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The Increasing Number of Property Traction for Dubai Properties In 2024

The posh community has been doing very well in 2024, and top developers like Damac, Nakheel, and Emaar are introducing their brand new housing projects, along with attractive payment plans.

The Increasing Number of Property Traction for Dubai Properties In 2024

This shows the increasing demand for extra luxurious houses that come with world-class amenities. The other reason for the popularity of lavish properties in Dubai is the demand for houses available for rent, and sometimes people are also willing to pay more if the properties are more luxurious and have exclusive facilities. 

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New Apartment Projects Like ELO by Damac Properties

The properties that are built by popular builders in Dubai are highly liked by people who are from different countries. The launched properties like DAMAC ELO in Damac Hills 2 are also attracting buyers who are looking for small 1 and 2 bedroom apartments filled with modern luxuries. Damac Hills 2 is a fantastic community in Dubai and has several areas of luxurious restaurants, parks, play areas, malls, entertainment zones, and more. 

So, every house built in Dubai is testament of luxury in itself that have attractive pricing that attracts a lot of buyers towards buying new properties in Dubai. The projects like Damac ELO is also available with very attractive pricing which starts from around AED 0.55 millions for 1 bedrooms and AED 0.82 millions for 2 bedroom apartments. 

Role of Dubais Popularity and Bitcoin

Dubai's popularity is also playing a big role in such a high number of property transactions every month. This shows the belief of buyers and investors in the property market of Dubai because of the safety and benefits that it provides to the people buying luxurious houses. The builders also try to do new things for their launched projects with payment plans or floor plans to provide more comfortable experience for their customers who will live there. 

The option to pay with Bitcoins or other crypto currency for the luxurious properties is also attracting young millionaires from all around the world. Here, we can say that the builders are aware of the benefits of crypto in the property market and how convenient it is for some people to do transactions for buying certain things that are are very expensive. Crypto is also became one of the main market in Dubai.

Continuous demand for luxurious properties in Dubai

Some properties in Dubai are booked within few days after its launch and within some months the price of the that properties goes up by huge numbers. Sometimes, the demand is so high that builders have to do a lottery to confirm the booking depending upon the luck of the customers whose names are picked in the lottery. Builders are also proving lavish and exclusive amenities for their important buyers who normally buys properties from them. 

The connectivity of Dubai to other posh neighbourhood also plays its role for the purchase of the properties in some of the popular communities like The Valley, Dubai Hills Estate, Damac Hills, Rashid Yatchs & Marina and more. The houses that are located here are normally of extra luxurious standards made for rich people arond the world. 

Performance of The Property Market Of Dubai in 2024

The start of the year 2024 was very good for Dubai's property market and the month of February has seen more than 2.5 percent of more sales of the luxurious properties and among this the purchase of housing properties went more than 25 percent. This shows the crowds of buyers looking to buy lavish houses like apartments, townhouses, villas, and more. The first week of March was also very good for the market where many broker companies organised property shows in different countries like India. 

The launching of projects that are below 1 million AED were also seen because of which more and more buyers and investors were booking these type of properties. This pricing can include a large group of buyers who want to buy a property but was not able to buy it because of the high price but now can choose to own a house that are below 1 million AED with easy payment plans.

Dubais Property Market Hits New High in February

In February, Dubai's property market had an exciting month. This was a high time, with more properties changing hands than before during the month February 2024. The month of March 2024 is also looking very good.

A report on Dubai's property market shows that February was filled with sales activity. There were more than 11,900 sales in total. That is a little jump of 2.6% from the month before. What is interesting is that most of these were homes like studios, luxurious apartments, and big houses. This February was special because it was more than last year's sales by a huge 30.4%!

Why are so many properties being sold?

Well, lots of people want to buy homes that are not built yet so that the buy these properties with attractive offers and payment plans. The projects like Autograph Collection By Damac Properties are really popular and keep getting booked by buyers from other countries. But, when it comes to studios and small neighborhoods, things are a bit normal. A report shows this is because there arenot much of them available, not because people don't want them it is because these type of properties are already sold in huge numbers.

Prices for properties went up a tiny bit in February. They were 0.83% more than January. This mean the cost per square foot reached AED 1,294 that is about US$352.31. This price is the higher than before, even more than the big peak back in September 2014.

According to a report the biggest purchase in February was a very fancy house on Jumeirah Bay Island. This place looks like a seahorse and is near by the sea. Someone bought a villa there for AED 160 million. But not everything went up. The number of mortgages like, when people borrow money to buy a house also went down a bit by nearly 5%. There were 2,868 loans last month.

Conclusion

So, what's all this mean? It shows that Dubai's property market is very active than other cities in the world, especially for new homes that are just planned. One thing to see is that there are fewer loans for buying homes, and not as many big houses and neighbourhoods for sale in March but there are properties to be launched soon. February was a month to remember for Dubai's property market.

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