Real Estate guide Opportunities trends 2024
Jumeirah Islands, Mohammed bin Rashid City and Dubai South emerged as some of the most highly sought-after locations Dubai’s real estate market has emerged as a hub for investors and homebuyers in recent years, offering a range of properties with luxurious amenities and attractive returns on investment. The emirate continues to strengthen its global appeal as it further solidifies its position as one of the most dynamic and sought-after residential markets,
- For end-users, investors, and affluent asset owners, Metropolitan Homes’ most recent research offers some intriguing insights into Dubai’s secondary property market.
- It offers a thorough analysis and showcases a remarkable performance in the secondary sales market.
Investment in Real Estate in Dubai
- In the first half of 2024, Dubai’s real estate industry has demonstrated incredible strength and expansion.
- Record-breaking sales volume and price rises were recorded by the industry, indicating Dubai’s robust economy and ongoing appeal as a worldwide real estate destination.
- As Dubai continues to benefit from its global standing as an attractive international city, we are confident about the future growth of the real estate market, driven by factors such as increasing foreign investment, infrastructure development, and the city’s ongoing efforts to attract talent and businesses,” stated Svetlana Vasilyevich, head of secondary sales at Metropolitan Homes.
Markets for residential resale rise
- The residential resale market in Dubai has grown significantly in recent times.
- During the first half of 2024, transaction values increased by 23.1 percent to AED76.34 billion ($20.78 billion), while transaction volumes increased by 17.8 percent year over year to 27,949.
- The average residential resale price per square foot rose to AED1,545 in the first half of the year, almost a 7 percent increase compared to H1 2023.
- The city was hit by floods in April, but the market bounced back quickly, reaching all-time highs.
- In May 2024, the number of residential resale transactions reached a record high of 17,139, the highest monthly total ever.
- This increase underscores the market’s resilience and steady growth momentum.
Apartments remain the most sought-after properties
- Apartments remain the most sought-after residential option in Dubai’s real estate sector, accounting for 77 percent of all resale transactions.
- Apartment sales reached 21,578 units in H1 of 2024, a 20 percent increase from the previous year, with a total value of AED39.99 billion.
- In addition, the average apartment price rose 5.5 percent to AED1,592 per square foot.
- Palm Jumeirah remains the most sought-after area, but Dubai South and Dubai Studio City saw a surge in online searches.
- The strong demand for apartments reflects Dubai’s appeal for those seeking low-maintenance, high-quality living environments.
Demand increases for villas and townhouses.
- Within Dubai’s real estate market, townhouses and villas are in high demand. With 2,378 transactions, villa sales values rose by 22.6 percent to AED24.60 billion. In the meantime, townhouse resales increased by 37.4% to AED11.74 billion from 3,993 deals.
- At AED 1,444, the average cost per square foot of a residential villa or townhouse increased by 11.3 percent.
- This development suggests that long-term residents and families are becoming more and more in demand.
- The number of school kids in Dubai doubled since 2008, reflecting the growing trend of expats opting to raise families in the city.
- Most popular places in Dubai.
- Due to their strategic development and amenities, Jumeirah Islands, Mohammed bin Rashid City, and Dubai South emerged as some of the most sought-after locations for property sales.
- This year, the most sought-after neighborhoods for apartments were Downtown Dubai, Jumeirah Village Circle (JVC), Dubai Marina, and Business Bay.
- For villas and townhouses, Al Forgan, Arabian Ranches 3, DAMAC Hills 2, and Dubai Hills Estate emerged as the most popular.
Prospects for the sector going forward
According to Metropolitan Homes’ research, the company is still confident in Dubai’s residential resale market’s ability to develop and hold up over the rest of the year.
Dubai provides a stable and alluring environment for investors and end users despite global uncertainty. Due to the market’s solid foundation and strategic location, Dubai is an appealing option.
A move towards mid-market homes is seen in the city’s increasing average sales and rental prices, which is in line with the Urban Master Plan 2040 and the city’s expanding population.
The survey also indicates that, with increasing investments and more developments planned for the rest of the year, the major locations to monitor are Dubaian (The Valley by EMAAR, The Oasis by EMAAR) and Dubai South (EMAAR South, Expo City).
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