Average Prices of Apartments in Dubai

Before moving to Dubai, you have one key issue to resolve: housing. You can start by buying or renting a property. Housing prices depend on location: Dubai has both expensive and affordable areas, with each one targeting a specific price range. That is why residential real estate prices vary. We provide here the average prices of flats in the areas which are most popular with expats.

• Buying a Flat
  
• Jumeirah Lakes Towers
• Jumeirah Village Circle
• Dubai Marina
• Business Bay
• Downtown Dubai
  
• Renting a Flat
• Additional Expenses to Consider If You Buy or Rent

Buying a Flat

Studio prices in Dubai start at AED 220,000 (USD 60,000) and can reach AED 735,000  (USD 200,000) depending on the area.

Price range for flats:

• a one-bedroom flat – from AED 330,500 (USD 90,000) to AED 1.3 million (USD 360,000)
• a two-bedroom flat – from AED 496,000 (USD 135,000) to AED 1.4 million (USD 380,000)
• a three-bedroom flat – from AED 724,000 (USD 197,000) to AED 2.6 million (USD 710,000)

The minimum price of a penthouse is AED 5.5 million (USD 1.5 million), while the prices of the most expensive penthouses start at AED 73.5 million (USD 20 million).

Jumeirah Lakes Towers

Families with children tend to choose the Jumeirah Lakes Towers district (often referred to as JLT in real estate databases) with its parks and four artificial lakes. Here buyers are looking for flats with state-of-the-art amenities.

Examples:

•  You can buy a 37 square-metre studio in Al Waleed Paradise (finished in 2008) for AED 440,000 (USD 119,800). The building is guarded, has underground parking, a pool and a gym. A one-bedroom flat with a total area of 62 square metres in the same complex costs a little more than AED 750,000 (USD 204,000). The flats are fully furnished and equipped with domestic appliances. The grounds include a pool, playground, fitness centre and private beach.
• A two-bedroom flat with a total area of 97 square metres in the Armada 3 residential complex is available for AED  921,000 (USD 250,600). The residents can use their own pool, a gym, and a cafe.
• Fully furnished three-bedroom flats equipped with domestic appliances over an area of 141 square metres in the Seven City Golf Views complex (scheduled for completion  in Q2 2023) start at AED 1.6 million (USD 430,000). Anyone buying real estate here will have access to a pool, a playground, a beauty salon, a supermarket, and a fitness centre on the grounds.

You can check out the prices for flats in the complexes being built in Jumeirah Lakes Towers here.

Jumeirah Village Circle

The recent  development Jumeirah Village Circle (commonly known as JVC) is also suitable for families with children. As well as villas, you will find townhouses and flats here. Schools, kindergartens, hospitals and supermarkets can be found nearby. The prices are reasonable. Studios and one-bedroom or two-bedroom flats are most in demand here.

Examples:

•  A studio over an area of 53 square metres in Plaza Residences will cost AED 339,000 (USD 92,300). The flat comes with domestic appliances, while there is a pool and a fitness centre on the grounds of the complex.
• One-bedroom flats over an area of 38 square metres with fully-equipped kitchens in the Samana Waves residential complex (currently under construction) cost AED 450,000 (USD 122,500). They also have hot tubs, Internet access, air conditioning and satellite television. A pool, golf course, playground, park, tennis court and fitness centre are planned on the grounds of the complex. The building should be ready in Q1 2025.
• A two-bedroom flat with a total area of 100 square metres in Bloom Towers (finished in 2021) costs AED 951,000 (USD 259,000). The complex has a pool, fitness centre and playground.
• A three-bedroom flat with a total area of 137 square metres in Binghatti Crescent (scheduled for completion in 2023) will cost AED 1.2 million (USD 331,500).

You can check out the prices for flats in Jumeirah Village Circle under construction by clicking here.

Dubai Marina

Meanwhile single expats and couples who don’t have children prefer Dubai Marina. You will find in this district a number of luxury skyscrapers and first-class infrastructure. The Dubai Marina real estate market consists primarily of studios and flats with one, two and (more rarely) three bedrooms.

Examples:

• You can buy a 33 square-metre studio in ESCAN Tower (built in 2018) for AED 520,000 (USD 141,600). Flats are fully furnished and equipped with domestic appliances. One-bedroom flats with a total area of 40 square metres in this complex go for AED 650,100 AED (USD 177,000). You will find a pool, playground, park, restaurant, cafe, fitness centre and supermarket on the grounds of the complex. A two-bedroom flat with a total area of 72 square metres costs almost AED 1 million (USD 272,000).
•  You can buy a studio with a total area of 152 square metres for USD 163,300 in the Botanica residential complex.
• Three-bedroom flats with a total area of 197 square metres are being sold for AED 1.6 million (USD 435,000). They are situated on the 39th floor of the Marina Heights Tower built in 2006.

You can check out the prices for flats in other complexes of the Dubai Marina area under construction by clicking here.

Business Bay

Business Bay is an even more prestigious and expensive high-rise area with first-class residential properties, business centres, high-end restaurants and supermarkets. It is known as the district for senior management. Residential property here is among the most expensive in the city. Two-bedroom or three-bedroom flats and penthouses are the properties listed most frequently for sale in the Business Bay.

