Dubai's real estate situation still remains a hot place of opportunity in 2024. If we see the demands in the month of April, it is expected that the property market of Dubai is not going to slow down for the whole year.
It is also a good time if looking for your first investment opportunity or looking to increase your portfolio in a city like Dubai. It is also very important to understand the current trends and find out the best areas before buying properties that can give good returns. Here we will try to give some information about Dubai and what you should do to buy properties.
For those who want to invest in villas, some areas in Dubai are more suitable because of their good percentage of price growth than the past year. Among these areas Jumeirah Islands tops the list with an increase of 36.1%, followed by Palm Jumeirah with 35.1%. Dubai Hills Estate and Mudon are also in the race, showing their growth rates of around 33.6% and 29.6%, which is attracting more buyers.
The luxurious property market of Dubai is seeing a robust increase in sales of both off-plan and ready-to-move properties. The off-plan properties are more popular which makes up around 58% of total sales. Normally off-plan properties appeal more to investors because of their much higher returns and attractive pricing. Ready-to-move properties still continue to attract buyers looking for quick returns and the assurance of existing developments. It is better to buy off-plan properties if you want extra returns because normally during this phase the properties are available at lower price.
The first quarter of 2024 saw a fantastic 25% increase in secondary sales compared to the last year. Not only this, there is a 12% rise in the total number of properties that are sold. Rentals are also up, with a 7% increase in pricing for both new and renewal contracts. The popular villa communities like Jumeirah Islands, Jumeirah Park, and Sobha Hartland experienced huge jumps in price per square foot which is around 36%. This shows that the property market is doing better than last year, which is good for the people who have already bought properties in Dubai.
For those who like to invest in apartments will like to hear that properties like Binghatti Phantom in JVC (Jumeirah Village Circle) has emerged as a new hotspot project with around 30% increase in average price per square foot from the day of its launch, making it a better option for those looking to invest in apartment properties. JVC is also going to see even more launches of different types of properties in the future, especially from popular developers like Binghatti who are planning their several new projects in this location. It is predicted that the price of properties will increase more.
According to the professionals in Dubai Housing said about the importance of a Q1 Market Report by a big company - These reports will make anyone happy who are looking to enter or see the Dubai real estate market. It is a good idea for investors to buy more properties in Dubai and get the benefits of the new offers and exclusive facilities. Companies like Dubai Housing try to help their clients to make better decisions.
With Dubai's real estate market in a continuous path of rapid growth, and with rental yields touching to a percentage of 7.3%, the opportunities for investors continue to look very promising. Dubai is still going good with its new and expensive off-plan projects by big builders like Binghatti Developers and Emaar Properties, which are expected to give up to 10% ROI, which is very fantastic and appealing to people from all around the world who are seeking income through luxurious properties.
Whether you are planning to purchase a villa on the prestigious Palm Jumeirah or an apartment in the bustling area of JVC, keeping up with the fast market of Dubai can greatly influence your investment decisions. The year 2024 stands as an important period for the performance of real estate market in Dubai.
One thing here to notice is that the sales of expensive properties are increasing in Dubai for the past 1.5 years and it will be high in 2024 also. The rich people are now moving to Dubai to live a lavish and comfortable life in a beautiful surrounding and investors are keen to buy properties in prime locations to earn high rental incomes because of the huge demand for rental properties. The villas and apartments are among the top desired properties.
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