Dubai Real Estate Weekly Market Analysis 012-Feb-2024
The total real estate transactions for Week 6 in Dubai amounted to AED 6,045,750,062, showing a marginal decrease from Week 5's total of AED 6,094,090,141. This slight decline of approximately 0.79%.
The total real estate transactions for the 6th week of 2024 in Dubai amounted to AED 6,045,750,062, showing a marginal decrease from the previous week's total of AED 6,094,090,141. This slight decline of approximately 0.79% suggests a stable market with minor fluctuations in investment volume.
Off-Plan Segment
Flats dominated the off-plan market with investments totaling AED 2,772,949,688, indicating robust demand for residential apartments within new developments.
Villas garnered AED 351,530,986, highlighting a substantial but lesser interest compared to flats, likely influenced by higher investment thresholds and specific buyer preferences.
Hotel Apartments & Rooms attracted AED 46,217,364, pointing to a targeted but steady interest from investors focusing on the tourism and short-term rental markets.
Off-Plan Top 10 Areas by Value of Transactions
Dubai Maritime City: AED 641,521,047 - The leading position of Dubai Maritime City in off-plan transactions underscores its growing appeal as a premier maritime hub.
Dubai Creek Harbour: AED 235,377,464 - Significant investments in Dubai Creek Harbour reflect confidence in its future development and potential as a residential and commercial center.
Bukadra: AED 186,720,154 - The interest in Bukadra suggests investor optimism in emerging neighborhoods.
Burj Khalifa: AED 164,703,602 - Continued investments in the Burj Khalifa area highlight its iconic status and the prestige associated with owning property in this landmark location.
Jumeirah Village Circle: AED 149,959,922 - Its position indicates a steady demand for residential communities that offer a blend of affordability and lifestyle amenities.
Al Hebiah Sixth: AED 149,422,000 - This area's popularity points to the growing interest in new residential developments.
Business Bay: AED 140,819,788 - Business Bay remains a focal point for investors seeking dynamic commercial and residential opportunities.
Island 2: AED 140,450,000 - Investments in Island 2 reflect the allure of exclusive island living and luxury developments.
Hadaeq Sheikh Mohammed Bin Rashid: AED 110,823,429 - The interest in Hadaeq Sheikh Mohammed Bin Rashid signifies a preference for upscale, well-located residential areas.
Al Wasl: AED 104,687,200 - Al Wasl's inclusion in the top 10 underscores its established reputation as a desirable residential area.
Ready Property Segment
Flats received AED 2,012,235,919.29, underscoring strong demand for immediate occupancy and investment in residential spaces.
Villas saw investments of AED 471,603,652.99, emphasizing the continuous allure of completed luxury homes for end-users and investors alike.
Hotel Apartments & Rooms achieved AED 114,413,776.91, reflecting a niche market interest catering primarily to the immediate rental income segment.
This data reveals a preference for off-plan investments, likely due to anticipated capital gains and developer incentives, whereas the ready property market remains appealing for those seeking tangible assets for immediate use or rental income.
Ready Property Top 10 Areas by Value of Transactions
Burj Khalifa: AED 319,507,667 - Dominating the ready property segment, the Burj Khalifa area continues to attract premium investments.
Business Bay: AED 241,748,254 - Its significance in the ready property market highlights Business Bay's appeal for immediate commercial and residential use.
Jumeirah Lakes Towers (JLT): AED 218,958,549 - The investment in JLT emphasizes its popularity for high-quality, ready-to-move-in residential and office spaces.
Palm Jumeirah: AED 178,766,121 - The iconic status and luxury offerings of Palm Jumeirah make it a top choice for high-net-worth individuals.
Dubai Marina: AED 169,155,874 - Dubai Marina's vibrant lifestyle and waterfront properties continue to draw significant investments.
Dubai Hills: AED 152,310,105 - The interest in Dubai Hills reflects its appeal as a premium family-friendly community.
Jumeirah Village Circle: AED 126,700,354 - Its presence in both off-plan and ready markets indicates the versatility and enduring appeal of Jumeirah Village Circle.
Al Barari: AED 118,592,447 - Al Barari's luxury homes and green spaces attract discerning investors and end-users.
Dubai Creek Harbour: AED 87,018,133 - Investments in ready properties in Dubai Creek Harbour demonstrate confidence in its growth as a mixed-use development.
Jumeirah Beach Residence (JBR): AED 79,519,791 - JBR's beachfront lifestyle and investment potential in ready properties underscore its attractiveness.
Conclusion
This week’s transactions present a detailed picture of a diverse and dynamic market. The off-plan segment continues to draw significant interest, driven by the promise of future developments and capital appreciation. Meanwhile, the ready property market caters to those seeking immediate occupancy or rental income, with a particular focus on luxury and lifestyle offerings. The top 10 areas in both markets highlight Dubai's varied real estate landscape, from iconic landmarks like the Burj Khalifa to emerging neighborhoods promising growth and opportunity.
Data Source: Dubai Land Department