Dubai Real Estate Market Review 29-Feb-2024
On February 28, 2024, there has been a significant volume of transactions totaling AED 1,716,773,232. Off-plan properties contributed AED 1,139,124,100, approximately 66% of the total value.
Dubai apartment prices rise highest in a decade
Dubai's apartment prices saw the highest annual capital growth in a decade, with the ValuStrat Price Index (VPI) indicating a 21.5% yearly increase and a steady 2% monthly growth to 160.6 points in January 2024. The growth is attributed to high off-plan sales in established communities, with apartments achieving a 17% annual capital gain, led by locations like Discovery Gardens and Palm Jumeirah. Villa prices also rose, with significant gains in Jumeirah Islands and Palm Jumeirah. Off-plan contract registrations increased, while ready home transactions saw a slight decline but remained higher than the previous year.
Read the full article on Khaleej Times
Dubai luxury real estate ‘one of most affordable markets in the world’ despite 15.9% price rise: experts
Dubai saw record sales for $10m-plus homes, but is still clear of London, New York and Singapore for value.
Read the full article on Arabian Business
Deloitte reports record real estate transaction levels in Dubai: Sales prices up 18% and rents up 26% in 2023
Deloitte's 2023 Real Estate Report highlights Dubai's thriving market, with residential sales prices up by 18% and rental rates by 26% over the previous year, driven mainly by cash buyers and a high demand for affordable villas and townhouses. Despite new corporate taxes, the office market has performed well, with rents exceeding pre-pandemic levels. Dubai's retail sector is also booming, thanks to an influx of new residents and tourists, with retail sales expected to hit AED 102 billion by 2027. The report anticipates continued growth across sectors, bolstered by investor confidence and Dubai's appeal as a safe and dynamic place to live and work.
Read the full article on Zawya
UAE Real Estate Sector Set For Resilient Expansion Across Major Asset Classes In 2024: JLL
The UAE's real estate sector is poised for continued growth in 2024, fueled by robust economic fundamentals, government initiatives, and rising investor confidence, as discussed at JLL's event in Dubai. Despite a softening global outlook, the UAE, and the wider GCC, are seen as resilient to global economic challenges, thanks to private and sovereign wealth, and increased infrastructure spending. Dubai remains a key player in the region's market, with residential, hospitality, and office sectors leading performance. Sustainability and technological innovation are reshaping the industry, with a growing focus on green building and energy efficiency. The UAE's real estate market is expected to sustain its momentum with a strong performance in 2024, despite potential slowdowns in the pace of growth, particularly in the residential segment. High-quality office and logistics spaces are in demand, while the retail and hospitality sectors continue to evolve to meet changing consumer needs and preferences.
Read the full article on MENAFN
Dubai real estate: Sustained growth and global appeal
Dubai's real estate sector is experiencing significant growth, with property prices expected to rise by 5% to 7% in the near future, driven by strong demand from both local and international buyers. Abu Dhabi is also seeing price increases, though at a more moderate rate of 3% to 5%. This growth is supported by a surge in transactions, high average sales prices, and rent increases in Dubai, highlighting the market's robustness and appeal. Strategic government initiatives and a focus on meeting demand without oversupply are key to maintaining market stability. The optimistic outlook is fueled by international investment and the launch of new projects, with Dubai's economy and real estate market showing no signs of slowing down.
Read the full article on Khaleej Times
Samana Developers unveils $41mn retail park in Arjan, Dubai
Samana Retail Park is designed to cater to the diverse needs of consumers from all walks of life and age groups. This development offers a unique chance to acquire retail spaces with a convenient 5-year payment plan, featuring monthly installments as low as 1%, catering to investors’ needs.
Read the full article on Construction Week
New seafront residences announced near Palm Jumeirah, Bluewaters Island
Dubai is set to enhance its maritime lifestyle offerings with the upcoming Dubai Harbour Residences, positioned between Palm Jumeirah and Bluewaters Island. This low-rise, boutique development will feature over 350 apartment units ranging from one to four bedrooms, offering stunning harbour views and easy access to the waterfront promenade. Announced during the Dubai Boat Show, the project aims to cater to the growing demand for seafront living, integrating hotels, restaurants, retail facilities, and adding over 700 berths to the marina due to high demand. The Roads and Transport Authority (RTA) will also construct a bridge to facilitate traffic flow to this vibrant seafront district, further solidifying Dubai Harbour as a prime destination for those seeking a connection with the sea and a "sea state of mind."
Read the full article on Zawya
Ras Al Khaimah lures ultra-wealthy as buyers seek investment beyond Dubai
According to Knight Frank Prime Global Cities Index, the increasing interest in UAE’s real estate markets drove price increases of up to 48.8 percent in Dubai in the first half of 2023.
Read the full article on Arabian Business
Ras Al Khaimah property prices to increase 25% fuelled by gaming resort plans
Metropolitan Premium Properties’ Maxim Novikov highlighted the increasing popularity of RAK property among Abu Dhabi investors, mainly for holiday use.
Read the full article on Arabian Business
MASSIVE rent increases of over 66%, most affordable villas and best ROI neighbourhoods revealed
Dubizzle’s Dubai Annual Property Market highlights trends and investment returns for city real estate sector.
Read the full article on Arabian Business
Dubai Real Estate Transactions as Reported on the 28th of February 2024
In the Dubai real estate market as of February 28, 2024, there has been a significant volume of transactions totaling AED 1,716,773,232. A breakdown of these transactions reveals a dominant preference for off-plan properties, which contributed AED 1,139,124,100 to the total. This represents approximately 66.4% of the overall transaction value, indicating a strong investor confidence in properties under development.
Within the off-plan category, flats were the most popular, with transactions worth AED 1,010,333,482, accounting for nearly 88.7% of the off-plan segment and 58.9% of the total real estate transactions for the day. Villas followed with a value of AED 94,804,258, contributing 8.3% to the off-plan transactions. Hotel apartments and rooms had the smallest share in the off-plan section, at AED 9,537,884, which is only about 0.8% of the off-plan total.
Ready properties, those completed and available for immediate occupancy, also showed substantial transaction volumes with a total of AED 577,649,133. This is approximately 33.6% of the total real estate transaction value for the 28th of February. Within this category, flats again led with AED 392,695,299, making up about 68% of the ready property transactions and 22.9% of the total transactions for the day. Villa transactions stood at AED 97,868,403, which is approximately 17% of the ready segment. Hotel apartments and rooms totaled AED 45,500,747, representing 7.9% of the ready property transactions.
In summary, the Dubai real estate market on the 28th of February 2024 was strongly geared towards off-plan properties, with flats as the most transacted property type. This indicates a bullish outlook on the future of Dubai's real estate development and a strong investor appetite for new constructions. The ready property market, while less than the off-plan market, still shows healthy activity, underscoring the continuous demand for immediate occupancy properties, especially flats. This robust activity in both off-plan and ready properties reflects the dynamic nature and the sustained appeal of Dubai's real estate sector.
Data Source: Dubai Land Department