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Booming Dubai Real Estate Market: Increased Supply and Sustained Price Growth
一月 25, 2024
Booming Dubai Real Estate Market: Increased Supply and Sustained Price Growth 迪拜
By   Internet
  • 城市報
  • Dubai real estate
  • Dubai property market
  • increased property supply
  • rising property prices
Abstract: Dubai's real estate market is currently undergoing an unprecedented period of prosperity. It is projected that over 40,000 housing units will be delivered this year, with more units set to be completed and occupied in the coming years, indicating robust supply growth in Dubai's real estate market.

As the supply continues to increase, the supply-demand relationship is gradually shifting in favor of homebuyers and tenants. According to data from leading real estate technology and market intelligence provider Property Monitor, last year saw the highest annual increase in housing prices in over a decade (16.4%), and the coming years will see continued strong supply growth. Property Monitor noted in a report, "As new projects are completed, and more units come online, there will be downward pressure on prices."

However, property prices have been steadily climbing recently. The report states, "The recent year-on-year rise in prices is primarily due to the continuous launch of new projects, and these projects lean towards properties in the luxury to ultra-luxury price segments." Prices have risen by 45.7% in the 38 months since hitting the bottom in October 2020, averaging a monthly increase of 1.37% in 2023, 0.90% in 2022, and 1.33% in 2021.

Booming Dubai Real Estate Market: Increased Supply and Sustained Price Growth

Dubai's real estate market has attracted substantial local and international investors, creating a favorable environment for sellers and landlords. Simultaneously, population growth has stimulated higher demand, leading to unprecedented growth in the real estate market. However, this has also brought pressure on rental prices as net migration numbers surpass the rate of new home deliveries.

According to the latest survey results from Bayut, a leading real estate portal in the UAE, the upward trend in Dubai real estate prices continues due to the allure of substantial returns on investment, attracting a large number of local and international investors to Dubai.

Market experts state that the success of the Dubai real estate market is attributed to the increasing enthusiasm of investors, a constant influx of professionals, population growth, and the rising reputation of Dubai as a haven for the wealthy. The consistently rising property prices are also a significant factor attracting more investors and homebuyers.

However, investors need to be aware that the continuous rise in property prices may bring pressure to buyers and tenants, necessitating risk mitigation. Additionally, the Dubai government is taking measures to ensure market stability and reasonable property prices. For instance, the government recently announced a new residency program aimed at attracting more people to Dubai, thereby increasing demand and fostering market development.

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Booming Dubai Real Estate Market: Increased Supply and Sustained Price Growth
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