The professionals of Dubai Housing tried to explain the compelling allure of Dubai's real estate sector, telling about the city's robust rental yields, the continued demand for opulent residences, and the promising returns on investments.
Binghatti Developers is one of the popular builders in Dubai having years of experience in making luxurious properties in the posh locations of Dubai. In 2024 JVC (Jumeirah Village Circle) will be the new destination of several future projects of Binghatti Developers. The community of JVC is connected to major roads of Dubai which makes it a fine place to live. Looking into the increasing demand for the studio and 1 bedroom apartments Binghatti has launched its new high-rise tower called Binghatti Phantom.
With a notable 13% population surge over the past five years, swelling by upwards of 422,000 individuals, Dubai's overall growth trajectory remains in a better position. The forecast for 2024 suggests a relentless demand for housing, challenging the balance with supply. This burgeoning population, fueled by the global economy's gradual recovery and Dubai's economic prosperity, anticipates nearly half a million additional inhabitants requiring accommodation in the forthcoming years.
Properties that are available with better facilities and located in a posh neighbourhood of Dubai usually see high demand but if the price of the properties is under 1.2 million AED with an attractive payment plan they may even have more interested customers and Binghatti is among the top companies who grab such type of buyers.
The special thing about Binghatti Phantom, which is a new launch of luxurious apartments, is that it is a grand tower having only a collection of 1 bedroom apartments with separate swimming pools for every unit. This type of property attracts more buyers who are a little tight on budget but have enough money to buy one with easy payment plans. The builder has also made sure that the residents of this project can enjoy the open view of Dubai. There are attractive payment options for early buyers. It is one of the extra modern homes with luxurious finishing and textured walls that match the theme of comfortable living.
Dubai is a good market on the global economic stage, coupled with a continuous flow of direct foreign investments, which will increase its continuing attraction in 2024. This investment trend not only boosts business expansion but also improves the UAE's employment landscape, further stimulating population and, consequently, investment growth. This symbiotic relationship reaffirms Dubai's status as a vibrant and feasible hub for investment and commerce.
Communities previously deemed affordable, such as JVC and Business Bay, are witnessing an incremental rise in transaction volumes year over year. This surge is anticipated to elevate property values in these areas, bridging the valuation gap with prime locations. Such situations are set to start a new wave of price appreciation across Dubai's established residential areas.
Jumeirah Village Circle (JVC) in Dubai is a planned community where the properties are connected with other important locations making it a hub of housing and commercial projects. There are also green surroundings in JVC filled with beautiful gardens and open parks having jogging tracks and play areas. Here builders normally try to provide apartment projects so that they can provide easy payment plans and other amenities.
Properties in Dubai are built with modern luxuries because of the prices of properties are increasing by more than 25 per cent. The top developers of Dubai such as Binghatti are working on several new projects in popular locations of Dubai like Jumeirah Village Circle (JVC) which is expected to be the new hot spot of investment and properties for rents.
The latter half of 2023 saw a marked escalation in Dubai's luxury real estate transactions, outpacing other price segments. The city's enhanced lifestyle offerings post-pandemic—ranging from minimal crime rates and advanced infrastructure to tax incentives and a business-friendly environment—continue to magnetise high-net-worth individuals worldwide.
Despite high anticipations for a decline in interest rates in the first half, a more realistic adjustment timeframe might align with the latter half of the year. Initial signs of this trend were seen in early January, with banks commencing to offer reduced mortgage rates. This shift is poised to invigorate the real estate buying sentiment further.
The sustained high rental rates in 2024 are expected to encourage a shift towards homeownership, especially among long-term Dubai residents. The increasingly competitive mortgage rates, often outpacing rental expenses, are likely to bolster this transition, reflecting a robust end-user demand and a long-term investment outlook within the real estate market.
Properties like Binghatti Phantom that are launched by Binghatti Developers are attracting new buyers from other countries. This new project in Jumeirah Village Circle (JVC) is exclusively built with only one type of property that is 1 BHK apartment with a bigger pool area for every unit. The project is available at an attractive price of 999,999 AED which is a comfortable pricing according to the market standards of Dubai.
The people who were living in rents are now attracted towards properties that are available with attractive payment options and monthly payments that do little burden on the buyers to pay for their bought properties.
As the demand for luxurious properties are increasing so does the demand for rental houses in a prime location of Dubai. The continuous launch of new housing projects is also matching the modern requirements of its buyers. Not only this but this has led to the demand for luxurious properties for rents that are cosy and modern having world-class amenities.
Binghatti Developers is one of the top builders in Dubai who have launched new projects with world-class amenities. Several Binghatti projects will be launched with attractive pricing in 2024. Binghatti Developers has always been known for its hospitality projects in major cities of UAE like Abu Dhabi and Dubai and also has been providing quality housing projects in Dubai for years.
