In the first quarter, 10,000 new properties entered the Dubai market.
In the first quarter of 2024, 10,000 new properties were added to the Dubai real estate market, according to a report by Asteco. Dubai’s economy continues to attract expats due to improved quality of life and high economic performance.
Real Estate Supply in Dubai
In the first quarter of 2024, more than 10,000 residential units were introduced in Dubai, including 7,300 apartments and 2,750 villas. This is a significant increase compared to the previous quarter, with an additional 30,000 new units expected by the end of the year.
Rent and Sales
Average rental rates for apartments and villas remained stable, although growth varied across different areas. Annual rental rate growth slowed to 6% for villas and 10% for apartments. The number of new rental agreements decreased by 4%, while renewals increased by 5% compared to the previous quarter and by 12% compared to the previous year.
Sales prices also remained stable, with an annual growth of 6% for apartments and 8% for villas. Apartments in areas such as Jumeirah Village Circle, Business Bay, Dubai Marina, and Downtown Dubai became more popular among buyers due to high investment returns. The off-plan real estate market continues to play a significant role in transaction volumes.
Buying real estate in Dubai is an attractive option for several reasons. Firstly, Dubai’s real estate market shows steady growth and resilience, providing reliable investment opportunities. Secondly, the city attracts expats from all over the world due to its high quality of life, excellent infrastructure, and favorable business conditions. Low taxes, high safety levels, and a variety of cultural and entertainment activities make Dubai an ideal place for living and investing. Additionally, purchasing property in popular areas such as Jumeirah Village Circle, Business Bay, and Dubai Marina promises high investment returns due to consistent rental demand and high occupancy rates.
