Damac has been working on its luxurious properties with a different approach for the year 2024. The new projects that are being launched by Damac Properties will be provided with attractive payment plans.
Properties like Damac Cavalli Tower Phase 2 in Al Sufouh are good examples of the mix of luxury and comfort, as well as their smooth connectivity to other locations in Dubai. Some top brokers working in the property market of Dubai stated that buying projects that are built by Damac has good chances of profitable returns and can be rented out very easily.
Finding a good property is not an easy task, but with the help of professionals, you can get your dream home in Dubai. The housing projects in places like Al Sufouh and Sheikh Zayed Road are now trending because of their beautiful designs and World-class amenities that they provide to the buyers. Among these posh locations, the houses in Damac Sapphire and Cavalli Tower are the new launch that is now available with exciting offers and facilities.
As the properties are in the off-plan phase, the chances of price appreciation of the bought properties in a few years are high, and Damac Properties is a good option for that. After the Covid period, the property market has been growing a lot in Dubai. By the start of 2024, the property price will have been increasing at a good percentage of 5 to 8 percent per year.
The properties are in good demand, and the sales are also in good numbers on a weekly basis. This shows how Dubai has become a grand hub of housing projects with huge towers with open views of the city. People who are looking for a house in Dubai are liking the theme and planning of Damac projects.
In the luxurious market of Dubai's real estate, a big change has been underway, starting a time where the availability of affordability shifts beneath the feet of tenants and investors alike. According to the 2024 Dubai Annual Property Market study done by a real estate company called Dubai Housing, an increase in house rent for luxurious properties exceeding 66% has been seen. For the past few months the market of properties in Dubai has been riding the high road of demand. Putting together the sudden backdrop of high rental yields and growth with modern trends are shaping the very requirements of the city's property types.
The situation of this year's real estate market is filled with a fast race of economic robustness, which can be seen in the studies and reports meticulously done by Dubai Housing. This study, done by several site visits and looking into the behaviour and needs of buyers throughout the year 2023, shows a rising and positive market trend. This is because UAE has become a popular country in the Middle East where its cities like Dubai are a hub of spending holidays and doing work with big companies.
As we look deeper into the past year of 2023, you will find Dubai's real estate market is grabbing in the aftershow profits of a year filled with growth. This year was predicted by property professionals as the "Year of Affordable Villas," but saw a surge in the people demanding extra lavish homes, a trend started by the modern need for bigger areas and privacy and touched by a 16.64% rise in luxurious villa rentals. DAMAC Hills 2, with its housing projects, has a yearly rent of around AED96,000 ($26,100) and emerged as the new hub of villas for rents, while other locations in Dubai like Al Sufouh, JVC, and Dubailand maintained their allure, offering properties within a price group that is less than villas.
The situation changes to a different path when we try to study the market of Al Barsha and other places, where the demand for huge and more secured housing projects asks for more money, with the average annual rental price of around AED 388,000 ($105,600). This current practice is still continuing with the surprising result of increasing demand because of which the rent prices have increased for locations like Dubailand and Al Barsha, with the people living there may have to pay rents that are 42 percent and 31 percent more.
The other posh locations like Jumeirah Village Circle and Dubai Marina, where the first one has seen a huge 32 percent increase in average annual rent for apartments, and the second one is holding its position as the top luxury apartment living, with rents climbing to a higher average of AED148,000 ($40,300). Business Bay and Downtown Dubai, not to be ignored, have their own stories of growth, with good increases in rental prices, showing a rising demand for opulence among the people visiting Dubai.
The professionals of Dubai Housing said that- 2023 stands as a testament to the UAE's real estate popularity, where the study done by them points towards a profitable market situation fueled by more than 77 million page views for Dubai listings alone. The year 2024 is also going to see even more increase in the rent price of the properties that are going to be given in the next few months.
In the current trend of this bustling market, the Annual Property Sales market is going to see a year filled with growth, demands, and a place of profit that attracts investors because of the new ready projects and attractive off-plan property sales. The tale of sales prices can be heard across both luxury and affordable properties, with Jumeirah Village Circle and Dubai Marina standing as hubs of apartment and studio projects with attractive pricing.
The areas that promise the highest Return on Investment (ROI), with Waterfront and Green Community rising as the mark of profitability, boasting ROIs that give sweet promises of 9.46% and 9.49%, respectively. This can be seen in the search trends on Dubai Housing, where DAMAC Hills 2 is very popular for its affordable villas, and Dubai Hills Estate grabbing market as the place for those in search of luxury villas. This has marked a year where the practice of investment tipis decidedly in favour of buyers.
Here, we came to know that the price of rent for properties like villas and apartments is continuously increasing, and the properties by Damac are gaining good popularity and demand. For more information, visit Dubai Housing.
