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Dubai's real estate market reaching its peak, while demand surges in other Emirates of the UAE
六月 3, 2024
Dubai's real estate market reaching its peak, while demand surges in other Emirates of the UAE 迪拜
By   Internet
  • 都市报
  • Dubai Real Estate
  • UAE Real Estate market
  • Property demand
  • Property Investment
Abstract: As property prices in Dubai's real estate market stabilize, attention is increasingly shifting towards real estate opportunities in other Emirates of the UAE. Investors are turning their focus to areas like Abu Dhabi, Hajar Mountains, and Sharjah, where property prices are relatively lower but offer immense growth potential.

With Dubai's property market prices trending towards stability, there is a gradual rise in demand for real estate in other Emirates of the UAE. Particularly in Abu Dhabi, more tenants are transitioning to property buyers, while the development of luxury resorts within the UAE stimulates further demand for real estate.


Faisal Durani, Partner and Head of Research at Cluttons, notes that compared to Dubai, Abu Dhabi's residential market remains relatively stable, with prices remaining steady over the past four years. The average property prices in Abu Dhabi are about one-third lower than Dubai, driving increased real estate transactions. Property Finder's latest report also indicates a significant increase in real estate transactions in Abu Dhabi. In 2023, while Dubai's property transactions are expected to rise by 38%, the total value of real estate transactions in Abu Dhabi has increased by 75%.


As Dubai's real estate market gradually reaches its peak, investors are turning to Abu Dhabi, Hajar Mountains, Sharjah, and other areas for real estate investment opportunities. These regions offer comparatively lower property prices, attracting savvy investors. Additionally, the significant investments in infrastructure, culture, and tourism in Abu Dhabi, along with the increasing popularity of Hajar Mountains as a tourist destination, are driving the demand for real estate.


Dubai's real estate market reaching its peak, while demand surges in other Emirates of the UAE

khaleejtimes.com


While Sharjah previously did not offer permanent property ownership options, recent introductions of apartments into the market have piqued the interest of more individuals, especially those considering settling in Sharjah.


In Abu Dhabi, an increasing number of residential tenants are transitioning to property ownership, seizing the opportunity of stable property prices. Property owners are also upgrading their properties to attract international buyers. Recent data shows that the proportion of international buyers purchasing properties in Abu Dhabi has increased from 3% two years ago to 28% last year.


Apart from Abu Dhabi, the real estate market in Hajar Mountains is also influenced by the Wynn Resort. The UAE's new vision plan involves the construction of the Wynn Resort and casino in Hajar Mountains, attracting attention from international high-net-worth individuals. Approximately 64% of global high-net-worth individuals consider Hajar Mountains a more favorable real estate investment destination.


Besides Hajar Mountains, areas like Al Raha and Alef have also seen significant real estate interest. Al Raha offers facilities comparable to Dubai Hills Estate or Dubai Creek Harbour but at a more affordable price point. Alef's beachfront properties are also very economical, attracting more investors and homebuyers."

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Dubai's real estate market reaching its peak, while demand surges in other Emirates of the UAE
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