For the first time, Dubai’s real estate market has achieved an unprecedented milestone, with total sales exceeding Dh50 billion, as per data released on Thursday. This landmark achievement reflects the city’s thriving property sector and its growing appeal to investors worldwide.
Unprecedented Growth in Sales Transactions
According to the latest report, sales transactions skyrocketed to 19,605, marking an 80% year-on-year increase. This surge was predominantly fueled by the off-plan market, which recorded a staggering 117% growth. Meanwhile, the secondary market exhibited robust performance, with sales rising by 33%, despite limited inventory.
This extraordinary growth underscores Dubai’s resilience and global allure as a premier real estate destination, the city continues to attract high-net-worth individuals and international businesses seeking stability and lucrative opportunities.
Despite rising property values, with average prices up by 1.7%, Dubai remains a magnet for investors, offering an average rental yield of 6.9%, one of the highest globally. The city’s resilience in the face of geopolitical uncertainties has further cemented its status as a leading hub for real estate investment.
The market report highlighted Dubai’s distinctive blend of luxury, innovation, and exceptional living standards. Their report also unveiled the city’s top five premium residential areas, renowned for their exclusivity and world-class amenities.
Dubai’s Most Prestigious Residential Areas
Palm Jumeirah:
Renowned as the world’s largest man-made island, Palm Jumeirah epitomizes luxury living with its exclusive villas, marinas, and high-end shopping. The area consistently tops the list for property sales exceeding Dh10 million, with beachfront villas averaging Dh37 million.
Dubai Marina:
A modern and vibrant district, Dubai Marina offers premium waterfront properties, world-class dining, and nightlife. Its iconic canal and lifestyle appeal make it a preferred choice for professionals and families alike.
Downtown Dubai:
Home to iconic landmarks such as the Burj Khalifa and Dubai Mall, Downtown Dubai is the pinnacle of urban luxury. Its high-end apartments attract affluent buyers seeking premier city living experiences.
Dubai Hills Estate:
Combining nature with luxury, Dubai Hills Estate offers a suburban lifestyle with expansive green spaces and a prestigious 18-hole golf course, making it popular among families and professionals.
Emirates Living:
This tranquil community, encompassing The Springs, The Lakes, The Meadows, and Emirates Hills, is ideal for families desiring serene suburban living. It is distinguished by its lush greenery, lakes, and proximity to top-tier schools.
Commercial Real Estate Sees Record Growth
While residential sales and rental transaction volumes experienced a slight dip, Dubai’s commercial real estate sector demonstrated remarkable resilience. The total value of commercial sales reached Dh10.9 billion, marking the highest monthly total in 2024 and a 10% increase compared to 2023.
The office market recorded a significant 24% year-on-year growth in sales, with average office prices rising to Dh1,503 per sq. ft., a 37% increase from the previous year. Additionally, office rental prices surged by 25.8%, and retail rents grew by 6.9%, highlighting sustained demand for premium commercial spaces.
Published on: 21 Nov 2024
Source: https://www.khaleejtimes.com/business/realty/dubai-real-estate-sales-tops-dh50-billion-for-the-first-time
