Dubai Real Estate Market Review 05-Mar-2024
Dubai's real estate market witnessed a total transaction value of AED 2,201,264,027. Of this, a significant 67.54% (AED 1,486,655,581) was attributed to off-plan property transactions.
How To Buy Real Estate In Dubai Using Cryptocurrency?
Cryptocurrency is revolutionizing real estate transactions in Dubai, a city known for its forward-thinking approach to technology and finance. This innovative merger allows for streamlined, cost-effective, and transparent property purchases with digital currencies like Bitcoin. Despite challenges such as regulatory issues and market volatility, the trend is gaining momentum, with several high-profile sales already completed. Dubai's attractive real estate market, bolstered by its high standard of living, strategic location, and tax-friendly policies, is an ideal setting for crypto transactions. The process involves selecting a property, finding a seller willing to accept crypto, negotiating terms, conducting legal due diligence, and finalizing the sale with cryptocurrency payment. A growing list of developers, including Emaar Properties and Merlin Real Estate, are embracing this method, offering buyers the advantages of faster transactions, lower costs, and enhanced security. As Dubai continues to integrate blockchain technology into its real estate sector, it solidifies its position as a pioneering hub for crypto-based property investment.
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Dubai's ANAX Developments to unveil 15 projects by 2025-end
ANAX Developments plans to launch 15 projects in Dubai by 2025, driven by the strong economy and new visa policies. The company is currently working on the Vento Tower in Business Bay, a luxury project valued at 470 million UAE dirhams, set to complete by Q4 2025. Business Bay was chosen for its strategic location and high ROI potential, with land prices rising since 2021. Adnan Contracting has been appointed for construction, amidst a general rise in UAE construction costs. Vento Tower, designed by EDMAC, will feature luxury amenities including smart home systems and private balconies with city views. ANAX is exploring expansion within the UAE and possibly beyond, focusing on luxury real estate amidst dynamic market conditions. The company remains positive about Dubai's real estate market, leveraging collaboration, adaptability, and financial discipline to navigate future challenges.
Read the full article on Zawya
Emaar's $21 Billion Bet on Luxury: New Elite Dubai Neighborhoods Amidst Real Estate Surge
Emaar Properties announces a $21 billion investment to create two luxury neighborhoods, The Heights Country Club and Grand Club Resort, in Dubai, signaling confidence in the booming real estate market. Despite potential economic challenges, this move aims to meet the growing demand for luxury living. The development underscores Dubai's status as a luxury destination and Emaar's role in shaping its skyline and real estate dynamics, promising to attract international investors and set new standards for opulence in the region.
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Dubai property agents expose fraud tactics amid crackdown on fake ads, listings
Dubai's Land Department (DLD) has implemented new rules to eliminate fake real estate listings and fraudulent advertisements, receiving positive feedback from agents. The regulations require real estate ads to include a QR code for verifying property information, and agents must remove non-compliant ads within five days of notice. Violations result in a Dh50,000 fine and a three-month license suspension, with repeat offenses leading to permanent cancellation. These measures aim to ensure a cleaner, more transparent market for buyers and renters, promoting best practices within the industry and making it fairer for rule-abiding agents.
Read the full article on Khaleej Times
Dubai, Abu Dhabi property markets to keep rising in 2024 amid global economic slowdown
Dubai continues to see “luxury and new entrants,” whereas Abu Dhabi is emerging as a family entertainment and culture hub.
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Asian capital dethrones Dubai as world's fastest growing luxury real estate market
Manila has been named the world's fastest-growing luxury real estate market, outpacing Dubai with a 26.3% increase in luxury property prices, according to Knight Frank's Wealth Report. Dubai followed with a 16% increase, while the Bahamas ranked third with a 15% growth. The report highlights the resilience of the luxury residential market amid global economic challenges, contrasting with a downturn in the commercial sector, where worldwide real estate investment fell 46%, largely due to the work-from-home trend initiated by the pandemic.
