Dubai Real Estate Market Review 25-Jan-2024
Below are the latest real estate news and transactions.
Dubai drops minimum down payment required for property owners
Dubai has relaxed its Golden Visa eligibility criteria for real estate investors. Previously, a minimum down payment of Dh1 million was required, but now property owners with a value of Dh2 million or more can apply for the 10-year visa, regardless of the upfront payment amount. This includes those opting for payment plans or mortgages. Off-plan properties are also considered. Applicants must provide property-related documents and can sponsor their families. The change benefits many buyers, especially as most Dubai properties exceed Dh2 million. The real estate market in Dubai has seen significant growth, with prices peaking in 2023, and mortgage transactions are expected to increase in 2024 due to anticipated interest rate drops. The UAE's Golden Visa offers long-term residency to various categories of individuals, including investors and entrepreneurs.
Read the full article at Khaleej Times
Dubai’s robust housing supply to benefit buyers, tenants
Dubai's residential market is set to deliver over 40,000 new units in 2024, following the launch of nearly 100,000 units in 2023. The market, which saw a significant 16.4% price increase over a decade last year, expects continued growth. However, the influx of new units may shift the market balance towards buyers and tenants, potentially reducing prices. Dubai's population growth, around 3% annually, is crucial to absorb this supply and prevent market downturns. Property prices have risen 45.7% since October 2020, with high demand for luxury properties driving this increase. December 2023 saw a decrease in sales transactions but still recorded high volumes, particularly in residential properties. The market's growth is attributed to strong investor interest and population increases, which have also impacted rental prices.
Read the full article on Zaway
Property Developer AMIS Launched in Dubai; Unveils AED 425 Million Woodland Residences
AMIS, a real estate developer, has entered the Dubai market with its AED 425 million project, The Woodland Residences. This development features a groundbreaking integration of Automobili Lamborghini branded surfaces, a first in the UAE. The project, set to be completed by mid-2026, represents a new level of luxury in real estate, moving beyond aesthetic branding to include actual branded products in villa interiors. Located in District 11 of Meydan, close to Downtown Dubai, the development offers exclusive amenities like a 100-meter swimmable lagoon and private pools and elevators in each villa, with views of the Burj Khalifa and Dubai skyline.
Read the full article on ACNNewswire
The Allsopp & Allsopp Annual Dubai Property Market Report for 2023!
In a year that saw record-breaking activity across the Dubai real estate market, our report unpacks 12 months of market data and consumer insights - covering every aspect of the Dubai residential sales and lettings market.
Get the report Allsopp & Allsopp
Dubai Real Estate Transactions as Reported on the 24th of January 2024
On January 24, 2024, Dubai's real estate market demonstrated substantial activity with transactions totaling AED 1,673,789,681. The activity spanned across off-plan and ready properties, indicating robust engagement and investment in the sector.
Off-Plan Transactions:
Off-plan properties led the transactional volume with a cumulative value of AED 887,914,790.
Flats dominated this segment with AED 772,376,774, showcasing investor optimism in the residential market pipeline.
Villas, at AED 43,198,096, reflected a healthy interest in premium, family-centric dwellings.
Hotel Apartments and Rooms, with AED 67,374,820, highlighted continuous investment in the hospitality sector, likely buoyed by Dubai's status as a global tourism and business hub.
Ready Property Transactions:
Ready properties amassed a total of AED 785,874,892 in sales, emphasizing the market’s demand for properties available for immediate use.
Sales of flats, which contributed AED 584,849,896, underscored the sustained need for residential units ready for occupancy.
Villa transactions, amounting to AED 128,909,924, indicated a stable demand for luxury completed homes.
Hotel Apartments and Rooms, with AED 35,877,473 in transactions, though lower than off-plan, signaled active dealings in the operational hospitality assets.
Dubai’s real estate market on January 24, 2024, registered robust transactions amounting to AED 1.67 billion, with off-plan properties drawing nearly 53% of the investment. This suggests a strong investor sentiment towards the growth and future potential of the city’s real estate landscape. The ready property segment, with nearly 47% of the day’s transactions, indicates an enduring demand for properties ready for immediate occupancy, especially residential flats.
Data Source: Dubai Land Department