Better Homes identifies promising markets for homeowners and investors in Dubai
The Dubai real estate sector saw the majority of sales from the off-plan market in January 2024, according to property specialist Betterhomes.
Quoting a recent report, it said residential off-plan sales accounted for 58.3 per cent of the total sales volume, while transferred title deeds comprised 41.7 per cent.
It also noted that sales price for Palm Jumeirah villas experienced a 2.85 per cent increase, while JVC apartment prices rose by 4 per cent.
Dubai off-plan property sales
Various areas across the city have attracted the attention of both investors and end-users, primarily due to Dubai’s quality of life, stringent safety standards, and employment opportunities.
With the real estate market in Dubai reaching an all-time record of $9.6bn in January 2024, there has been remarkable sales growth.
This surge is predominantly driven by unprecedented demand in prime investment zones such as Downtown, District 1 MBR, and Dubai Creek Harbour.
Highlighting Dubai’s attractiveness as a magnet for wealth migration, the UAE secures the second position globally, surpassing even the United States.
This cements the city’s reputation as a preferred destination for discerning investors seeking lucrative opportunities.
Properties purchased during the pandemic have experienced a significant increase in value, ranging from a conservative estimate of 50 per cent to as high as 200 per cent in certain areas, indicating high returns for investors who bought during that time.
Better Homes analysis identified several key investment areas in the city:
- Downtown Dubai: Offering luxury residential and commercial properties, starting from AED2,056 ($560) per square foot, epitomising cosmopolitan living
- District1 MBR: An exclusive residential district with upscale amenities, starting from AED1,724 ($469) per square foot, appealing to high-net-worth individuals seeking sophistication and privacy
- Dubai Creek Harbour: A visionary waterfront community along the Creek, featuring a mix of residential towers, commercial precincts, and iconic landmarks like the Creek Tower. Prices start from AED 2,056 ($560) per square foot
- Dubai Hills: A master-planned community with picturesque landscapes and world-class amenities, starting from AED 1,962 ($534) per square foot
- Palm Jumeirah: Known for lavish waterfront properties and unparalleled views, starting from AED 6,092 ($1,659) per square foot
- Bluewaters Island: A vibrant mixed-use development off Jumeirah Beach Residence, boasting the world’s largest observation wheel, along with luxurious waterfront residences, upscale dining, and entertainment options. Prices start from AED 4,805 ($1,308) per square foot
Furthermore, the demand for off-plan properties is also soaring, with a notable 48 per cent year-on-year increase in 2023, indicating investor confidence in the city’s real estate market and its long-term growth potential.
Looking ahead to 2024, prime investment opportunities abound in areas such as Jumeirah Village Circle, Maritime City, and Downtown for apartments, while communities like The Valley, Dubai South, and California Village stand out for villas and townhouses.
Toni Abou Jaoude, Sales Manager at Betterhomes, said: “Dubai’s real estate market offers an exceptional environment for both investment success and comfortable retirement.
“The shift from tenants to homeowners and their preference for property investment consolidate the investor base, further enhancing Dubai’s real estate market appeal”.
