Dubai's Property Market Is Expanding in Double Percentage

Driven by the worldwide increase in demand for luxurious real estate following COVID-19, Dubai's residential market is on an amazing climb. The new studies of the property market from a real estate company shows that the Dubai Land Department said that there were an amazing 32,109 transactions in the April-June 2024 period, a 32% rise in the same period previous year. Showing a good 23% annual growth, the overall sales number came to AED 63 billion.

Not only annual; the property market has also shown a good growth from January to March 2024, with the number of transactions and sales numbers jumping by 17% each. This double-digit increase points to a market with continuous increasing pace.

Now accounting for 33% of all transactions, from 27% last year, a clear trend in Dubai's real estate market is the increase in transactions for homes pricing between AED 1-2 million. This change is good for the expanding market for mid-priced homes. Still high and accounting for 41% of all transactions are properties within the 500–1,000 sq.ft of size. This suggests that among customers, they like to choose small but modern apartments or houses.

Dubai's property markets continue to thrive despite global uncertainties and the sad floods in April. Market resilience and stability have been strengthened by the government action and developers' tried to offer free repairs for affected houses: As Dubai continues to be a top worldwide luxury destination, our data shows that both registered transactions and sales numbers are steadily rising in good double digits. For both personal use in popular core locations and investment, High-Net-Worth Individuals (HNWIs) keep funding luxury developments. Property prices have been hugely raised by the increasing demand mixed with less availability in these prime sites.

The professionals in Dubai Housing also said that Not only the wealthy but programs like the extended Golden Visa are luring more professionals to Dubai. For these people, the high growth in somewhat Attractively priced projects offers a number of choices and a good alternative for the much more costly central areas. We also see that the purchases for studios have also increased in the last one year and it can be seen from the properties in Jumeirah Village Circle (JVC). Builders like Binghatti are good at making studios and one bedroom apartments.

Together making 43% of all registered home transactions in the June quarter, Jumeirah and Dubailand led the way in household activity. With a combined 32% share, Dubailand and Palm Jumeirah lead in terms of sales value; Jumeirah and Sheikh Zayed Road followed with 13% shares each. With AED 4.78 million and AED 4.38 million respectively, Dubai Islands (Deira Island) and The Palm Jumeirah top in case of average registered home sales values.

With 3,637 registered transactions, Jumeirah Village Circle (JVC) dominates the market; Al Merkadh comes second with 2,432 transactions. With AED 4,475 million worth of houses sold over the quarter, Business Bay ranks first in terms of sales value. Moreover contributing well to the total sales value from places like Za'abeel and Dubai Marina.

For April to June 2024  Emaar Properties and Sobha Realty maintained their market presence in both transaction numbers and sales value. With regard to transactions and sales numbers, New properties in Sobha One are doing very well and Emaar's Address Residences on Sheikh Zayed Road is also grabbing sales.

The June 2024 quarter underlines Dubai's property market's situation, which has shown how floods have affected and how was the worldwide economic uncertainty. Still a pillar of huge demand, the luxury property market is not showing any slow down. Against a backdrop of supply of properties, the market for luxury houses is expected to be in demand and price increase driven. Furthermore, appealing for the families and professionals who are moving to Dubai which are making builders to make new properties for the mid-priced and luxurious houses in prime locations.

The sales number in the property market in Dubai is showing results. Some study says that the growth is more than 10 percent for the two years and it is going to increase more in this year. Properties in prime locations are much demanded by the people from other countries. The need for more properties can be seen for areas like Palm Jumeirah but this man-made island is already filled with wealthy people who live there.