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    Dubai real estate smashes records with 30,000+ transactions in Q1 2024

    Posted by main.admin on April 29, 2024
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    Dubai is very popular for its luxurious hotels, beautiful beaches, and advanced living style. But did you know that Dubai’s real estate market is increasing day by day? In the first quarter of 2024, Dubai’s real estate market broke previous records with over 30,000 transactions. In this guide, we will take a closer look at the increasing popularity of the Dubai real estate market in 2024.

    Record-breaking Q1 2024

    In the first quarter of 2024, Dubai’s real estate market recorded more than 30,000 transactions. These transactions have increased the property value and investor interest in Dubai. This transaction rate is 20% higher than the first quarter of 2023. Due to the profitable investment opportunities in Dubai, the number of buyers and sellers is increasing.

    Dubai real estate boom

    The real estate market is booming due to the huge interests of local and global investors. The market is growing very quickly and will become very successful in 2024. Many people want to buy property in Dubai because it is a great place to live and provides good investment opportunities.

    Impact of FATF gray list removal

    Dubai Real Estate

    The removal of the UAE from the FATF Grey List has played a big role in the success of Dubai’s real estate market. The market is expected to remain strong for some time due to the following reasons:

    • The UAE’s removal from the FATF Grey List has made it easier for people from other countries to invest in Dubai’s real estate market.
    • This has increased the transaction rate and increased the demand for property sales in Dubai.
    • The removal of the Dubai from the FATF Grey List has boosted confidence in Dubai’s real estate market.
    • It has also encouraged more developers to launch new projects in Dubai.
    • The real estate market in Dubai is now more stable and secure for investors.
    • Due to the increase in sales and prices, the market is now more attractive to investors.
    • The removal of Dubai from the FATF gray list had a positive impact on the market.
    • It has also helped to boost the economy and create more jobs in the real estate sector.
    • According to the expert’s analysis, the market is expected to grow very rapidly in the upcoming years.
    • Due to the huge transaction rate and developments in Dubai, investors are getting more interested.

    Dubai market boosts despite rain

    Though there is huge destruction due to the recent storms and rain, the Dubai real estate market is booming. The huge transaction rate and removal from the FATF gray list play a key role in the boost to the market. For instance, market sales at BetterHomes increased by 34 percent as compared to last year. This indicates that marketing is likely to remain very strong in the next few years.

    Increasing rental prices

    Dubai is experiencing a shortage of residential places, due to which rental prices have increased. In the first three months of 2024, the population grew by 26,000, but only approximately 6,500 new homes were sold or rented. Due to the shortage of residential places, rental prices have increased by over 22 percent.

    Thriving luxury market

    Dubai Real Estate

    In the luxury real estate market of Dubai, we have seen a 30 percent increase in transactions. In the first quarter of 2024, the total transaction price in the luxury market was AED15 million. This shows that the big investors and landlords are getting more interested in investing in Dubai. The secondary transactions have increased by 46 percent, and the off-plan transactions have increased by 4 percent. Some of the hot investment areas in Q1 2024 were Palm Jebel Ali, Palm Jumeirah, and Sobha Hartland II.

    Q1 2024 market overview

    In Q1 2024, the Dubai real estate market experienced huge growth and attracted a lot of international investors. With a record-breaking transaction rate of 30,000+ transactions, analysts have predicted a huge boom in the market. Some of the most common factors behind this increase are increasing property demand, advanced living styles, and investment opportunities in Dubai. Moreover, the removal of Dubai from the FATF gray list also plays a key role in fueling the real estate market.

    Rising prices and limited supply

    The big challenge in Dubai’s real estate market is rising prices and limited supply. In the first quarter of 2024,  the sale of homes and apartments resulted in a 22 percent increase in rental prices. On the other hand, investors are taking advantage of this opportunity and showing interest in buying more rental properties.

    Investors insights

    The big investors are predicting more increases in the rental price in the upcoming years. This is due to the high demand for apartments and villas and the low supply. Indians and British nationals continue to dominate as top buyers in Dubai’s real estate market. So, if you have enough money and are looking to invest in a profitable market, Dubai can be a good option for you.

    Off-plan sales impact

    Dubai Real Estate

    Off-plan sales were over 58 percent of all transactions and have played a significant role in the real estate market. Between January and March, over one project was launched every single day. The rising trend of off-plan sales resulted in a decline in secondary sales in 2024. Dubai is experiencing a shortage of ready-made homes in the Villa Segment and some other regions.

    2024 market expectations

    Due to the increasing investor interest and transaction rate, analysts predict a boost in the market. The good investment opportunities in Dubai are attracting investors from different regions, such as India, Britain, Russia, and other countries. You can consider investing in Dubai’s real estate market because analysts have predicted a very bright future.

    Population growth impact

    Dubai Real Estate

    The population in Dubai grew by 26,000 in the first three months of 2024. This population growth has put pressure on the real estate market and resulted in a shortage of ready-made homes. It has increased the demand for property, especially in the villa segment, and resulted in higher rental costs.

    Conclusion

    In short, Dubai’s real estate market has experienced growth in Q1 2024, with over 30,000 transactions recorded. The increasing rate of population growth and investor interest has led to a rise in both buying and rental costs. According to the expert’s predictions, Dubai will continue to attract more investors and experience huge growth in the upcoming years.

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