5.6 percent growth in the first quarter of 2022 compared to the previous year.
One of the most exclusive properties in Dubai is the Burj Khalifa, the world’s tallest building. The tower boasts over 900 luxury apartments, with prices starting at around USD $1.3 million for a one-bedroom apartment. Jones Lang Lasalle (JLL), a leading professional services firm in the real estate industry, reported that the average sales price for a luxury apartment in Burj Khalifa is around USD $1,500 per square foot. The building’s amenities include a gym, swimming pool, and a private observation deck, making it a highly sought-after address.
Another popular property in Dubai is the Palm Jumeirah, a man-made island in the shape of a palm tree. The island is home to some of the city’s most luxurious villas and apartments, with prices ranging from USD $2 to $20 million. According to JLL, the average sales price for a luxury villa in Palm Jumeirah is around USD $850 per square foot, while the average sales price for a luxury apartment is around USD $700 per square foot.
One of the current additions to Dubai’s luxury property market is the Royal Atlantis Resort and Residences. The property features over 230 luxury apartments, with prices starting at around USD $2.5 million. The Royal Atlantis boasts a private beach, multiple swimming pools, a spa, and a variety of restaurants and bars.
The Burj Khalifa, Dubai. Image: CreativeFamily.
The increasing demand for luxury properties in Dubai has also led to a rise in off-plan developments. These are properties that are still under construction, with buyers purchasing them before they are completed. This has become a popular investment option, with many buyers seeing significant returns on their investments once the properties are completed and ready for occupancy. According to Knight Frank, the off-plan market in Dubai has seen a 50 percent increase in sales in the first quarter of 2022 compared to the previous year.
However, the Covid-19 pandemic has had an impact on Dubai’s luxury property market, with some buyers delaying their purchases due to the uncertainty caused by the pandemic. According to Savills, the pandemic has led to a decline in demand for luxury properties in some areas of the city. However, the market has remained resilient, with investors continuing to show interest in the city’s high-end properties.
In conclusion, Dubai’s luxury property market continues to be one of the most vibrant and sought-after in the world. With increasing demand and a rise in off-plan developments, the market shows no signs of slowing down. While the pandemic has had an impact on the market, the city’s resilient economy and reputation as a global hub for business and leisure make it an attractive investment destination for many.
Al Barari
Enjoy the pool deck views at Al Barari residential project. Image: Al Barari.
The opulent Al Barari building can be found right in the middle of Dubai. It towers over other opulent properties in the city as a masterpiece of modern building and design. The Al Barari property, created by Zaya Group, was introduced in 2019 and has since grown to be one of the most sought-after properties among investors worldwide.
Al Barari provides its inhabitants with a luxurious living environment through its 108 units designed with modern features. The building offers a range of flats, including duplexes, penthouses and apartments with one to four bedrooms. Each apartment has been carefully planned to offer residents the utmost luxury and incorporate the latest smart home technologies. The penthouses come with private pools and roomy terraces, which are ideal for entertaining guests, while the apartments offer breathtaking views of the nearby cityscape.
Al Barari provides a variety of top-notch amenities in addition to its exceptional design and opulent features. A modern fitness centre, a heated pool, a sauna, and a private theatre are available to residents. The property has a children’s play area and beautifully landscaped grounds for those who like to spend time outside.
A further allure for buyers is the location of the house. Al Barari, which is in the thriving area of Business Bay, is close to some of the city’s most well-known attractions, including the Dubai Mall and Burj Khalifa. With simple access to main roads and highways, it is also well connected to other areas of the city.
Aerial view of the Al Barari residential project. Image: Al Barari.
Market data shows that Dubai’s market for premium real estate has been expanding recently. A total of more than AED 6 billion (approx. USD 1.60 billion) was spent on luxury real estate in 2021, a 32 percent rise in sales over the previous year. Dubai continues to pull wealthy people from all over the world due to its tax-free status, first-rate infrastructure, and exciting way of life.
Al Barari is a superb option for those looking for an opulent living experience in the centre of Dubai. It provides residents with luxury and ease all thanks to its gorgeous design, first-rate amenities, and prime location. Al Barari is positioned to continue being one of the most desired homes in the city as Dubai’s luxury real estate market expands.