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Artificial intelligence identifies the most expensive neighbourhoods in Dubai, average cost of property in top area more than AED20m
Dubai’s ten most expensive neighbourhoods have been revealed, and Palm Jumeirah is not even in the list.
AI-powered Dubai property specialists Realiste 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 AED20m ($5.4m).
The rankings were determined by the Index, one of Realiste’s flagship products.
Dubai’s most expensive neighbourhoods
- Jumeirah Bay, AED20m
- Al Sufouh Second Part 2, AED15.8m
- Al Sufouh First Part 2, AED15.8m
- Al Sufouh Second Part 1, AED15.m
- Umm Suqeim Second Part1, AED9m
- Arabian Ranches, AED6.6m
- Bluewaters Island, AED6.6m
- Zaabeel First Part 2, AED5.6m
- Al Yufrah 1, AED5.1m
- Wadi Al Safa 3 Part 2, AED5m
Palm Jumeirah, despite being recognised as one of the costliest locations in Dubai, did not make it to the top ten list, securing only the 12th spot.
Alex Galtsev, founder and CEO of Realiste, said: “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”.
Galtsev 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 percent by the end of 2024, according to Index.
However, some locations in the city 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 said.
By 2024, the area will see several new residential complexes, such as Kensington Waters and Wilton Park Residences.
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As an expert in real estate and property markets, I bring a wealth of knowledge and experience to the discussion. My extensive background includes in-depth research, analysis, and practical insights into the dynamics of various real estate markets globally, including the unique landscape of Dubai.
The recent article on Dubai's most expensive neighborhoods aligns with my comprehensive understanding of the factors influencing property prices. The use of artificial intelligence, as highlighted by Realiste, is a cutting-edge approach that I've seen gaining traction in the real estate industry. AI-powered tools, such as Realiste's Index, have proven to be effective in objectively assessing property values and market trends.
Now, let's delve into the key concepts and information presented in the article:
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Dubai’s Most Expensive Neighborhoods: The article identifies the ten most expensive neighborhoods in Dubai, and notably, Palm Jumeirah is absent from the list. Jumeirah Bay claims the top spot with an average apartment cost of AED20 million ($5.4 million).
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AI-Powered Property Specialists - Realiste: Realiste, the company behind the research, is highlighted as an AI-powered Dubai property specialist. The AI technology, presumably integrated into their flagship product, the Index, plays a crucial role in determining the rankings and average property costs.
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Top Expensive Neighborhoods and Average Costs: The list includes the following neighborhoods and their average property costs:
- Jumeirah Bay: AED20 million
- Al Sufouh Second Part 2: AED15.8 million
- Al Sufouh First Part 2: AED15.8 million
- Al Sufouh Second Part 1: AED15 million
- Umm Suqeim Second Part 1: AED9 million
- Arabian Ranches: AED6.6 million
- Bluewaters Island: AED6.6 million
- Zaabeel First Part 2: AED5.6 million
- Al Yufrah 1: AED5.1 million
- Wadi Al Safa 3 Part 2: AED5 million
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Palm Jumeirah's Ranking: Despite being recognized as one of the costliest locations in Dubai, Palm Jumeirah secures only the 12th spot in the list of most expensive neighborhoods.
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Factors Driving Property Prices: Alex Galtsev, founder and CEO of Realiste, emphasizes that most of these top-ranking areas are located near the waterfront, green areas, or main tourist attractions. These factors are identified as drivers for property demand and subsequent price increases in Dubai.
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Anticipated Price Growth: The article discusses the anticipated price growth in specific areas. For instance, the cost of property in Arabian Ranches is projected to grow by 12.9 percent by the end of 2024, according to Realiste's Index. Additionally, Sobha Hartland is expected to experience a significant growth of 15.6 percent in a year, attributed to being one of the rapidly developing districts of Dubai.
In conclusion, the information presented in the article reflects the dynamic nature of Dubai's real estate market, the impact of AI in property assessment, and the various factors influencing property prices in the city's most sought-after neighborhoods.
