A new report showed that 40 percent of property sales in Dubai this year have gone to home seekers looking to buy villas.
Property Finder’s recent 2024 data has unveiled that out of this 40 percent, 85 percent are looking for three-bedroom and above villas. Data displayed areas directing the demand in early 2024, like Dubai Hills Estate, Arabian Ranches, Al Furjan, Mohammed Bin Rashid City, and Palm Jumeirah.
According to Property Finder, 4 key elements are using this surge:
Youngblood, big dreams:
A wave of youthful enthusiasm is sweeping the villa ownership scene, with 39 percent of buyers under 40 years old in Q1 2024 compared to just 31 percent during Q1 2023. Impacted by the upward revolution of rental prices, wise millennials are grabbing the chance to invest long-term in spacious villas.
Ownership over rentals:
It’s not just the affluent getting in on the villa action. Property supplicants across all income racks are capitalizing on flexible payment plans to upgrade to larger living spaces. The number of buyers earning below Dh50,000 per month recorded 47 percent in Q1 2024, up from 37 percent in Q1 2023, indicating a more diversified demand for property.
ROI growth for the win:
While villa prices may have increased, the return on investment(ROI) has been impressive. In 2023, Palm Jumeirah boasted a staggering 41 percent increase in returns for five-bedroom villas, while Dubai Hills Estate and Arabian Ranches saw spikes of 38 percent and 29 percent, respectively. It’s obvious: villas are not just a lifestyle preference but a tactical financial move for many.
Also Read: Dubai to allocate up to 15% quota of property sales to Emirati brokers
A wide range of desired amenities and facilities:
As audience groups evolve, a clear pattern for amenities considered a source of comfort and luxury is drawn with rising demand by property seekers in Dubai. The top 3 quests from the past three years on Property Finder indicate a growing appeal in villas that supply a maid room, a study area, and a private pool. A housemaid room is the most significant priority for many property suppliants looking for villas with three bedrooms or more, with 2024 registering over 129,000 inquires already! A developing demand for Vastu-compliant homes is also on the horizon, with few searches arising since 2023. Waterfront views continue to be of increasing interest among property seekers as well. Last but not least, more people are also peeking for pet-friendly residents, with more than 52,000 inquiries recorded in 2023 and 22,000 in 2024 already.
Signaling a burgeoning desire for a holistic lifestyle, Dubai’s property demand is on its way to becoming more centered around vibrant and positive communities within the city.