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27% YoY increase in transactions, 35% in value: February 2024 sees impressive surge reveals Property Finder
Property Finder's report for February 2024 shows a 27% year-on-year increase in sales transactions in the MENA region's real estate market, with the transaction value reaching AED 36.6 billion, a 35% rise from February 2023. The data reveals a preference for apartments (59%) over villas/townhouses (41%) among buyers, with a significant portion of tenants preferring furnished apartments. One and two-bedroom units were the most sought-after among both tenants and buyers. The report highlights a surge in both existing property transactions and off-plan purchases, indicating a robust and dynamic market with optimistic prospects for continued growth in 2024.
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Dubai real estate sales soar to $10bn in February, top neighbourhoods and property types revealed
Dubai real estate sales were up 35 per cent year-on-year, according to Property Finder data.
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Ajman, Sharjah and RAK emerge as property investment hotspots with ROI of more than 11.5% and MASSIVE 40% rent hikes
Why some real estate investors are looking beyond Dubai and Abu Dhabi to make UAE real estate investments.
Read the full article on Arabian Business
Palm Jebel Ali gains interest from long-term investors
Palm Jebel Ali in Dubai is attracting long-term investors, outperforming other areas with Q4 sales reaching Dh14.2 billion. Investors are selling units at up to 10% premiums, capitalizing on the local property market's three-year rally. Nakheel Properties has launched villas, drawing significant interest for their potential capital appreciation. With Dubai Marina and Business Bay trailing in sales, Palm Jebel Ali represents the future of luxury living, driven by demand for waterfront properties and modern communities. Despite challenges in reselling due to developer stock, the area is expected to see consistent growth and set new benchmarks for luxury real estate.
Read the full article on Khaleej Times
Branded residences sector poised for solid growth in Dubai
Dubai's branded residences sector is set to grow significantly, with standalone projects (those without a hotel component) expected to comprise 54% of the market and 78% of new projects over the next four years. This contrasts with a global projection of 41%. From 2014, the sector in Dubai has expanded by 410%, from ten to 51 projects. The growth reflects a shift towards lifestyle-driven branding, with developers increasingly partnering with non-hotel brands from industries like automotive and fashion. This trend offers new opportunities for lifestyle brands to extend their customer reach and for developers to stand out in the competitive real estate market.
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Dubai Real Estate Transactions as Reported on the 4th of March 2024
On the 4th of March, 2024, Dubai's real estate market witnessed a total transaction value of AED 2,201,264,027. Of this, a significant 67.54% (AED 1,486,655,581) was attributed to off-plan property transactions, highlighting a robust investor interest in developments scheduled for completion in the future.
In the off-plan segment, flats represented the largest share, commanding 63.49% (AED 943,655,020) of the total transactions. Villas were also a popular choice, accounting for 34.36% (AED 510,687,811) of the total. Hotel apartments and rooms, though smaller in volume, still contributed 0.59% (AED 8,713,672) to the off-plan segment, reflecting a targeted investment appeal in the hospitality-driven real estate.
Ready properties, those completed and available for immediate occupancy, constituted 32.46% (AED 714,608,446) of the overall transactions. Within this category, flats took the lead, comprising 71.81% (AED 513,119,375) of the total ready market transactions for the day. Villas represented a smaller portion, with 16.40% (AED 117,121,920), suggesting a more modest but steady demand. Lastly, hotel apartments and rooms made up a marginal 5.69% (AED 40,667,629) of the total transactions, still indicating a healthy interest in revenue-generating properties.
This distribution clearly illustrates a market with a strong inclination towards off-plan property investment over ready properties, suggesting investor confidence in the growth potential and future value appreciation of Dubai's real estate sector. The varied distribution across different types of properties also reflects a diverse investor base with a wide array of interests and investment strategies in Dubai's dynamic property landscape.
Data Source: Dubai Land Department