The real estate sector in Dubai remains robust, with both off-plan and secondary/existing properties experiencing notable growth in sales.
Investors and homeowners alike are witnessing appreciable increases in property values, with yields showing consistent year-on-year improvements, as reported by property specialist Haus & Haus Real Estate.
The company has released its Dubai Market Reports for Q1, unveiling a host of significant findings that offer valuable insights for individuals contemplating relocation in the coming months.
Dubai real estate analysis
It has revealed key data on the sector by combining key insights from the company with notable trends observed on Property Monitor and backed by the Dubai Land Department (DLD).
Findings include a 25 percent increase in the value of secondary sales in the first three months of the year, a 7 percent hike in the rental value of properties, and the best-performing areas for villa and apartment property prices.
Thomas Poulson, Sales Director, Haus & Haus, said: “The Haus & Haus Q1 Dubai Market Reports 2024 offer invaluable insights for anyone considering entering the Dubai real estate market or already on their property journey.
“They help provide a comprehensive understanding of the current trends and dynamics, allowing our clients to make better-informed decisions.”
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General Q1 2024 highlights include:
- The total sales value of properties sold increased by 25 percent from Q1 2023 to Q1 2024 (secondary sales)
- The total sales volume of properties sold increased by 12 percent from Q1 2023 to Q1 2024 (secondary sales)
- The total rental value of properties increased by 7 percent from Q1 2023 to Q1 2024 (new and renewal contracts)
- Jumeirah Islands, Jumeirah Park, and Sobha Hartland saw the biggest increases in average price per square foot from Q1 2023 to Q1 2024 for villa communities (36 percent)
- The Greens witnessed the most significant rise in the average price per square foot for apartment communities, with an impressive 28 percent increase from Q1 2023 to Q1 2024.
Off-Plan Q1 2024 highlights include:
- Off-plan performed well with 58 percent of total sales
- The average rental yield in Dubai sat at 7.3 percent, which includes older properties
- Selected off-plan projects expected to yield up to 10 percent ROI, turning the heads of investors seeking rewarding passive incomes
- Jumeirah Village Circle (JVC) maintained its position as the area with the highest number of transactions, reflecting the ongoing expansion and promising investment opportunities within the community. This was closely followed by Dubai Maritime City and Business Bay, indicating sustained interest and activity in these prime locations.
