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Dubai City, seen as a jewel of the Middle East, is ranked 12th on a global scale for alluring maximum foreign-based property investments directly during the year 2023. Dubai City also holds the prestigious second position as the world’s best city for expatriates in the year 2022. Trusted real estate agency consultants in the city closely monitor the present-day real estate market for its cyclic ups and downs.
Why the City Attracts More & More Expats?
The City of Gold is a popular haunt for global citizens as it is one of the richest cities on earth. As analysts and investors study the financial graph of 2023, many wonder if it is a good time to buy a property in Dubai. As the Dubai government coordinates with renowned developers and business magnets, innovative development ideas and plans are created using the most advanced technologies. No wonder all these classy developments and privileges tend to attract the maximum number of expats to invest in lucrative properties for sale in Dubai in 2024.
Inspection of Current Trends in the Real Estate Market
Close inspection of realty trends and the sum economic data indicates that the emirate market is slowly inching towards sustainable and level-headed growth prospects. It hints at optimistic growth urging investors to find verified and dependable real estate consultants in their search for prime properties.
Property experts believe that Dubai is all in for a continued expansion phase in the new year. Certified property consultants can be contacted, for sourcing and obtaining land, residential, or commercial units, for a successful and profitable investment.
Many property analysts anticipate that for the next one and half years the Dubai realty market may perform really well. The real estate prices may escalate at a slower pace. However, in the near future, the city is poised to give optimum performance, better than other high-end global real estate markets.
Market Overview – Dubai Real Estate
The real estate scenario in Dubai has always seen consistent growth, especially in the years 2022 and 2023. During this period, there was a great demand for cool waterfront properties and the trend continues in 2024. Pertaining to waterfront spaces, it is suggested that 59% of spontaneous or off-plan transactions have already been completed.
Dubai is a centre of prime luxurious building projects that include villas, studios, apartments, townhouses, small flats, penthouses, huge mansions, and duplexes. The property spaces are made available in varied typologies and sizes. Currently, the apartment type is quite trending and property developers have introduced eco-friendly and sustainable apartment proposals and plans accentuated with spectacular waterfront views.
Key Points of 2023 Property Dealings:
It was in 2023 that prime waterfront apartments and other properties gained business worth three billion Dirhams. Most of the property dealings happened in the city’s elite community ‘Dubai Creek Harbour’. In this area the real estate transaction went up to five billion Dirhams in 2023 (first half). And finally by the end of the year 2023, 127,000 property sales transactions were carried out in Dubai. Furthermore, as expected and forecasted, in the year 2024 too, the same trend may continue
The year 2024 is foreseen to be a wondrous year for the real estate market in the emirate. Having followed trends and previous year analysis, property agents and developers are abreast of new updates and changes made by the government. Due to high demand, most new real estate projects and properties for sale in Dubai get sold within days after the initial launch.
Tempting Properties for Investment in Emirate City in the Year 2024:
- The UAE government has managed to play a useful role in providing business-friendly initiatives and offering special rights to property developers.
- The city offers plenty of property options for residential buyers and also helps meet investor needs.
- A study revealed that the majority of the investors are choosing apartments as this category under property spaces generates maximum rental yield.
- The second favourite in the category list is the villas, which also offer good rental remission.
ROI, YoY for Dubai Properties in the Year 2023
- Dubai Apartments – This property type offered 36.1 % ROI (YoY)
- Dubai Villas – This property type gave a 38.5 % ROI (YoY)
Dubai property demands continue to escalate in the city, the analytic data indicates that even in 2024 real estate prices will increase by five to seven per cent. The property study feels that the rental value of waterfront properties can rise as tenants always follow the current trend and want water-facing apartments or villas. Builders are aware of these facts and are offering luxurious water-facing spaces with a comfortable ambience to boost the property value.
Prime Apartments V/S Spacious Villas – Which is Better?
Property developers in Dubai present buyers with a wide variety of apartments and villa houses. The buyers, potential tenants, or investors can actually be spoilt for choice. But, everything depends on the end-users’ plans. Both villas and apartments are great housing types and have their distinct advantages. Both provide substantial capital appreciation and ROI.
As a buyer searching for an apartment investment, you can get help from professional real estate consultants to scout areas including Downtown Dubai, Business Bay, or Dubai Marina. These areas are known to offer terrific investment potential with top sales transactions of nearly 40%. An investor wanting a good income source can invest in such areas. If you wish for long-term investment, apartments present a better choice.
On the other hand, a villa investment can provide the best income source for investors in places such as Palm Jumeirah, Arabian Ranches, or Dubai Hills. In 2023, these areas recorded a 20% increase in property sales transactions. Buying an apartment or villa for investment can give you incredible benefits.
About Company Bio
Counting 220 active listings of property spaces and armed with 20 decades of experience in this field, Falcon Premier Real Estate can get you the best real estate deals. Whether you want to buy, sell, or rent out a Dubai property, enrolling in their listing can give you excellent results. Client reviews suggest that Falcon Premier property consultants are truly top-of-the-line.
