Dubai Real Estate Market Review 15-Mar-2024
Dubai's real estate market demonstrated significant activity on March 14 with a total of AED 2,007,318,060.68. 68.1% of the total is attributed to off-plan, while ready properties contributed 31.9%.
‘Minimal risk of bubble’ say property experts as 3 new communities expected to fuel off-plan demand
Dubai real estate market dominated by off-plan sales and new master communities stoking demand .
Read the full article on Arabian Business
Dubai's Next Phase: Emaar, Damac Projects to Drive Villa, Townhouse Expansion
Dubai is set to launch three new master communities in 2024, boosting the supply of villas and townhouses in its real estate market. These projects, developed by Emaar and Damac, are located along the E611 corridor and aim to meet the demand for single-family homes. The expansion is timely, as off-plan sales dominate the market, and companies like DubaiClean may benefit by providing cleaning services to these properties. Dubai's property market has continued to grow, with record sales transactions and a steady increase in property prices, indicating a robust demand for new residential units.
Read the full article on 8 News Now
‘Mini-Dubai’ being built in Budapest amid EUR5bn UAE-Hungary deal
The UAE and Hungary have signed an economic cooperation agreement to boost trade and investment, with a focus on sectors like industry, tourism, and real estate. The deal, signed in Budapest, aims to increase non-oil trade, which has grown significantly, reaching over $1.127 billion in 2023. Additionally, a EUR 5 billion redevelopment project in Budapest, involving UAE's Eagle Hills Properties, will transform a rundown railway district into a new, modern neighborhood, reflecting a vision to emulate Dubai's style. This project, initially estimated at EUR 1 billion, represents a significant investment in Hungary's capital.
Read the full article on Gulf Business
Dubai's Majid Al Futtaim net profit soars to Dh2.7b as retail, property operations cash in
Majid Al Futtaim, a Dubai-based developer, reported a 12% increase in net profit to Dh2.7 billion in 2023, with a notable performance in its luxury real estate sector, particularly the Tilal Al Ghaf project. Group-wide revenues slightly rose by 1% to Dh34.5 billion, while EBITDA grew by 12% to Dh4.6 billion. The property segment saw a 20% revenue increase to Dh6.9 billion. Despite regional economic challenges affecting its retail division, the company maintained growth across its diverse portfolio, with a strong showing in properties and hospitality, the latter achieving an 82% occupancy rate.
Read the full article on Gulf News
'Gllit will facilitate a shift to user-driven, community-centric real estate transactions in Dubai'
Gllit, a Dubai-based proptech startup, aims to revolutionize real estate transactions in Dubai and the UAE by eliminating commission fees. Founded by Arijit Sen and Smriti Tripathi, Gllit seeks to make real estate more affordable and accessible, offering a direct platform for home seekers and homeowners. The company plans to generate revenue through sign-up fees, advertising, and partnerships. Gllit emphasizes security, transparency, and compliance in transactions, and aims to expand its services across the UAE and potentially into the GCC and MENA regions, aligning with Dubai’s real estate growth and digital transformation trends.
Read the full article on Zawya
Real estate valuation in Ajman worth $195.64mln in February
In February, Ajman recorded 129 real estate valuations worth AED 718 million, with a 44.7% increase in commercial property value and a 115% rise in golden residency property valuations, reflecting strong market demand and growth across all sectors.
Read the full article on Zawya
Aldar Properties launches Nouran Living in Saadiyat Island ahead of 2027 handover
Abu Dhabi’s Aldar Properties announces boutique real estate development in Saadiyat Island.
Read the full article on Arabian Business
Dubai Real Estate Transactions as Reported on the 14th of March 2024
Dubai's real estate market continues to demonstrate significant activity with a total of AED 2,007,318,060.68 in transactions recorded on 14th March 2024. The market is segmented into off-plan and ready properties, each contributing differently to the total transaction volume.
Off-Plan Properties
Off-plan properties have shown a dominant presence with a total contribution of AED 1,366,285,236.66, accounting for approximately 68.1% of the total real estate transactions on this date. Within the off-plan segment, flats were the most significant contributor, with transactions amounting to AED 1,037,257,540.48, representing around 75.9% of the off-plan total and 51.7% of the overall daily transaction value. Villas followed with AED 293,580,405.00 in sales, making up 21.5% of the off-plan transactions. Hotel apartments and rooms had the smallest share within the off-plan category, with AED 35,447,291.18 in transactions, accounting for a modest 2.6% of the off-plan segment.
Ready Properties
Ready property transactions totalled AED 641,032,824.02, constituting approximately 31.9% of the day's total transactions. In this category, flats again led with AED 471,480,484.33, which is approximately 73.6% of the ready property segment and 23.5% of the total real estate transactions for the day. Villa transactions reached AED 122,822,128.20, contributing 19.2% to the ready property segment. Hotel apartments and rooms contributed AED 26,690,407.00, which accounts for 4.2% of the ready property transactions.
The real estate transactions in Dubai on the 14th of March 2024 illustrate a robust preference for off-plan properties among investors and homebuyers, with flats being the most popular choice in both off-plan and ready property markets. The significantly higher transactions in the off-plan market could be indicative of investor confidence in Dubai's future real estate market growth and a willingness to engage with properties in development.
The ready property market, while smaller in total value compared to off-plan transactions, shows healthy activity, particularly in the flats category, suggesting a steady demand for immediate occupancy homes.
Conclusion
Dubai’s real estate market remains active and growth-oriented, with off-plan properties, particularly flats, demonstrating a strong lead over ready properties in terms of investment volume. The continued interest in both segments showcases the diverse range of opportunities available to investors and the sustained appeal of Dubai’s property market.
This report provides insight into the vibrancy and dynamism of Dubai’s real estate sector, offering valuable data for potential investors, policymakers, and stakeholders interested in the emirate's property landscape.
Data Source: Dubai Land Department