Dubai is Very Busy with the Price Hike of Properties and Rents

Builders like Binghatti and Damac are working on projects that are apartments and studios to attract a large number of buyers who can easily afford these types of properties. For this the builders are also giving easy payment options to the buyers. There are going to be more and more new launches in the year 2024 because of the huge demands and profitable sales of the properties. People are now getting more offers and an easy payment plan which is encouraging them to own a property in Dubai. 

The sales of costly properties like villas and townhouses are also not so far behind and people are willing to pay more if the property is extra luxurious and comes with world-class amenities. Damac Properties and Emaar Properties are popular for providing some of the lavish villa properties in posh destinations in Dubai like Autograph Collection in Damac Hills and Emaar Alana at The Valley are some good examples of newly launched villas that are attracting buyers from all around the world.

The market for villas is also vibrant, with some changes going on in 2024. Family villas, especially in places like Jumeirah Village Circle and Arabian Ranches 3, are in high demand. This surge in interest has pushed rents up, reflecting a broader trend towards more spacious and family-oriented living. Investors are also looking to buy villas because the rents are continuously rising and DLD has also allowed to raise the rent price for the new agreement. So, if a person owns a villa then he/she can get a good rental income every month. Some areas are already seeing a 17 percent rise in the rental price.

This shows that the property market of Dubai provides a better opportunity for real estate investment that can give profitable returns for the money spent. The secondary market is also doing well especially for the apartments and studios. Starting with apartments, some popular locations such as Deira, Internet City, and Al Nahda are becoming more and more expensive. These locations were affordable for the past few years before covid but now these areas have the rent hikes well more than the normal rise of 1 to 5 percent. If we see, the cost for a two-bedroom apartment can range from about AED 55,000 in Al Nahda to AED 83,000 in Internet City. Same can be said for studios also. 

All is not so smooth because some luxury apartments are becoming slightly less expensive with areas like Dubai Marina and Business Bay witnessing a slow increase and some decreases of up to 4 percent. But one thing to see is that these locations are still attracting investors because of the huge rentals than the other places in Dubai. For those who do not want to spend more than communities like DAMAC Hills 2 and Mirdif offer more attractive priced villa options like Damac Park Greens 2 but even here, prices have gone up by about 3 percent since the start of this year of 2024.

We can see that the rental market of Dubai is now bustling with activity. The demand is still continuing to grow which is also affecting the property market and the city is trying to adapt to the situation. No need to worry because more properties are coming onto the market by big builders to help the buyers and tenants by offering a huge collection of choices for buying properties. This will also help with the property pricing for some locations.
 

We can see from above that the property market of Dubai is now very busy where the price of the properties and house rents both are rising continuously. This can be seen for the first few months of 2024, when some studies even showed that there is a huge increase in rents. Some areas are seeing a 17 percent rise in prices from last year. The professionals of Dubai Housing are saying that the new properties are being sold out, so it is good to go with brokers to buy properties.