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Dubai real estate is a steadily growing investment market from leading developers: Emaar, Meraas, Dubai Properties, DAMAC, The Select Group and other companies.
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Dubai is On Course to Handover More Than 38,000 Properties By End of 2024
The real estate market of Duba is experiencing a remarkable surge. An estimated 38,174 new homes are expected to be handed over in 2024. The 1st half of the year saw the completion of 6939 apartments & 2145 villas. These numbers present 20% of the initial estimates for the entire year.
Notable achievements for the 2nd quarter include the successful completion of Creek Views 1 7 2. These added 634 & 587 apartments to the market. The significant villa projects like Murroj Al Furjan West and Silver Springs 3 in Damac Hills further added to the number of sold units in Dubai.
This wave of new developments highlights the ongoing demand for residential properties in Dubai. This makes it an attractive destination for both local & international buyers.
The below article highlights the current state of property handover in Dubai.
Market Overview
The property market of Dubai is experiencing a great boom. It has approximately 91,718 apartments and 28,385 villas currently under construction. Key areas such as Jumeirah Village Circle & Business Bay are witnessing significant developments. These developments account for 10% of the projects each. The Jumeirah Lakes Towers contributes 5%. This ongoing construction reflects strong demand. The rising property valuations as well as rental rates further show the positive upward trend for the market
The real estate market is currently in an upswing phase. It underscores the importance of monitoring trends to optimize investment returns. The surge in the real estate is also supported by favorable government initiatives. These include the residency permits for retirees & remote workers.
The luxury prime market in Dubai has reached remarkable heights. The sales of homes valued at over $10 million nearly doubled to $7.6 billion last year. The influx of global wealth in the area is the reason behind the growth. Affluent individuals seek to diversify their assets & secure investments in a stable environment. They deem Dubai to be a prime destination for that purpose.
Off Plan Property Completions in 2024
Dubai made significant strides in its real estate market in the first half of 2024. The completion of 6939 apartments & 2145 villas represents that growth. Notable developments in the Emirate include Silver Springs 3 in Damac Hills. It added 258 villas to the total. The Murroj Al Furjan West contributed 161 units.
The apartment sector also saw impressive completion. The with Creek Views 1 introduced 634 apartments & Creek Views 2 added 587 apartments. This surge in construction highlights Dubai's ongoing commitment to residential developments.
Top Performing Areas
Palm Jumeirah has been the standout development in terms of property sales. Jumeirah Islands & Dubai Hills Estate saw a huge demand as well. The Emirates Hills presents diverse property options too. The apartment valuations raised by 5.4% quarterly and an impressive 23.4% annually. The areas have solidified their status as prime investment locations. Palm Jumeirah has achieved a milestone by surpassing its 2014 price peaks. It has become the first area to do so in Dubai.
The Emirate experienced record rainfalls in April. These caused significant flooding which affect the market. But the swift responses from developers and authorities have minimized the impact. They effectively managed the situation to minimize the issues.
The market recorded 7921 mortgage transactions in the 2nd quarter. These indicate a healthy mix of financing options. The total sales value of mortgage transactions reached AED 26 billion. The cash transactions were at AED 35 billion. The off plan registration segment witnessed a remarkable growth of 61.4% annually. These investments amount to AED 59.9 billion. The developments shows the ongoing appeal of the dynamic real estate of Dubai.
Rental Trends in Dubai
The rental market is witnessing growth as well. The overall rental values climbed by 2.7% quarterly & 10.8% annually. Villa rents have seen a steady rise of 1.1% quarterly & 3.5% annually.
The rents for apartment have surged dramatically. They increased by 16.9% year-on-year. The average annual rent of AED 89100 has become the norm. The demand for diverse living spaces is evident. The average asking rents for apartments are set at AED 59000 for studios. Rates are AED 86000 for 1BR units.
Villas also command significant prices. The annual rents average at AED 321,000 for 3BR properties. AED 401,000 are the annual rent costs for 4BR properties. The residential occupancy rates have reached 87.7% in the first half of 2024. The rental market of Dubai continues to thrive. It is driven by strong demand as well as diverse housing options.
Government Initiatives & Facilities
The recent surge Impact in the UAE real estate market can be largely attributed to proactive government initiatives. These attract global talent. The extension of the 10 year golden visa program further enhances the allure of Dubai. The introduction of residency permits for remote workers creates an inviting environment for investors.
These developments reflect the ongoing economic diversification efforts of the UAE. These strengthen the property market by making it an appealing destination for affluent individuals. Dubai continues to solidify its reputation as a prime hub for luxury real estate investment.
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