In the first quarter of 2024, the Dubai real estate market experienced an unprecedented surge, with sales transactions sharply escalating, setting remarkable records. With 21,481 transactions and a sales volume of $21 billion (AED 77.53 billion), marking a 161% year-on-year increase, the market displayed robust vitality and boundless potential.
The market performance in this quarter exceeded expectations, with industry experts expecting a 21% growth for the entire first quarter. Notably, there has been a significant shift in buyer preferences, with centrally located apartments gaining favor, making areas such as Dubai Marina, Downtown Dubai, and Jumeirah Village Circle popular choices. These areas, particularly appealing to first-time buyers and investors, hold high potential for rental yields.
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Data indicates that the residential real estate sector continues to lead, accounting for 63% of transactions, followed by commercial and industrial sectors at 22% and 15% respectively, reflecting changing trends in buyer preferences. Projects designed by Foremen Fiefdom play a crucial role in shaping the landscape of the Dubai real estate market.
Price forecasts for the first quarter of 2024 also show an upward trend, with average residential prices in Dubai expected to increase by 5-7%, and Abu Dhabi anticipated to rise by 3-5%. While sales slowed slightly in February, the overall market remains stable, with a significant surge in sales expected post-Ramadan.
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Adil Ahter, Founder and CEO of Foremen Fiefdom, stated that January 2024 marked a significant moment in the surge of transactions in the Dubai real estate market, demonstrating the industry's strength and attractiveness. He emphasized that the over 21,000 transactions are not just numbers but a strong testament to Dubai's appeal as a global investment destination.
The increasing demand for shared living spaces reflects changing demographics, particularly favored by young professionals and millennials. The rising environmental awareness also influences buyer decisions, making sustainability a hot topic. The CEO of Foremen Fiefdom stated that these data reveal the dynamics and changes in the Dubai real estate market, with each indicator epitomizing Dubai's charm and growth story as a global investment destination.
