How will be the Year 2024 for the Property Market of UAE
Dubai, a dream city in UAE is still maintaining its popularity among the Middle East countries. The properties in Dubai are seeing a good rise in the price from the past few years.
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There is a very good situation for the investors who already own some luxurious properties in Dubai. The resale of properties in Dubai are also on the rise. The neighbouring cities and locations near Dubai are also not so behind in offering new collections of properties.
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Cities that are becoming popular for luxurious properties
Looking into the progress of Dubai, other popular cities in UAE like Ras Al Khaimah (RAK) where the top and popular builders who are working in Dubai are also launching properties in posh locations like Al Marjan Island at RAK. The properties in this beautiful Island are normally made in the style of a resort or 5-star hotel. If someone is looking to like a private but lavish lifestyle filled with modern services then RAK is the good choice for them.
With the help of a good professional you can book a profitable property that can give good returns. The properties that are located in the posh location with open view are the demanding type of properties in the market that are also easily sold in the secondary market. So, the investors are also very much interested in buying properties that are not yet completed and are also available at much lower pricing.
What professionals are predicting for the property market?
There are some predictions by some professionals in Dubai Housing that sale of cosy properties like studios and 1 bedroom apartments in Dubai will be launched and sold in huge numbers. People who were living in rents at Dubai are now looking to buy these types of 1 bedroom or studio properties because the price of rents are increasing and new launched properties are available at an easy payment plan. ELO and ELO 2 by Damac Properties are good examples.
2024 has a good start for the sales of housing properties and big builders in UAE are working on the new project that is going to be delivered soon. So, the later months of this year is going to see a lot of foreigners coming to Dubai to live in their bought houses. Cities like Dubai and RAK are very popular in the world because of their profitable property market. Some studies showed that Dubai is doing very well in real estate than other popular cities like London.
Normally Indians and Russians were among the people who were buying a huge number of properties but in 2024 Chinese and European people are also booking new properties in locations like Al Marjen and Dubai South. The location of Dubai makes it a suitable choice because it takes only a few hours to reach there through flights from countries like India. Some people are looking to invest in properties to get a good return in the future.
Communities that are doing well in 2024.
Some communities like Damac Hills 2 and Emaar South are seeing a double digit growth for the past few years. Properties like Damac Natura and Emaar Greenway are the new properties launched in April 2024 which are gaining much popularity in the city. These properties are having new floor plans and amenities that will make the living experience much more comfortable. It is also easy to rent out these luxurious houses at a good price because a lot of foreigners are looking to live there.
The other reason for people coming to live in Dubai or Ras Al Khaimah (RAK) is its connectivity. There are wide roads and transportation services for the smooth travelling to popular locations of the city. Tourists also come in huge numbers every year to spend their holidays here in UAE. So, tourism has also been thriving for the past few years. People from other countries like to enjoy the nightlife of this popular city.
The Al Marjan Island in Ras Al Khaimah (RAK) is also a very popular island in UAE just like Palm Jumeirah in Dubai. This Al Marjan Island is filled with world-class resorts and hotels which means that tourists come here in large numbers. The hospitality of this location is so good that Europeans have come to enjoy these islands who themselves have a number of hotels that are popular in the world. Emaar Address Residences Phase 2 is the new property that are now available to booked and investors are also looking to own apartments here for a good opportunity for rental income.
Conclusion
Cities like Dubai and Ras Al Khaimah are seeing a huge footfall for the past three years where foreigners are buying new properties with modern amenities and easy payment plans. The start of 2024 was fantastic for the property market and there is also expected to be more and more sales of the properties for later this year. Builders like Damac and Emaar are working for new properties that are being demanded in the market.
