Property prices across Dubai have been on the rise during the past couple of years as the UAE economy bounced back from the Covid-induced slowdown.
Some areas have seen sharper price increases, driven by strong demand due to factors such as location, amenities and quality of projects.
Dubai’s Business Bay, which has recorded significant growth in prices, is now emerging as the new city centre, property consultant Knight Frank said.
“The significant growth in residential prices in Business Bay over the last two years is part of a broader re-pivoting of the city’s centre of gravity towards Central Dubai, encompassing the DIFC, the Sheikh Zayed Road area between the Trade Centre and Dusit Thani, as well as Downtown,” said Faisal Durrani, partner and head of Middle East research at Knight Frank.
Prices in Business Bay have risen 16.7 per cent in the past two years, the consultancy said.
“Business Bay has found itself on the doorstep to Dubai’s main business district and in very close proximity to arguably the emirate’s most lifestyle retail rich neighbourhoods, such as Jumeirah and Al Safa,” Mr Durrani said.
Almost 7,000 homes were delivered in the area in 2019 and 2020, and prices are, on average, 27 per cent cheaper than the Downtown area, he said.