Examples:

• You can buy a studio with a balcony in the Peninsula residential complex (currently under construction) for AED 887,000 (USD 241,400). The flat is furnished, equipped with domestic appliances, a smart home system, air conditioning, satellite TV and the Internet. You will find a pool, playground, park, restaurants and cafes, tennis court and fitness centre on the grounds of the complex, which is scheduled for completion in Q4 2024.
• A studio in AG Tower (completed in 2021) is on offer for AED 711,000 (USD 193,600). It is equipped with home appliances, satellite TV and the Internet. 
• One-bedroom flats with spacious balconies can be bought on the secondary market for AED 830,500 (USD 226,100). For example, one such flat can be found in Clayton Residency: total area of 71 square metres, equipped with home appliances and built-in cabinets. The complex is guarded and has a pool, sauna, and hot tub.
• A two-bedroom flat in Merano Tower is slightly more expensive: AED 1.3 million (USD 352,800). The total area of the flat comes to 82 square metres.
• Three-bedroom flats with a total area of 143 square metres in Nobles Tower (scheduled for completion in Q4 2023) are available for AED 2.1 million (USD 590,700).
• A four-bedroom penthouse with a total area of 738 square metres with a garage in the Urban Oasis complex costs AED 25.8 million (USD 7 million). The penthouse is equipped with home appliances, a smart home system, air conditioning, satellite TV and the Internet. The complex is scheduled for completion in Q3 2023.

You can check out the prices for flats in other complexes of Business Bay area under construction by clicking here

Downtown Dubai

Downtown Dubai is one of the most expensive areas and is popular with tourists. You can find many of Dubai’s famous tourist attractions here. While the area primarily consists of blocks of flats, there are also several districts with villas. Two-bedroom or three-bedroom flats and penthouses represent the most popular types of residential real estate here, whereas there are almost no studios.

Examples:

• Two St. Regis Residence towers offer you flats with one, two or three bedrooms (no studios here). Prices range from AED 780,000 (USD 212,300) to AED 1.4 million (USD 381,200).
• The Elite Downtown residential complex offers studios with a total area of 39 square metres, starting at AED 1.5 million (USD 420,000). Three-bedroom flats (from 150 square metres or more) start at AED 4.3 million (USD 1.2 million).
• The W Residences Downtown complex close to Burj-Khalifa offers two-bedroom flats with areas exceeding 400 square metres for a starting price of AED 19.4 million (USD 5.2 million) and a penthouse with a total area of 1,300 square metres for AED 58.2 million (USD 15.8 million).

You can check out the prices for flats in other complexes of the Downtown Dubai area under construction by clicking here.

Renting a Flat

You will find it cheaper to rent a flat in Dubai than in many of the world’s megacities. For comparison: the average rent for a studio in Dubai city centre is USD 1,400 a month. In Singapore, it would cost USD 2,100, in Hong Kong, USD 2,300 in London, and in New York as high as USD 3,100.

A tenancy agreement with an expat in Dubai is usually signed for a year (sometimes for six months). Payment can be made in instalments: for example, two or four instalments. Agreement is reached on a case-by-case basis. However, if a foreigner is ready to pay for a year in advance, a landlord may well offer a discount. So this is one way to reduce your rent. 

Real estate agents usually advise foreigners to start by renting a one-bedroom flat when moving to Dubai. This option is optimal both in terms of the price and the level of comfort. Subsequently, the tenant will have a better idea about the type of property and infrastructure that he/she needs most.

Rent rates can vary a lot even within one area. They depend not only on the presence or absence of furniture and type of infrastructure in the complex, but also on the floor area.

Price range for renting a one-bedroom flat in the most popular areas:

• Jumeirah Lakes Towers – AED 36,000 to AED 130,000 a year (USD 9,800 to USD 35,400),
• Jumeirah Village Circle – AED 29,000 to AED 120,000 a year (USD 7,900 to USD 32,600),
• Dubai Marina – AED 40,000 to AED 180,000 a year (USD 10,800 to USD 49,000),
• Business Bay – AED 45,000 to AED 200,000 a year (USD 12,200 to USD 54,400),
• Downtown Dubai – AED 60,000 to AED 1.7 million a year (USD 16,300 to USD 462,800).

Additional Expenses to Consider If You Buy or Rent

Anyone who wants to buy or rent a property must also bear in mind several additional expenses in addition to the price of the property or the rent. In both cases, you will have to pay the commission of the real estate agent (5% of the property price or the tenancy agreement). If you rent, you also have to make a deposit of 5% of your annual rent (in addition to the rent and the commission). While the deposit may be returned, the property owner may retain it to cover renovation costs if the tenant damages anything. Another expenditure item that you need to consider concerns the utility charges which range from USD 300 to USD 400 a month.

In a Nutshell

Average housing prices merely reflect the general picture on the market. Actual prices for buying and renting flats can even vary in one area. It is advisable to study property sales offers in the area of interest to you and seek the advice of an experienced real estate agent.

Cover photo: Emma Harrisova (Unsplash)