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Dubai Rental Market Forecast for 2024: Slower growth and increased competition for new home supply
Dec 12, 2023
Dubai Rental Market Forecast for 2024: Slower growth and increased competition for new home supply Dubai
By   Internet
  • City News
  • Dubai Housing market
  • Rental market
  • Housing forecast
  • New home supply
Abstract: The real estate market in Dubai recently achieved a record transaction volume of AED 11 billion, equivalent to approximately USD 3 billion. This impressive figure includes sales of land, apartments, and villas. Specifically, 357 plots of land were sold for AED 2.18 billion (USD 594 million), while 2,113 apartments and villas were sold for AED 4.86 billion (USD 1.324 billion).

During the week ending on December 8th, the highest transaction volume was observed in Al Thanyah Fifth, where a piece of land was sold for AED 268.02 million (approximately USD 73 million). This was followed by land transactions in Saih Shuaib 2, amounting to AED 95.56 million (approximately USD 26 million), and Saih Shuaib 3, with a value of AED 83.93 million (approximately USD 23 million). These transactions indicate that land acquisition remains a preferred choice among investors.


In terms of apartment and villa sales, an apartment in Al Wasl claimed the top spot with a sale price of AED 135 million (approximately USD 36.7 million), closely followed by another apartment in the same area with the same sale price. Additionally, a luxury apartment in Jumeirah Palm Island was successfully sold for AED 87.43 million (approximately USD 24 million). These numbers highlight the significance of high-end apartment and villa purchases for investors.

Dubai Rental Market Forecast for 2024: Slower growth and increased competition for new home supply

The mortgage market in Dubai also experienced substantial activity, with a total mortgage value of AED 3.29 billion (approximately USD 896 million) during the week. The highest mortgage amount was recorded for a piece of land in Jumeirah Palm Island, with a value of AED 2.08 billion (approximately USD 566 million). These figures demonstrate the confidence of many real estate investors in the Dubai market.


Moreover, there were 162 property transfers among immediate family members during the week, with a total value of AED 641 million (approximately USD 174.5 million). This indicates the liquidity of the Dubai real estate market. Despite the ongoing global pandemic, these numbers underscore the strong growth and attractiveness of the Dubai real estate market, making it a popular choice among investors.

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Dubai Rental Market Forecast for 2024: Slower growth and increased competition for new home supply
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