Dubai’s highest-priced localities have been disclosed in a report by Realiste, an AI-powered property specialist. Palm Jumeirah, the famous artificial island cluster, surprisingly failed to be on the list.
The study has identified Jumeirah Bay as the most expensive location, with the average apartment price standing at AED 20 million ($5.4 million). Realiste’s flagship product, the Index, was used to rank these areas.
Here are the top ten most expensive neighborhoods in Dubai:
|Area||Average Apartment Price (AED)|
|Al Sufouh Second Part 2||15,800,000|
|Al Sufouh First Part 2||15,800,000|
|Al Sufouh Second Part 1||15,000,000|
|Umm Suqeim Second Part 1||9,000,000|
|Zaabeel First Part 2||5,600,000|
|Al Yufrah 1||5,100,000|
|Wadi Al Safa 3 Part 2||5,000,000|
Palm Jumeirah, one of the most expensive locations, has been ranked 12th. The areas that made it to the list were mostly near the waterfront, green spaces, or major tourist attractions. Founder and CEO of Realiste, Alex Galtsev, stated that these are key factors that influence demand and prices in Dubai’s property market.
The report projects that some of the locations, such as Arabian Ranches, will experience a significant price increase of 12.9% by the end of 2024.
Likewise, Sobha Hartland’s price is expected to grow by 15.6% in just one year. This neighborhood is known to be one of the fastest-developing localities in Dubai, with the introduction of several new residential complexes like Kensington Waters and Wilton Park Residences by 2024.