Dubai Real Estate Soars – 2024 Records and Sustained Growth
Dubai’s real sector witnessed an increment of 17% in sales transactions in just the beginning of 2024. Dubai’s rising position in the real sector all over the world has observed another unprecedented surge. With over AED 35.4 Billion ($9.6 Billion) sales in January 2024, Dubai stands out in the global economy. Moreover, this record has even blanked out the 2023 record of Dubai’s real estate sector.
The property portal Property Finder put forth a report, according to which a surge of 27% has been witnessed in the first month of 2024. Moreover, further analysis has shown that Dubai’s property sector observed a YoY progress of 17%.
To explore more about Dubai’s real estate sector’s surging reasons, let’s delve into the report in detail.
Townhouses vs. Apartments
The report indicates that 58% of individuals have an interest in buying apartments, while 42% are looking to invest in townhouses or villas. Contrary to that, reports for individuals seeking rental properties show that 20% of residents are seeking to rent villas or townhouses. Whereas, the rest 80% have shown their interest in renting apartments.
Furnished Townhouses/Villas vs. Unfurnished Townhouses/Villas
Among the tenants seeking apartments, 62.2% showed their attraction towards furnished apartments, while 36.1% were particularly seeking unfurnished properties. On the opposite hand, renters show a converse attitude towards renting townhouses or villas. This shows that approximately 42% of tenants are looking forward to furnished properties and 57% are found to be interested in unfurnished options.
Rental Options vs. Freehold
People have expressed their interest in buying townhouses or villas in prominent neighborhoods like Arabian Ranches, and Al Furjan. Other areas include Palm Jumeirah, Dubai Hills Estate, and Damac Hills. Conversely, the communities popular for owning apartments include Dubai Marina, Business Bay, Downtown Dubai, and Jumeirah Village Circle.
According to the rental market report, the top-notch neighborhoods for renting apartments include Deira, Business Bay, and Dubai Marina. Alongside this, Downtown Dubai, and Jumeirah Village Circle are also included. In the context of renting townhouses or villas, Umm Suqeim, Al Barsha, Jumeirah, Damac Hills, and Dubai Hills Estate are the eminent choices.
Stimulated Scope for Newly Launched Projects
Newly introduced real estate projects have observed a significant increase of about 25% on a YoY volume. This portrayed that approximately 6,000 sales transactions have been recorded. Additionally, an increase of 21% in transactions has also been observed while comparing the sales transactions of January 2023. This results in AED 15 Billion conversely to AED 12.2 billion in January 2023.
Strengthened Dubai’s Existing Property
The existing market of Dubai has also been experiencing an increase of about 8%, resulting in 5,000 sales transactions. This exhibits that the sales volume has reached AED 21 billion as compared to AED 15.7 billion in January 2023.
Projection of Sustained Growth in 2024
The off-plan projects in Dubai have further raised the expectation of a seamlessly growing real estate market. Furthermore, the futuristic designs and sophisticated projects will surely contribute to and amplify Dubai’s property sector as revealed in the Property Finder Report.
