There are some plans going on in Dubai to increase the sales of mid priced and affordable properties in popular locations in Dubai. The government had started to greylist around hundreds of websites for the wrong information about the projects, especially those projects that are priced less than AED 3 million.
This step was taken because the pricing and the number of houses available shown especially in the greylisted sites were wrong and normally the sold out projects were shown available for sale with wrong pricing.
The properties types like apartments and studios are among the top demands in Dubai because of their attractive pricing. People who used to live in rents are also now looking for suitable apartments in Dubai that are available for sale with attractive payment plans. Danube is providing such types of projects like Diamondz in JLT and Binghatti is also in the race of providing 1 bedroom apartments with swimming pools. Locations that are near the sea are liked by the rich people to stay there and enjoy the beautiful view.
For now the property market of Dubai is filled with activity showing that there will be a huge boom in the sales of new launched housing properties by popular builders like Binghatti, Damac and Emaar. The race that the Dubai market started for top luxury properties in popular locations is not showing any slowdown. We can see a good 19.3% rise in the sales number in the first four months of 2024 than 2023 which shows how good the market is. This huge demand was seen from the end of the year 2023 where the transactions in the property market are going up and touching new heights.
Now we can also see that people are attracted towards the mid-priced and affordable housing with world-class amenities. The transactions for these types of mid and affordable houses were in good numbers where the properties that were AED 1 million or less was around 30% while the properties that were not more than AED 3 million were sold even more which is about 80%.The demand for the affordable housing is seeing more sales because investors are also taking interest in low priced properties.
There is also an increase in the number of finance buyers which is more than the cash buyers. This can be seen more after the removal of several false websites and grey lists which has improved the city's appeal to the investors around the world. The current popularity for off-plan properties is very good for the builders and shows a promising future for Dubai's real estate and new housing projects which have to be launched later in 2024. Developers are also responding very well to this demand, increasing the project launches to every 17 hours from a previous practice of 36 hours.
Apartment sales for projects like Binghatti Phantom and other projects have made a huge buzz in the housing market, particularly in popular communities like Jumeirah Village Circle, Dubai Marina, and Business Bay, leading the sales statistics in the first quarter. Apartments saw 61.2% of the total sales, while villas and townhouses saw a sales percentage of 38.8%, showing a strong market situation in Dubai.
Some reports from the popular companies working in Dubai showed the vibrant character of the housing market, noting an impressive 26.6% increase in sales volumes than the previous year's first quarter. This period also witnessed a huge sale of luxurious villas in other posh communities in Dubai, like The Oasis and Damac Hills. It is normally expected that if the starting of the year is good for the property market then the whole year will see a good percentage of sales.
With Dubai currently being named the most visited city globally, the number of around 25,700 expatriates visiting this quarter is likely to further boost the real estate activities in Dubai. This big change in the demand types is showing a continuing upward trajectory in affordable and mid-priced property market situations. Some professionals in Dubai Housing are predicting a high boom in Dubai's real estate market in 10 years. Investors from other countries are buying more properties in some prime locations in Dubai.
Dubai is now also having a huge number of sales for properties that are priced less than AED 3 million. Some builders like Binghatti and Damac are launching affordable houses that are being sold out in a few days or are in huge demand in the market. The people are booking properties through financing and the number is more than the cash buyers. Some brokers are also predicting that the sales are rising after the grey list removal and the boom of property sales will be much higher than last year.
