{"id":91101,"date":"2024-04-19T00:00:00","date_gmt":"2024-04-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubais-property-market-reeled-in-aed-109-8-bn-in-sales-in-1q-2024\/"},"modified":"2024-04-19T00:00:00","modified_gmt":"2024-04-19T00:00:00","slug":"dubais-property-market-reeled-in-aed-109-8-bn-in-sales-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/19\/dubais-property-market-reeled-in-aed-109-8-bn-in-sales-in-1q-2024\/","title":{"rendered":"Dubai\u2019s property market reeled in AED 109.8 bn in sales in 1Q 2024"},"content":{"rendered":"

The value of real estate sales in Dubai climbed 25.9% y-o-y in 1Q 2024 to AED <\/strong>109.8 bn<\/strong>, according to Dubai-based real estate broker Springfield Properties\u2019 latest market insights report (pdf)<\/a>. The growth in sales value came despite the total volume of property transactions in the emirate inching down 0.5% y-o-y, with some 37.1k transactions recorded during the quarter. <\/p>\n

Off-plan properties accounted for over 19k transactions in 1Q 2024 \u2013 more than half of the units sold during the quarter<\/strong> \u2014 collectively pooling AED 50.4 bn, indicating sustained investor confidence in new developments in Dubai, according to the report. The secondary market, on the other hand, saw some 12.7k units traded at a combined value of AED 8.2 bn.<\/p>\n

By neighborhood: <\/strong>Jumeirah Village Circle handed over the most units during the quarter (18k), followed by Business Bay (11.4k), Downtown Dubai (6.5k), and Dubai Hills Estate (6.4k). Jumeirah Bay Island dominated the largest market share, reeling in approximately AED 9.8k for every sqft sold, while Dubai Harbour had the second largest presence in the market, selling units for 4.1k per sqft.<\/p>\n

Only up from here? <\/strong>The report forecasts a continued upsurge in Dubai\u2019s real estate market, specifically in the ultra-luxury segment, driven by a projected 24.6% increase in high-net worth individuals in the emirate by 2025. Government plans to scrap the AED 1 mn minimum down payment required for golden visa eligibility linked to real estate is also expected to trigger investor interest in the market.<\/p>\n

ICYMI-<\/strong> Luxury home sales in Dubai reached USD 1.73 bn in 1Q 2024<\/a>, up 6% y-o-y on the back of heightened buyer interest from \u201cinternational high-net-worth individuals vying for the city\u2019s most expensive homes\u201d and reduced supply.<\/p>\n

The report also expects higher demand in emerging areas<\/strong>, <\/strong>with Dubai\u2019s Real Estate Regulatory Authority\u2019s calibration of a rent calculator reflecting open-market pricing dynamics expected to see rental rates rise and subsequently prompt tenants seeking better value rates to explore housing options in newer or developing communities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Off-plan units dominated more than half of sales<\/p>\n","protected":false},"author":1,"featured_media":91102,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[87,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-dubai","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"bf774c56-79bd-4bfa-b3fa-eefcf4a9d373","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1471.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai\u2019s property market reeled in AED 109.8 bn in sales in 1Q 2024","related_issue":[91095],"teaser":"Off-plan units dominated more than half of sales","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.3d5ed238-c58d-4cdb-b6dd-d2de19dd908e.mp3"},"yoast_head":"\nDubai\u2019s property market reeled in AED 109.8 bn in sales in 1Q 2024 - 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