Credit By: Khaleej Times
The Dubai property market has reached unprecedented heights, surpassing its previous peak set in September 2014, according to recent data from Property Monitor, a real estate technology and market intelligence platform based in the UAE. Here are the key highlights:
Dubai property prices soared to AED1,271 per square foot in November, marking a remarkable recovery from the slump experienced in October 2020. This figure is over 3% higher than the previous all-time high recorded in September 2014.
Volume of Transactions:
November witnessed the highest volume of sales transactions ever recorded for that month, with a 0.75% month-on-month increase.
Mortgage transaction values reached new highs in November, increasing by 7.8%.
Leading developers such as Emaar Properties and Nakheel captured most of the market share, with sales transactions mainly growing in the AED3-5 million bracket.
Population Growth and Demand:
Dubai’s population surpassed 3.65 million by mid-December 2023, driving significant demand for residential properties. This surge in demand has led to rising prices and a surplus in the luxury property sector.
Dubai’s property market growth has been facilitated by government initiatives, including relaxed visa policies, which have attracted a large influx of foreign nationals.
The issuance of Golden Visas in Dubai increased by 52% in the first half of 2023 compared to the previous year, indicating sustained interest from foreign investors.
Industry experts predict that supply will need help to keep pace with demand in 2024, fueled by the high influx of foreigners and residents transitioning from renters to buyers amidst escalating rental costs.
Pakistanis remain among the top 10 real estate buyers in Dubai, alongside Russia, India, and the United Kingdom.
Geopolitical factors, such as Western sanctions leading to an influx of Russian buyers earlier in the year, continue to shape property trends in the Gulf region.
Dubai’s property market has demonstrated resilience and robust growth, driven by solid demand, government initiatives, and favourable economic conditions.
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