With more residential projects set to take off, Dubai will be the top destination for local and international investors.
If you’re living in a rental property and wish to be a proud homeowner in Dubai, you can start getting your finances in order, as more than 72,000 new residential units will be added to the expanding realty market this year.
Analysts expect the price surge in the Dubai real estate sector to stabilize, allowing first-time buyers to gain a foothold in the market and offering seasoned investors more opportunities to reap substantial ROI and rental yield.
In 2024, the real estate market recorded 68,405 total sales transactions; the transaction value peaked at AED 423.36 billion. This translates to a 30% rise in transaction value and a 40% increase in transaction volume in 2023.
Let’s look at noteworthy statistics to understand how the market performed in 2024.
- The off-plan segment in the primary market accounted for 63% of total transactions (i.e., 66% YoY growth).
- The secondary market recorded a 14% YoY rise.
- The luxury properties segment scaled newer heights, with transactions for properties valued over AED 15 million surged, marking a 63% increase from 2023; the secondary market recorded 1,938 transactions.
The costliest resale villa was on Jumeirah Bay Island, selling for AED 240.5 million. The most expensive resale apartment was The One on Palm Jumeirah; it was sold for AED 275 million.
The realty market also saw 40 super-prime transactions that exceeded AED 100 million.
Dubai’s realty market continues to grow and transform rapidly and remains a top investment destination for investors and homebuyers. Adding to its appeal as a major investment hub, the Dubai Urban Plan 2040 outlines the developmental framework focusing on 5 key urban hubs:
- Deira and Bur Dubai
- Downtown and Business Bay
- Dubai Marina and Jumeirah Beach Residence
- Expo 2020 Center
- Dubai Silicon Oasis.
These urban districts are gearing up to accommodate an estimated 5.8 million permanent residents and 2.1 million people comprising professionals and tourists.
If you plan to add your name to the homeowners’ list, now is the right time to consider investing.
