There is an increase in demand for such types of properties having luxurious finishes and exclusive facilities like waterfront development and pool areas. The road of luxurious and comfortable lifestyle where you can enjoy your holidays and lone time. Dubai is one of the most popular cities in the world, having several amusement parks and tourist spots to entertain visitors.
There are hubs of several commercial and residential areas with world-class projects with almost every entertainment and essential requirements like splash pools, cinema halls, courts for different types of sports, family restaurants, BBQ areas, gymnasium, and more. There are also a bunch of new housing projects that are going to be launched very soon, which means that there are going to be even more development of commercial areas to fulfil the requirements of people living there.
Arrival of New Developers and New Properties
The arrival of new popular builders like Aldar has also created quite a huge buzz in the housing market of Dubai, and the situation was that Haven by Aldar was sold out within a few days after its announcement, which shows how people are eager and excited to buy new luxurious housing properties. One thing here is to notice that the housing project named HAVEN was among the first projects by ALDAR in Dubai, and it was booked in a short period even though the properties were very expensive because of their extra luxurious interiors and floor planning but was sold out soon which shows the demand for expensive properties.
The new housing projects are being built in the large open green lands that have more than one sports court and playing area that can accommodate more people at once so that everyone can enjoy their playtime. The later months of 2023 will see more launches and bookings, which show the stable housing market of Dubai. As the year 2024 is closing in, we may see even more and more new launches of housing projects by big builders of Dubai like Emaar, Nakheel, Aldar, Damac, Samana, Meraas, Sobha, and more.
The year 2024 is fully packed with the next phase of housing development and launches, where Palm Jumeirah and Palm Jebel Ali are the top communities that have been sold the most in the current year of 2023. Palm Jumeirah has been the champion in the number of sales of luxurious properties that are in the higher price categories. The buyers of these properties also include investors and some brokers from other countries as well as from Dubai.
What Dubai Housing Stated
The professional of Dubai Housing - a real estate company, has also stated that there are going to be sales and resale of housing at increased prices in Dubai in 2024 because there are going to be more foreigners and buyers from other countries who may come to Dubai for holidays and Golden Visa. The month of October and November have already seen very big housing projects like 310 Riverside Crescent, the latest addition in the Riverside Crescent Series by Sobha in Sobha Hartland 2, Haven by Aldar, Park Greens by Damac, Samana California Phase 2, Nakheel Palm Jebel Ali, and more have shown very good figures in number of sales, and some projects like Haven By Aldar were sold out in short time only.
The government of Dubai has already been working on future housing projects with new technologies. The government is also willing to provide necessary aid for the development of the luxurious property market in Dubai. There is a future plan for the next 20 years where the main focus is in developing the real estate market of Dubai for both commercial and residential hubs. The popular builders like Aldar who used to work in Abu Dhabi mostly also step into the Dubai Property Market with its first housing project and it was completely booked for its first phase in very short time from its announcement.
The Rise and Growth of Property Market In Dubai
The building of new and grand housing and entertainment projects is going to attract a lot of investors from Asian countries like India and Pakistan. The sales of 2023 were about 50 per cent more than it was during the pandemic or right after the pandemic. The planning of Dubai government is that the year of 2024 will have an even more number of sales of properties which is quite possible looking at current trends of the Dubai property market. The real estate company like Dubai Housing is predicting that 2024 is going to attract more rich-class buyers from asia.
The continuous improvement of transportation facilities like making of new trams, mono metros, new roads and more which, makes travelling throughout the different parts of Dubai’s prime locations. Tourism in Dubai is also very popular and one of the main reasons that people from all around the world visit Dubai. For this the need for better transportation and connectivity becomes very important for which Dubai is quite ready.
Demand for Mid-Sized Properties
One more thing to consider is that the mid-housing market of Dubai is also seeing a rise in demand and sales. Builders in Dubai like Binghatti and Danube are already working on mid-sized luxurious properties and more projects like Binghatti Lavender and properties in Bayz 101 by Danube are in the off-plan phase and are showing good craze among the buyers. The people are now buzzing in the city of Dubai more often than before because of the regular increase in the housing and amusement or entertainment park development, which is also increasing the number of holiday spots in Dubai.
