The Dubai real estate market continued to exhibit strong vitality and sustained growth momentum in the first quarter of 2024. Behind this trend are a series of key data and insights, providing valuable information and guidance for participants in the real estate industry. The market report released by haus & haus, combined with observations from Property Monitor and supported by the Dubai Land Department (DLD), reveals important trends and highlights of the market.
Firstly, secondary home sales showed remarkable growth. The report indicates that in the first quarter of 2024, the value of secondary home sales increased by 25%, with a 12% growth in total sales volume. This suggests that despite the market being quite mature, investor and buyer interest in the Dubai real estate market remains high, continuously driving increased transaction activity.
Secondly, the property rental market also demonstrated steady growth. The report shows a 7% increase in rental revenue, including both new lease contracts and renewals. This indicates that Dubai's rental market remains active, providing significant income opportunities for landlords and investors.
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The report also highlights strong performances of specific property types and communities. For instance, villa communities such as Jumeirah Islands, Jumeirah Park, and Sobha Hartland saw the highest average price increases, reaching 36%. There was also a significant increase in the average price per square meter in apartment communities like Greens, with an average price increase of 28%. These data indicate that high-end villas and apartments are still highly sought after in the Dubai market, attracting attention from investors and buyers.
Apart from the secondary market, off-plan sales also emerged as a highlight of the market. According to the report, off-plan sales performed well, accounting for 58% of total sales. This indicates that the Dubai real estate market still attracts a significant number of investors who are optimistic about future growth potential.
Another noteworthy finding is the expected return on investment. Selected off-plan projects are expected to generate returns of up to 10%, attracting investors seeking lucrative passive income opportunities. This reflects Dubai's attractiveness as an international investment destination and the confidence of investors seeking long-term growth and returns in the Dubai real estate market.
Finally, the report also emphasizes some popular communities such as Jumeirah Village Circle (JVC), Dubai Maritime City, and Business Bay, which demonstrate vast growth and investment potential. These communities are preferred by investors and homebuyers due to their convenient geographical locations, abundant lifestyle amenities, and promising future development prospects.
