Real Estate
Dubai Real Estate Market Overview 2024
Key trends and insights in Dubai's Property Market 2024
08/21/2024
4 minutes
Despite rumors of a potential downturn, Dubai's real estate market remains stable and accessible to investors.
There are many news stories online claiming that the market is about to crash, and that it is nearly impossible for Russians to buy property in Dubai. This, of course, is not true, but it does create a perception of a problem. Access to the real estate market for Russians is exactly the same as for other investors from different countries. For the past two years, Russian clients have consistently ranked among the top five largest investors by volume.Current Trends in Dubai’s Secondary Market
In reality, Dubai’s secondary real estate market has continued to show an upward trend since 2020. We rely on transaction data from the Dubai Land Department (DLD), which confirms this trend. The total volume of transactions in the second quarter amounted to $33.9 billion.
According to DLD data, the number and value of villa transactions increased by 38% year-on-year. Apartments are showing more stable growth, as this market segment has been more established since the 2010s, with a growth rate of 2.3%. The total number of transactions exceeded 43,000, up 45% year-on-year. The off-plan market shows impressive growth of 80%, accounting for more than 60% of all transactions.
Rental Market Situation
For those renting out properties with short-term strategies, the news is particularly good: apartment rents have increased by 20% year-on-year. This raises the question of choosing between long-term and short-term contracts, each with its own advantages. For villas, rental growth was around 13%.
For those renting out properties with short-term strategies, the news is particularly good: apartment rents have increased by 20% year-on-year. This raises the question of choosing between long-term and short-term contracts, each with its own advantages. For villas, rental growth was around 13%.
Market Stability and Consolidation
The Dubai real estate market is becoming more consolidated and conservative. This provides fundamental security factors for investors. We see this reflected in current transactions.
Thus, despite rumors and pessimistic forecasts, Dubai's real estate market continues to develop and offers numerous opportunities for investors. We recommend relying on facts and data to make an informed investment decision.
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