Dubai’s real estate market is flourishing as 2024 commences, but where have the largest price escalations occurred over the past year?
According to analyses from haus & haus Real Estate, the Dubai real estate industry persists in its prosperity, witnessing substantial sales growth in both off-plan and secondary/existing properties.
Reported by Arabian Business, investors and homeowners alike are witnessing a notable surge in property value, with yields experiencing a year-on-year increase.
Stated by Arabian Business, haus & haus Real Estate has released its Q1 Dubai Market Reports, unveiling a plethora of crucial insights to assist those contemplating relocation in the forthcoming months.
Dubai real estate analysis reveals crucial data, combining insights from the company with significant trends observed on Property Monitor, supported by the Dubai Land Department (DLD).
According to reports highlighted by Arabian Business, findings include a notable 25 per cent surge in the value of secondary sales within the initial three months of the year, accompanied by a 7 per cent increase in rental property values. Additionally, the reports identify the top-performing areas for villa and apartment property prices.
Thomas Poulson, Sales Director at haus & haus, emphasized the significance of the haus & haus Q1 Dubai Market Reports 2024, stating that they provide invaluable insights for individuals contemplating entry into the Dubai real estate market or currently navigating their property journey.
Arabian Business reports that, “They assist in offering a comprehensive comprehension of the prevailing trends and dynamics, empowering our clientele to make more astute decisions.”
Highlighted Q1 2024 insights encompass:
- Secondary sales witnessed a noteworthy 25% upsurge in the total sales value of properties sold from Q1 2023 to Q1 2024.
- Secondary sales also experienced a 12% rise in the total sales volume of properties sold during the same period.
- New and renewal contracts contributed to a 7% escalation in the total rental value of properties from Q1 2023 to Q1 2024.
- Jumeirah Islands, Jumeirah Park, and Sobha Hartland emerged as the top performers, exhibiting the most significant increases in average price per square foot for villa communities, soaring by 36% from Q1 2023 to Q1 2024.
- The Greens emerged as the leader among apartment communities, registering a substantial 28% surge in average price per square foot from Q1 2023 to Q1 2024.
According to Arabian Business, Off-Plan Q1 2024 highlights include:
- Off-plan properties demonstrated strong performance, comprising 58 per cent of total sales.
- The average rental yield in Dubai stood at 7.3 per cent, encompassing older properties as well.
- Selected off-plan projects are anticipated to yield up to 10 per cent return on investment (ROI), attracting the attention of investors in search of lucrative passive incomes.
- Jumeirah Village Circle (JVC) maintained its position as the community with the highest transaction volume, aligned with its continuous expansion and investment allure. Following closely are Dubai Maritime City and Business Bay.
