One of the main features of the Arab real estate market is a wide variety of residential properties of various sizes, layouts, architectural styles, and price categories. Experienced investors know that, in innovative metropolises like Dubai, you can find everything from studios, apartments, and penthouses to villas and townhouses. Recently, however, more and more duplexes are presented on the local market.
What is a duplex? When this type of property is mentioned, many people think of a two-family house divided in half and having a common roof. However, in Dubai, a duplex is a two-storey apartment located in an apartment community. Many of these premises differ from usual studios and apartments not only in the number of floors but also in the presence of additional rooms and personal amenities. Duplexes in Dubai are perfect for buyers who need more space but don’t want to purchase a standalone house.
In this article, we will explain the current state of the Emirati real estate market, how the crisis affected its condition, what prospects await it in the near future, and how much a duplex in Dubai costs.
Contents
- Real estate market in the UAE
- Price dynamics for duplexes in Dubai after the crisis
- Prospects for the development of the real estate market in the UAE in the coming year
- What are the prices for duplexes in Dubai?
- Our expert assistance
Real estate market in the UAE
Over the past year, the Emirati real estate market has developed rapidly. During this period, 38,000 residential properties were put into operation in Dubai, which increased the volume of proposals by the fourth quarter to 680,000 residential properties. The market will continue to expand in 2023, with an additional 41,000 new housing developments planned.
Abu Dhabi also continues to develop. In 2022, approximately 6,000 residential properties were commissioned in the city, which increased the supply in the capital to 279,000 residential properties. Construction of another 6,000 residential facilities is scheduled this year.
Investors from other countries have become one of the main reasons for the change in prices for duplexes in the United Arab Emirates. Over the past year, the average cost of housing in Dubai and Abu Dhabi has increased by 10% and 3%, respectively. Rent in Dubai increased by 27% over the same period, but in the capital, this figure has plateaued.
Dubai is not affected by the geopolitical and economic problems that arise in other parts of the world. The high activity in the residential sector is also partly due to the fact that prices are still attractive compared to other metropolitan areas.
Price dynamics for duplexes in Dubai after the crisis
A decade after the global financial crisis brought Dubai’s property sector and its innovative projects to the brink of collapse, the COVID-19 pandemic has become a new factor that could worsen the situation. In early 2021, many people feared that local property prices would fall to 2010 levels as unemployment in key sectors of the economy sapped demand. However, the Dubai market not only survived this test but also became much stronger.
The lockdown and the increase in the number of remote jobs have led to increased demand for more spacious residential properties, such as duplexes. As a result, the Dubai market is facing increased volumes and prices in 2021. These trends were not driven solely by the pandemic. Expo 2020, the Golden and Retirement Visa programs, the release of the Dubai Master Plan 2040, the successful vaccination of the population, and the strategic measures taken by local and federal authorities to contain the spread of the virus also contributed.
Thanks to these factors, the cost of real estate, including prices for duplexes, in Dubai after the crisis, increased by an average of 20% (by the beginning of 2022). The increase in supply and availability has opened up the market to a wider range of investors and contributed to an increase in the number of buyers.
Prospects for the development of the real estate market in the UAE in the coming year
Despite global economic uncertainty, the Dubai real estate market showed significant growth in the first quarter of this year. During this period, 30,898 transactions were made for the amount of AED 88.7 billion (USD 24 billion). The number of sales increased by 6% quarter-on-quarter and 51% year-over-year. High demand fell on both finished and under-construction (off-plan) developments, especially in the high-end segment.
The main catalyst for such historical results was the sale of off-plan (under-construction) real estate. Experts expect that over the next year, the number of such properties will remain at the same level or even exceed the figures already achieved.
What are the prices for duplexes in Dubai?
You can now get acquainted with the approximate current prices for duplexes in Dubai in the following list:
- One-bedroom properties — from AED 750,000 to AED 10.5 million (from USD 204,000 to USD 2.8 million)
- Two-bedroom properties — from AED 503,000 to AED 35 million (from USD 137,000 to USD 9.5 million)
- Three-bedroom properties — from AED 999,000 to AED 57 million (from USD 272,000 to USD 15.5 million)
- Four-bedroom properties — from AED 2.4 million to AED 115 million (from USD 653,500 to USD 31.3 million)
- Five-bedroom properties — from AED 14.9 million to AED 125 million (from USD 4.06 million to USD 34.03 million)
- Six-bedroom properties — from AED 175 million to AED 365 million (from USD 47.6 million to USD 99.4 million).
To get acquainted with the current cost of duplexes in Dubai in several currencies, please contact our experts.
Our expert assistance
Interested in buying a duplex in Dubai in 2023 on the most favorable terms? Our English-speaking, highly qualified experts with many years of experience in the local real estate market are ready to help. Please feel free to contact our professionals now to not only get the latest prices for duplexes in Dubai in several currencies but also to choose a residential property that fully meets your preferences and financial capabilities.
