Dubai is still a hub of luxurious properties and investors are looking to buy properties that are located in a prime location which also has smooth connectivity. The price of the properties is also expected to rise till the last month of 2024.
Professionals working in the property market are advising to own a property in Dubai to the people who are looking for a house outside their own country because of the good returns and better facilities in the world. Top developers like Emaar and Nakheel are working on their new projects to fulfil the demand for lavish properties.
The first five months of 2024 have been very exciting for the property market of Dubai where a lot of property transactions were done. Some professionals said that the sales of luxurious houses like villas and townhouses are being demanded by a huge number of rich people from other countries. For the past two years, the growth of the property market in Dubai has been rising by a good percentage where sales of property types like apartments see a double digit growth in the first quarter of 2024. Townhouses are also becoming very popular among the foreigners who are showing interest in these types of properties and buying them.
There is also growth in the tourism and commercial market also, where a large number of foreigners are coming to Dubai to spend their holidays every year. Countries like China are investing a lot in areas near airports and logistics hubs. This shows that a lot of investment will come to UAE through cities like Dubai and professionals from other countries will come to Dubai for work. This also means that the demand for rental houses or new apartments near commercial hubs will also increase. The tax benefits that are provided by the government of UAE are one of the reasons for such investments from all around the world. Many people are coming to start a company or work.
The price of the properties is also increasing in Dubai where some properties like apartments have seen around 20 percent of price increase till the december of 2023 and in 2024 also the price of luxurious apartments rise by 5 to 7 percent by the month of May. The people who used to live in rent are also looking to buy a house in Dubai which will cost less and have an attractive payment plan like studios and 1 bedroom apartments. Developers like Binghatti and Danube have provided such properties in popular locations in Dubai like Binghatti One in Business Bay and Danube Diamondz in Jumeirah Lake Tower. Apartments in Dubai are also very luxurious and have new floor plans.
Damac Properties - a popular developer in UAE is doing a fantastic job in delivering the luxurious properties that are being demanded in the property market in cities like Dubai. If we see at the first quarter of 2024, the Damac Properties has seen a good percentage of growth and some new launches of properties were also done in prime locations of Dubai. People from other countries like India and Russia are investing more in the properties built by Damac. Some projects like DAMAC ELO were sold out in a few days after its launch and ELO 2 was launched which shows how much popular this developer is.
Damac is also working on its new community project called Damac Riverside which will have 4 and 5 bedroom Townhouses and luxurious villas. This community will have European style planning of the amenities which will further have Water Vein and Green Vein facilities for the residents to enjoy a comfortable lifestyle. These luxurious properties will have new floor plans and big balconies and windows for an open view of its posh neighbourhood. The location of Dubai Investment Park is filled with commercial activities and entertainment zones while being connected with other prime locations like airports and hospitals.
Dubai is maintaining its popularity for being one of the attractive property markets in the world. The price of the properties has been increasing for the past two years by a good percentage. This huge demand for properties is coming from foreigners who are finding Dubai a suitable place to live or enjoy holidays. For investment also this city is witnessing huge money coming from countries like China which are investing in commercial locations of Dubai’s popular zones. Some professionals from Dubai Housing are expecting more launches of new properties and an increase in the property prices that are costly and come with world-class amenities.
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