Illegal evictions amid rent hikes spark concern among residents. Home prices surge over 27% compared to May 2023.
Last Week, the Dubai real estate market saw a robust performance with a grand total of AED 10,080,389,190 in transactions, a 27% increase over the week before.
Dubai South Properties sells out the final phase of South Bay in four hours. The UAE economy grew by 3.6% in 2023, surpassing estimates, driven by a 6.2% rise in the non-oil sector.
Abou Eid Real Estate completed the Dhs70 million Celia Residence in Dubai Studio City seven months early and sold all units of its second project. Arada Developments LLC issued a $400 million sukuk.
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Real estate FinTech Stake raises $14m to expand into Saudi market. Dubai real estate sector recorded $4.8bn of transactions last week.
Off-Plan properties contributed a substantial AED 4,097,425,871 to the week's total transactions, accounting for approximately 51.6% of the overall market activity.
Q1 2024 saw sales transactions double from Q1 2023 and triple from Q1 2022. The UAE’s real estate market is projected to reach AED 2.6 trillion by end of 2024.
Majid Al Futtaim has launched Ghaf Woods, Dubai's first forest living community. Dubai South Properties has launched South Living. Total transactions on June 5th reached AED 1.6 billion.
69% of global high net worth individuals (HNWIs) are interested in owning a branded residential property in Dubai, up from 59% in 2023. Non-GCC-based HNWIs show higher interest (83%) compared to GCC.
Dubai recorded 105 sales of homes priced at $10 million or more, nearly double New York's 56 sales. Some landlords offer financial incentives for quicker evictions.
The total value of real estate transactions in Dubai for May 2024 reached AED 62,005,176,926 a 58% increase over last month and 37% increase over May 2023.
