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.
Flat leasing rates showed no average increase in Q1 2024, while villa rents dropped by 1%. A five-bedroom townhouse in Villa Amalfi, Dubai's most expensive rental at AED 3.7 million annually.
On May 29, 2024, Dubai's real estate market witnessed total transactions amounting to AED 1,719,840,549.35. Palm Jumeirah top destination for properties sold for more than $10m.
The project features 10,000 residential units, 1,500 hotel rooms, gardens, pedestrian streets, a rooftop waterpark, and AI-enhanced retail. In Q1, Abu Dhabi rents rose 14.7% and Dubai 10.5%.
Abu Dhabi and Dubai ‘see supply imbalance in rental market’. Dubai's Off-Plan market will continue to flourish with record surge in 2024. Rent renewals grew 12% year-on-year in Q1 2024.
Last week, Dubai's real estate market witnessed a total transaction value of AED 8,660,182,031, a 19.73% growth over the previous week's value.
Dubai recorded a 35.8% increase in rental registrations, while Abu Dhabi saw a 9.1% rise. To buy a $1 million property in Dubai, a Dh50,000 monthly salary is ideal.
A Knight Frank survey revealed that 20% of HNWIs globally are willing to invest over $60 million in Dubai homes, with an average budget of $46.8 million for personal use.
Dubai home prices to reach ‘record highs’ in 2024; villas to mark strong capital gains. Data reveals true cause of rising rents. 15 Dubai areas where millionaires are buying homes.
