21 April 2023, Arabian Business
Artificial Intelligence (AI) has identified the best Dubai neighbourhoods for property investment this year, with one area offering 20 per cent expected growth.
Realiste has announced the top three locations in Dubai where property prices are expected to grow the most by the end of 2023.
The analysis conducted by Realiste’s artificial intelligence suggests that the residential district of Hessyan First Part 1 tops the list with an expected growth of 20 per cent in 2023.
AI Dubai real estate tips
The list also includes the residential neighbourhood of Al Barsha 1 Part 1, where property prices are predicted to increase by 17.6 per cent, and Mamzar Part 1, which is expected to grow by 17.1 per cent through the year.
According to Alex Galtsev, the founder and CEO of Realiste, these areas are located near the waterfront, green areas, or the main tourist attractions, which are factors that drive demand for property in Dubai and subsequently increase prices.
For example, Hessyan First Part 1 is situated next to Palm Jumeirah and offers access to the Arabian Gulf.
Galtsev said some of these areas are also expected to show considerable price growth in the next three years. Hessyan First Part 1, for instance, is predicted to witness an increase of up to 60.6 per cent in the cost of property by the end of 2025.
To conduct the research, the company used AI to analyse the Dubai property market. Realiste provides comprehensive information on the top locations in a city, including average prices for units and square footage, rent rates, the number of properties available on the market, and more.
The firm’s Index software also ranks properties based on various parameters, such as top projects for rental income and those projected to appreciate quickly, and allows users to filter offerings by cost, size, building floors, and other factors.
It also ranks construction companies based on six possible options, including:
- Price growth forecasts for one, two, and three years
- Rental yield
- Square feet price
- Number of units.
Realist analysis also offers a map to view the areas where developers are building their projects and access data on the surrounding districts. The platform also allows users to purchase off-plan properties online directly from developers within seconds, unlike existing property boards.