Realiste, the leading artificial intelligence company in the UAE, has released a report identifying the ten most expensive locations in Dubai.
According to the research, Jumeirah Bay has claimed the top spot, with an average apartment cost of Dhs20 million. The rankings were determined by the ‘Index’, one of Realiste’s flagship products.
Most expensive areas in Dubai
The list of the most expensive areas also includes Al Safouh Second Part 2 (Dhs15.8M), Al Safouh Second Part 1 (Dhs15.8M), Al Safouh First Part 2 (Dhs15.8M), Umm Suqeim Second Part1 (Dhs9M), Arabian Ranches (Dhs6.6M), Bluewaters Island (Dhs6.6M), Zaabeel First Part 2 (Dhs5.6M), Al Yufrah 1 (Dhs5.1M), Wadi Al Safa 3 Part 2 (Dhs5M).
Palm Jumeirah, despite being recognized as one of the costliest locations in Dubai, did not make it to the top ten list, securing only the 12th spot.
“Most of these areas are located near the waterfront, green areas, or the main tourist attractions. Those are factors that drive demand for property in Dubai and prices in turn,” explained Alex Galtsev, the founder and CEO of Realiste.
He added that some of these areas will also show considerable price growth in the next two years. For instance, the cost of property in Arabian Ranches will grow 12.9 per cent by the end of 2024, according to ‘Index.’
However, some locations in Dubai will see even more significant increases in price in the following years.
For instance, Sobha Hartland will grow by 15.6 percent in a year, according to Realiste’s ‘Index.’ That is one of the most rapidly developing districts of Dubai, Realiste’s team explains. By 2024, the area will see several new residential complexes, such as Kensington Waters and Wilton Park Residences.