Their Top Rankings in 2023 Unveiled: AI-Powered Proptech Firm’s Insights into the Key Factors
According to a recent report, Sobha Hartland, Dubai Harbour Part 1, and Bu Kadra Part 2 have been identified as the top three locations for real estate investment in Dubai. Realiste, a proptech firm, using its proprietary AI platform, determined these rankings. The study found that these areas offer the highest average annual price growth potential.
Realiste’s AI algorithm is a sophisticated system with self-learning capabilities that assess the investment appeal of real estate properties on a global scale. It takes into account local preferences and replicates the decision-making process of potential buyers in specific geographic areas. A spokesperson from Realiste explained, “To calculate the score, our algorithm analyzes more than 200 metrics gathered from various reliable sources. These metrics have varying degrees of impact on the evaluation and can be categorized into four groups with very high, high, medium, and low levels of impact.” The key factors within each category are illustrated in the accompanying image.
Top 3 Areas to Invest in Dubai
Individually, these three areas boast distinct features that make them stand out:
1. Sobha Hartland:
This neighbourhood has experienced a remarkable average annual price growth of 17.6 per cent. Situated within a 15-minute drive to Burj Khalifa and the International Airport, it offers abundant greenery with over 30 percent dedicated to parks, pools, and gyms. Sobha Hartland is also in proximity to the lagoon, boasting an embankment and easy access to two top Dubai international schools.
2. Dubai Harbour Part 1:
With an impressive average annual price growth of 16.5 per cent, this location is merely a five-minute drive to the Promenade, renowned for its retail and dining establishments, Marina & Yacht Club, and Sheikh Zayed Road. It features a private beach with pristine sands, overlooking the Arabian Gulf, and offers breathtaking views of Palm Jumeirah, Ain Dubai, the Cruise Terminal, Dubai Marina, and Dubai Harbour Boulevard.
3. Bu Kadra Part 2:
This locale has witnessed a robust average annual price appreciation of 14.5 per cent. In addition, enjoys strategic proximity to two renowned districts in Dubai: Downtown and Creek. It boasts a golf course and a private beach. The most attractive investment products within the complex are the 1BR and 1.5BR apartments on the middle and upper floors, offering panoramic views.
Alex Galt, the founder of Realiste, expressed, “Dubai will continue to attract foreign buyers seeking asset protection. Its appeal will only grow stronger amid geopolitical instability and energy crises. Consequently, there will be an increased demand for local property in the 2023 market.”
In short, the growth projections for Dubai’s real estate market align with the AI-driven analysis presented here. Consistent double-digit average annual price growth and the diversity of projects highlight the city’s allure for investors, reaffirming the AI’s assessment of market trends. This convergence between AI-generated data and real market indicators underscores Dubai’s real estate sector’s promising potential for expansion and investment opportunities.