The Dubai property market is becoming popular among the foreign buyers. Looking into this the top developers in Dubai are launching new properties and working on other projects also. There is going to be a price rise for a lot of properties because of the huge demand for the luxurious properties.
Some locations like Dubai Investment Park and Emaar South are going to see more and more lavish housing properties built by popular builders of UAE like Damac Properties and Emaar Properties. Another reason for such sales of new properties in high numbers are because of the attractive payment plan offered by the company.
Professionals working in Dubai property market are expecting that the price of the expensive properties like villas and townhouses will increase a lot till December of 2024. The first five months of 2024 have seen a fantastic growth of luxurious houses in Dubai where the demand for rents has also touched new heights because of which the rental prices have also increased and the government has allowed the property owners to increase the rents in their new or renewed agreements with the tenants.
Dubai is still rising from the start of this year in 2024 and it was at its peak in the month of May when the sales number and amount of transactions was very high. According to a report, there were around 17,713 transactions seen during the month. Some brokers are expecting more sales after seeing around 12.7 billion dollars of transactions in the property market of Dubai in May 2024.
These more than 17,700 transactions in May 2024 are much more than the last year of May 2023 which is about 53 percent more, said some professionals working in the property market of Dubai. The transaction amount touching AED 46.5 billion is also high by around 38 percent.
The sales of properties in May were also more than the month of March whereas the sales in March were also high but the sales number in May was higher by about 10 percent. Some people working in the property market also said property value sold in May 2024 is 30 percent more than in December 2023.
The properties that are sold off-plan are becoming one of the top demanding properties normally from the investors from other countries. This huge demand can be seen from the sales of off-plan properties which was around AED 22.7 billion and it is 25 percent more than the transaction amount that was recorded during the month of September in the year 2023. May has also been good for off-plan properties where transaction numbers touched around 11,107 according to a study of the property market. The past peak of off-plan was in the year 2009 in the month of 2009 with 9,837 transactions.
Some executives working in Dubai Housing said that May of 2024 has again shown the high growth of real estate in cities like Dubai. These executives have seen a quick rise in the property demand for investment also. The numbers are too high for the selling of properties having world-class amenities. Some also said that the popularity of houses in Dubai is increasing more than the situation of the market before the Covid.
If we see some reports of the property market then we will find that 59 percent of people who are looking for properties in Dubai are interested in apartments and 41 percent of people want to own villas or townhouses in a good location. In 2024 the investors are also attracted towards the growing property market of UAE. In Dubai, 32 percent of investors are looking for one bedroom houses, 36 percent are showing their interests towards two bedroom apartments and 14 percent of investors are trying to own studios with good offers.
People are also interested in investing in costly properties like villas and townhouses. This is because the rich people are interested in visiting Dubai and a number of them also want to stay in Dubai. According to a study, investors who want villas or townhouses with three bedrooms are around 40 percent and 46 percent want to own four bedroom properties or bigger options. Some demanding locations in Dubai are Dubai Investment Park, Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah.
Dubai is becoming one of the commercial hubs in Middle East and people from all around the world are coming here to work or spend holidays. So, the demand for rental houses has also increased this year where 78 percent of tenants want to live in rental apartments and the remaining 22 percent want to stay in big rental properties like villas and townhouses.
If we look at rental types, tenants looking for furnished apartments are around 58 percent and 40 percent of tenants are looking for unfurnished apartments. The demand for rental villas or townhouses is different where 57 percent are looking for unfurnished properties and 42 percent are looking for furnished houses in popular locations in Dubai.
2024 is becoming more profitable for the sales of luxury properties in cities like Dubai. The transactions are higher than in the year 2023. The market in June also looks good for the sales and rents of the properties located in the popular locations in Dubai. Houses that look good and can be mortgaged easily in the market also.
