As the name suggests, Downtown Dubai is the centre of Dubai, constantly evolving at a fast pace. Home to many landmarks and world-famous attractions, including Burj Khalifa, the Dubai Mall and Dancing Fountains, the area is a hub of activities. The prime location keeps Downtown busy throughout the year. Constantly attracting tourists, there’re always some new things to do in Downtown Dubai. The area is best known for offering a luxurious lifestyle. It used to be a vertical community, but many villas have also been added to the real estate market. Bayut’s 2020 Rental Market Report is the second most popular area offering luxury apartments for rent after Dubai Marina.
Home to some of Dubai’s famous places, the area has grown into a coveted residential address. The apartments in Downtown Dubai come in different designs and configurations, depending on the building. One can find studios to 4-bedroom units. However, upcoming (currently off-plan) facilities will also offer investors and future tenants the option of 5-bedroom flats. As is familiar with all significant developments, each tower’s architectural style varies. From the low-rise Middle Eastern souq-inspired apartment blocks in Old Town to the more contemporary skyscrapers, Downtown Dubai has it all! The community has undoubtedly set a benchmark for modern vertical communities. There is also a wide range of villas concentrated at the podium levels of The Residences, Boulevard Point and other developments. The configuration for such units ranges from 3 to 4-beds. Also, Opera Grand is an off-plan project with an exclusive collection of townhomes on offer. Downtown Dubai attracts residents who are new to Dubai and even those living in the city for decades. Due to its status and global appeal, people worldwide flock to the bustling district.
For those interested in investing in villas, options range from 2-bed to 5-bed units. A standard 2-bed villa costs around AED 3M, while the sale price of 3-bedroom villas in Downtown is AED 6M. Similarly, buying a bigger 4-bedroom villa would cost around AED 8M. The highest ROI is 5.9% offered by a studio unit. 1-bed units have an ROI of 5.1%. 2-bed and 4-bed units generate a rental yield of 4.7%. 3-bed and 5-bed units closely round-up the list with 4.3% and 4.1% returns, respectively.
When it comes to the famous buildings in Downtown Dubai, it’s no surprise that Burj Khalifa takes the first spot. Renting a 1-bedroom apartment in the skyscraper costs AED 110k per year, while families who need more space can expect to shell out AED 250k for renting a 3-bedroom flat. Buying 3-bedroom apartments can cost AED 4M. Naturally, the perks of living in the world’s tallest and arguably most luxurious buildings also mean that residents and investors are getting a real value for their bucks! Besides the indisputable prestige factor, residents enjoy state-of-the-art recreational and lifestyle facilities. Dubai’s skyline or waterfront views are mostly associated with how it’s like staying in Downtown Dubai. The Address Residence Fountain Views, Burj Al Najoom, The Address Sky View Towers and The Residences (which surround Burj Khalifa) round up our list of the most popular buildings in Downtown. If you too fancy such an apartment, you can consider The Address Sky View Towers. Offering serviced apartments, this skyscraper hotel is directly connected to Dubai Mall. Furthermore, The Residences is quite famous for luxury apartments. It is a 9-tower complex offering a few podium villas.
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