The new trend of mid-priced properties in the category of 1 and 2-bedroom apartments, which are priced less than 2 million dh is also attracting more people to visit Dubai and own a property of their choice. The other main reason is the continuous increase in the prices of housing properties for the past few years and the professionals of Dubai Housing is also stated that there are going to be an increase in the prices of housing properties once they are completed, so it is better to purchase the properties in off-plan phase to get the benefit of the increasing ROI and rental incomes.
Current situation of Dubai’s housing market
This current situation of Dubai’s housing market is quite stable after looking at the global disturbances due to wars. Even in such a situation, the property market of Dubai is doing very well in terms of sales per month, which is a good sign for people looking to buy new houses in Dubai. People from Asian countries are also showing their interest in buying houses in Dubai for a second home where buyers visit to enjoy their holidays.
Dubai is one of the few cities in the world that is stable and has better ROI in almost every type of property but the high and mid-priced properties have more ROI. Not only this but Dubai is good for commercial hubs also where doing business is welcomed by the Dubai Government. The development of more holiday destinations in several posh locations of Dubai like the newly built island community of Palm Jebel Ali and Palm Jumeirah is also attracting more and more people.
Some recent reports have shown that the first half of 2023 was fantastic for the builders in Dubai. Even the Dubai Land Department (DLD) is working to make the property market more convenient for investors and buyers. Builders like Binghatti and Danube are launching more and more projects that start from less than 1 million Dh, attracting almost every category of buyer from around the world.
But one thing to notice is that the market is now focusing on attractive payment plans to lure more and more investors as well as buyers from other countries. Local builders and developers like Danube are working on providing easy monthly plans for its buyers and some are also providing post-payment choices even after the possession date.
What is Driving The Property Sales in Dubai
The property market of Dubai is now witnessing a good phase with several transactions and new launches of luxurious properties. The 2023 has been beneficial for both builders and buyers, but it is predicted that there will be a shortage of new houses in Dubai because of high demand. For this, people from other countries are also seeking the Golden Visa of Dubai. There are also going to be exclusive offers for new buyers and the designs of the apartments have all the facilities.
The property market is filled with almost every type of facility and payment option to attract a huge number of buyers to put their money in the luxurious projects in prime locations of Dubai. There is also an increase in Chinese buyers for houses in Dubai which shows how the Dubai property market has attracted even the people from China. It is anticipated that the new payment plans that are introduced by the builder will play the role to grab more and more buyers.
There are going to be more transactions of luxurious houses where the rich class people are going to have more options of buying in the posh locality of Dubai like Dubai Islands. Locations like this ( Dubai Islands ) are becoming more and more popular for their housing development, where most of the properties are waterfacing. There are also going to be more new launches of properties in the coming years of 2024 and 2025. Big builders like Nakheel are doing new planning for the community that is currently in development named Palm Jebel Ali. Nakheel is also working on its new housing project - Rixos Phase 2.
Projects From Top Developers
The new extra luxuries that were available for sale during the end of November 2023 like EMAAR Park Gate, EMAAR Bayline, and EMAAR Address Residents. The demand for these new off-plan projects is very high, which can be seen from the high number of booking transactions and many other people were not able to get one. This shows that the demand for EMAAR properties is more than the actual units available. So it is important to always be in touch with a good and fast broker company like Dubai Housing who can provide properties of your choice and can book your house built by EMAAR with ease.
Other top builders like DAMAC are also in the line of developing more and more luxurious properties in exclusive communities like DAMAC HILLS and DAMAC HILLS 2. Damac is a versatile builder who has delivered several housing projects of different categories like - apartments, duplexes, townhouses, and villas which also makes builders like DAMAC very approachable for every type of buyer.
From the above information, it is clear that the profits from buying properties in Dubai is quite good. The market is still showing better ROI than other countries, which will attract even more foreign investors. The year 2024 is also going to be filled with more sales figures for new luxurious properties that are on the line to be launched soon. It is also predicted by some professionals in Dubai Housing that the sales of high-priced properties like villas and townhouses. The demand for luxurious properties in Dubai are normally in demand for every month of the year because of this the prices of properties appreciate at a rate of more than its previous years.