The year 2024 is going fantastic for the luxurious property market of Dubai. For the past few weeks you have been hearing of demands for the studios and apartments but high priced extra luxurious properties like villas are also not far behind the race.
Here we will look how is the market of Dubai for expensive properties.
The demand for these lavish housing properties like villas are seeing a huge increase in the number of its sales because of the rising international demand. Till the mid of April in the year 2024, the price of the extra luxurious houses, whose price was at 10 million dollars, has risen by around 6 percent, which is more than the last year. According to some studies done by a big company, about 105 lavish homes worth around 1.73 billion dollars were sold from January to March which is a lot because around the same period last year the sales of such types of properties were about 1.6 billion. It looks like rich people are buying properties in Dubai.
Palm Jumeirah is a very popular location in Dubai which is a man-made island that looks like a palm where a large number of luxurious properties are sold every year. One thing to see is that the sales of such lavish properties are also done with cash payments. The island accounts for more than one-third of the sales of lavish properties built by renowned developers in UAE. Other prime locations like Dubai Hills Estate and Jumeirah Bay Island are also very popular among the buyers.
After the covid period Dubai is doing very well in the property market because Dubai was already very famous for its tall buildings in the world where people visit every year to feel the sky view of the city. So, you can see that this city is very busy with the coming of a large number of people from all around the world because of which Dubai has a thriving tourism and foreign investments. This helps the property market to grow at a good percentage which is more than other popular cities in the world.
In 2024 also, Dubai's appeal in the luxury property market remains very good. Last year, it led globally in the number of home sales above $10 million. Some study show that it is nearly 80% more than other cities like London. Unlike some major cities where luxury property prices have declined, Dubai is seeing double-digit price increase from last year, according to another report.
Some professionals of Dubai Housing were impressed by the good situation in Dubai's expensive property market. They pointed out that Dubai offers fairly affordable luxury homes, where $1 million can buy around 980 square feet of residential space. This is significantly more than what the same amount would purchase in many other major cities around the world. Durrani also highlighted that the current buying trends lean more towards acquiring second homes rather than flipping properties for quick profits. This suggests a robust and continued interest in Dubai's luxury real estate, showing a healthy market position for future growth.
Dubai is also known for its luxury and grand lifestyle that it offers for the people who stay or visit there. Builders like Emaar, Nakheel, and Damac are some of the companies that are known for delivering several lavish properties like villas and duplexes. The rich people find Dubai a very comfortable city in the world to live and spend holidays. With the making of mad-made islands like Palm Jumeirah by popular developers like Nakheel has attracted several millionaires and billionaires from europes and countries like India to own a property there.
The second thing is the facilities and amenities that come with these types of expensive properties. The villas like Emaar Mirage The Oasis in Dubai normally have a huge and beautiful surrounding that are usually filled with lush greenery. Some new launches also have waterfront views which become the main attraction for the rich buyers to own such houses. Normally celebrities and sports persons buy some exclusive villas in the posh locations of Dubai especially those that are near the sea or gulf.
The property sales of high-priced properties in Dubai show that rich people around the world are very interested in living in prime locations of Dubai like Palm Jumeirah, Rachid Yachts & Marina, Dubai Marina, and more. Till now, the year 2024 has been very good for the property market, and it is expected to be so. There are more projects that are going to be launched in Dubai, so get ready to grab the deal with a professional company like Dubai Housing.
