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Dubai Real Estate Market: Unstoppable Expansion in 2024
三月 22, 2024
Dubai Real Estate Market: Unstoppable Expansion in 2024 迪拜
By   Internet
  • 都市报
  • Dubai Property
  • Dubai Property market
  • Housing expansion
  • Housing Report
Abstract: The Dubai real estate market is currently experiencing expansion in 2024. According to the latest report from D&B Properties, Dubai is expected to welcome three brand-new primary communities, marking an important phase of development for the city's real estate industry. The report indicates that property prices in Dubai saw a slight increase in February, with a rise of 0.83%, and prices are expected to continue on an upward trend in the future.

Reportedly, the sales transaction volume in Dubai's real estate market hit a record high in February, showing an astonishing year-on-year growth of 30.4%. At the same time, the market share of mid-range price properties is also growing, with Dubai Maritime City gradually becoming a popular waterfront destination.


Soliman Hossameldin, Digital Marketing Director at D&B Properties, stated that the off-plan market remains a key driver of growth in the Dubai real estate market, with the launch of new projects continuing to drive market growth. Although mortgage activity saw a slight decline in February, new home loan approvals increased, indicating a growing confidence in the Dubai real estate market.


Dubai Real Estate Market: Unstoppable Expansion in 2024

Internet


Looking ahead, D&B Properties suggests that while there is a risk of oversupply, the current market absorption rate remains strong, with end-users and rental investors quickly purchasing newly launched units. The report warns that as the expansion phase comes to an end, there may be oversupply issues leading to price fluctuations, but overall, the Dubai real estate industry still presents bright prospects for development.


In the coming months, close attention needs to be paid to several key data-driven indicators, including changes in monthly sales transaction volumes and adjustments to developer incentive measures, which may indicate impending market shifts. Recent land sales activities also indicate the development of new primary communities, with Emaar announcing two projects – The Heights Country Club and Grand Club Resort, and DAMAC planning to launch another community in May.


Overall, despite some potential challenges in the market, the dominance of the off-plan market, the introduction of new communities, and stable upward price trends all suggest that the Dubai real estate market will continue on a positive development trajectory.

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Dubai Real Estate Market: Unstoppable Expansion in 2024
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