Dubai Real Estate Market Analysis for May 2024
In May 2024, Dubai’s real estate market continues to demonstrate steady growth and high activity levels. The key indicators include:
Transaction Growth
In the first quarter of 2024, there were 36,448 transactions registered, amounting to a total of AED 108.2 billion. This reflects high liquidity and investor confidence in the market.
Property Prices
Prices continue to rise, especially in the luxury real estate segment, which has seen an increase of 31% quarterly and 95% annually.
Real Estate Investments
Dubai continues to attract international investors. The number of cash transactions has increased by 19%, and mortgage transactions by 8%, highlighting the importance of foreign investments.
Analysis of Real Estate Demand in Dubai
- Increased Demand for Off-Plan Properties: The growing interest in off-plan properties reflects a strategic shift in investor preferences, emphasizing the potential for capital appreciation and returns in this segment.
- Balance of Demand and Supply: In 2023, 37,000 housing units were completed, aligning with the five-year average, and construction began on 55,000 new units. In 2024, an additional 64,000 units are expected to be delivered, indicating strong demand and a balanced supply in the market.
Forecasts
Experts predict a 5% growth in Dubai’s real estate market in 2024, confirming the ongoing attractiveness of the market to investors worldwide. This data indicates that Dubai’s real estate market remains a dynamic and promising investment destination.
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