In the heart of the UAE city, Downtown Dubai features some of the most famous attractions across the world and brings extravagant living to the forefront, making it a global property investment location with strong growth prospects.
As the largest construction project in the Emirate, Downtown Dubai is 500 acres and plays host to a number of iconic landmarks, including Burj Khalifa, Dubai Fountain and the Dubai Mall.
The Burj Khalifa is the tallest building in the world, while the Dubai Fountain is the largest singing and dancing fountain. Additionally, the Dubai Mall is the largest shopping centre in the world with more than 1,000 stores, including top department stores and fashion brands like Bloomingdale’s, Chanel and Marc Jacobs.
Downtown Dubai is also known for its phenomenal architecture with a mix of modern and traditional buildings. There are even many promenades to take in the stunning skyline.
While it’s a very urban area, there are still pockets of green in Downtown Dubai. As a relaxing leisure attraction in the heart of the city, Burj Park is located on an island alongside Burj Lake, providing an area of peace amongst the buzzing city.
With an elegant and fun atmosphere, Downtown Dubai is a lively metropolitan area that showcases the city’s glitz and glamour. It’s a vibrant city centre with world-class shopping and dining options and cultural and leisure offerings.
The luxury Arabian market, Souk Al Bahar, is located in the heart of Downtown Dubai and consists of 20 shops with a mix of fashion, handicrafts, perfumes and antiques and 17 restaurants, including Reif Japanese Kushiyaki and Scoopi Café.
Another top attraction, Dubai Opera is located within The Opera District. The venue is a 2,000 seat multi-format, performing arts centre providing the opportunity to see musicals, dance and opera in a striking building. The Dubai Aquarium & Underwater Zoo is also located in this district and features an underwater tunnel below a tank of sharks and rays.
On top of that, this exciting downtown area is known for its vibrant nightlife. The Buyayra Lounge is an impressive poolside spot overlooking the Dubai Fountain, and At.Mosphere, sitting on Level 122 of the Burj Khalifa, has a restaurant and lounge with top-notch food and drinks with one of the best views of the city.
Situated along Sheikh Zayed Road, which is the main road in Dubai and a tourist spot in its own right, Downtown Dubai is well connected to the rest of the city and wider region.
The Dubai Airport, which is the world’s busiest airport in terms of international passenger traffic, is less than 10 miles away from downtown, providing connections across the globe.
The Dubai Metro also runs in the area with the Burj Khalifa/The Dubai Mall station, which is located along the Red Line. Additionally, there are a number of other stations in the area, providing connections to other parts of the city.
Downtown Dubai has become a prestigious neighbourhood for luxe living. It’s home to some of the most exclusive addresses for affluent residents. The prestige of the area and increasing demand has caused house prices to increase substantially in recent years.
Figures from Chestertons shows the average apartment sales price is currently AED 1,770 per square foot. And with off-plan transactions being a popular choice for buyers and investors in this area, the average sales price for these types of purchases is AED 2,575 per square foot.
As Downtown Dubai has undergone major development in the past decade, there are a number of new high-rise apartments with fantastic views of the city, and there are more residential towers on the way.
Additionally, many of these contemporary developments come with high-end offerings, such as a swimming pool, sauna, concierge and eateries. With such a luxurious lifestyle on offer in this thriving city, there are more and more people moving there, making it a top modern, cosmopolitan place to live.
With more exciting development and investment on its way, Downtown Dubai has even more growth ahead.
It’s become a popular area for renters, and with high average rental yields and ROIs, the area is an appealing location for property investors from across the world. The average cost of annual rent per square foot comes to AED 92.
With high demand and strong growth prospects, Downtown Dubai has earned its place as one of the top property investment hotspots across the world. Boasting such international acclaim, this makes it an exciting place to invest. In the coming years, more overseas investors are expected to buy property in this thriving area.