The last two months of 2024 will see a number of events and programmes in the property market of Dubai. Big builders like Emaar, Damac, and more are making new properties in different locations having smooth connectivity.
Some brokers who are working in the property market are saying that companies and the government want more growth in real estate and plans are being made for a huge number of sales than last year. With new properties being built and offers from the builders will speed up the demand for modern properties.
October's monthly transactions in Dubai real estate exceeded above 20,000 mark for the first time in history, suggesting that the market's pace shows no slowing down. New study given by a property company shows that around 13% increase over last month, from 13,460 sales transactions, as robust demand for residential and commercial properties keeps prices and rents rising.
After a September unlike any other, the Dubai real estate market soared in October yet once more. Once more, off-plan and under-construction properties accounted for the majority of transactions, showing current investor interest in the sector it is expected that the sales will be good in the month of November also. If the sales of properties goes like this the Q4 of 2024 will be the top profitable period of Dubai’s property market.
With lowered interest rates, a surge in new projects, and more people choosing to buy rather than rent, Dubai's property market shows no sign of slowing down, said a professional.Rapid population increase in Dubai, which has increased in the post-pandemic period, fuels most of this need. Demand has normally been more than supply over the past few years as around 100,000 new residents join the city annually.
With housing transactions accounting for around 95% of sales, or over 19,400 agreements, the October report of a big company also showed that almost three quarters 73% of transactions were for off-plan or new properties whose work has not started. At Dh175 million, a home at Jumeirah Bay sold for the most expensive transaction for October. At Dh170.5 million, a villa at Eome on Palm Jumeirah's western crescent exceeded off-plan sales price.
The brokers working in the property market said that with the huge off-plan sales in October, Emaar Properties kept the lead followed by Damac Properties and Sobha. This year has been fantastic and property sales transactions have touched billions of AED and the 3rd quarter of 2024 showed us that demand for luxurious houses has increased by a good percentage. This shows that the rich people are buying properties in Dubai because of the luxury and world-class amenities that are provided. Another thing to see is that the demand for rents is also raised in a few years which means that more people are coming to Dubai for different reasons like for work or for holidays.
Properties are becoming expensive and it will be for a few years and those who have property or properties. But the sales are also increasing and the houses that are big or luxurious are in huge demand. People from other countries like to live in Dubai because of its smooth connectivity and attractive payment plans which have made the rich people to buy houses in prime locations. The builders are also working on making new properties that have more rooms and facilities to attract the rich from all around the world.
Looking at the sales of properties in the month of October 2024 it is expected that the demand and price of rents will also increase in the next year also. There are properties which are off-plan but were sold out in a few days which shows the huge demand for new houses but there is a huge percentage of investors who are interested in these types of properties. People are also buying expensive properties that are built by developers like Emaar and Damac. We can see that rich people want to come to Dubai for which they need luxurious properties.
