The leading sustainable properties in Dubai and the uncountable transactions every coming day are offering a competitive lead over other cities. It is interesting to note that the off-plan properties are leading with an astonishing increase of 73% in sales. This massive transaction contributed to around 63% of the total transactions of the period. With the overall transaction record-breaking grounds with a record high volume of 35,000 units, apartments making up 83% of the sale and villas accounting for 17%. But if you are more curious about Dubai real estate then you are in the right place, as in this blog there will be a comprehensive discussion regarding the Dubai real estate that is taking the lead with other cities witnessing stability.
Reasons Why Dubai Market is Booming
Let’s have a quick view of what are the driving forces for the Dubai market that are leading it to break the property records in UAE.
Notable Insights of Dubai Real-estate
Dubai being one of the largest cities in the UAE is also outperforming among other cities. According to trustworthy sources, 85% of property investments are made by expats. Besides, according to the Dubai Land Department, the construction project launch in Dubai has soared in recent years; with 15,440 units in the year 2020 and 30,019 units in the previous year of 2023.
One of the reasons for this massive influx of property launches is that plans are suggesting the population of Dubai to be doubled by the end of 2040. This indicates that the city will demand a sharp increase in the land of green areas, housing units and tourism destinations as well.
Dubai Transactions Boosting – Surpassing Expectations!
Khaleej Times reported that Dubai properties continued to sell like hotcakes despite the market being predicted to face slow growth.
The reason highlighted for this exceptional and unprecedented behaviour of Dubai real estate over other cities is the presence of high net-worth individuals and investors who are shagging the exquisite properties.
The entire 600 units of Park Views Residence Tower were sold within 36 hours of the launch. Such unexplainable behaviour of the Dubai real estate is driven by the exceptional demand for luxury living space.
This 42-storey Park Views Residences Tower A is part of master developer Wasl1.
High-Quality Apartments with Strategic Location
According to the head of the Business management team of Wasl:
“The turnout that Park Views Residences has observed is shining evidence that high-quality projects with a good locality and attractive prices are a winning combination to attract buyers and investors”
Besides, Muhammad Binghatti the CEO of Binghatti Holdings said:
“We are also selling their uber-luxury apartments productively in their modern projects with preliminary prices of Dh20 million-plus.
He added:
“We have surpassed more than 50 per cent in sales of Mercedes-Benz. Bugatti has been performing very well with 30 units sold since last month although an initial price of D20 million. At Burj Binghatti Jacob & Co Residences, around 25 units were sold recently”
Where is Abu Dhabi Real Estate standing – Is the market stable?
It is worth noticing that the market of Abu Dhabi is also showing fluctuations and soaring trends but not as much as Dubai.
This capital city is successful in attracting local as well as international investors. The Emirates is trying its best to become less dependent on oil. The price of the flat in this city is around $3000 in 2022. The rise of the price observed was only by 1.5% on average in the next year of 2023.
Sharjah Real estate – Fusion of traditional and modern lifestyle
The city of Sharjah which is also known for its affordability and rich heritage showed stability in the real estate segment. In comparison to Dubai, it offers less expensive townhouses, and villas.
The property transactions in Sharjah reached 879 cases in January 2024 which accounted for 16.3% of the total transactions in commercial and townhouse properties.
Ajman Property market – How is the market Performing?
Figure 2 Ajman-real-estate-Ariel-view-in-evening
According to Arabian Business News Dubai’s residential market recorded 41.4% growth in sales with a 29.3% of volume increase by 2023. In comparison, Ajman performed well with a 26.6% rise in the residential market but was not able to surpass Dubai.
Conclusion
Dubai transactions are outstanding and although there is a forecast that the market will face slower growth HNWIs are investing. Reason is the quality of apartments, exclusivity and capital appreciation in Dubai are much more exceptional than in other cities. Moreover, the real estate markets of Sharjah, Abu Dhabi and Ajman also performed well but with no or less growth than Dubai. The interesting and leading position of Dubai real estate is setting a trend for other markets to follow.
