Dubai has long been a magnet for real estate investors or homebuyers. Dubai’s real estate market is a thriving and exciting opportunity, it is continuously evolving and booming by introducing many mega and new projects. Its real estate market is home to luxurious properties including high-rise apartments, spacious villas, sprawling townhouses, magnificent penthouses, and commercial hubs.
If we talk about current market trends and selling records in Dubai, recently Dubai’s real estate market has experienced an exceptional and remarkable boom. The recent transactional reports, market analysis, and experts’ statements are the testaments of its resilience and appeal.
Property Sale Trend In 2023 In Dubai
In early November 2023, the impressive transaction value of AED 353.7 billion marked a 53% increase and in transaction volume of the property, a 38% increment was recorded with over 116,400 transactions.
The real estate industry experts say that with the prices increasing and property transactions, it is the seller market of the UAE with the increasing demand of the buyers for property.
According to the Dubai Land Department Report, in the last quarter of the year 2023, the value of the sold properties was AED 97.6 billion, a 40% increase as compared to the same period of the last year and the total number of transactions was 31,216. This record of property values and volumes reveals the remarkable and appreciated performance of Dubai’s real estate market.
The managing director of the real estate company Coldwell Banker, Ayman Youssef says, “ The UAE is currently witnessing a sellers’ market as real estate prices in general are on the rise, returns on the property investments are good, people are optimistic about the future, and overall there is a positive sentiment in the market.”
After the pandemic, the government of the UAE has taken some initiatives and introduced a few policies such as residency permits for retired and remote workers and 10-year golden visa programs. These initiatives attracted many investors and homebuyers and resulted in the rebound of Dubai’s property market.
As per the consultancy CBRE report, In Dubai, the average prices rose by 19.6 percent annually in the three months, with average apartment and villa prices increasing by 19.7 percent and 18.9 percent respectively.
Property Sale Trends In Q1 2024
The first quarter of 2024 has passed and this period shows a remarkable performance of Dubai’s real estate market. According to Knight Frank, in the first quarter of the year 2024, 105 homes were sold in Dubai and the price of these homes was more than $10 million, which is a 19% increase from the last year. The total value of the luxury homes sold in the first quarter of the year in Dubai was $ 1.73 billion, which is 6% more than the first quarter of the year 2023. Moreover, Dubai is on the way to delivering 13000 homes per year over the next six years.
In the first quarter of the year 2024, the most demanding, popular, and sold property in Dubai was off-plan property. Off-plan sales transactions and sales volume are increasing consistently every month.
The number of off-plan properties sold in January 2024 is 5,881 and off-plan properties sold in March 2024 are 7,601. These numbers show the rise in selling trends of off-plan properties in Q1, 2024.
Like off-plan projects, ready properties have also contributed a lot to the rising trend of Dubai’s real estate market. The number of ready properties sold increased from 3,961 units in January to 4,421 units in March.
The Managing Director at ANAROCK Group stated that Dubai is one of the most affordable luxury destinations compared to cities like Hong Kong and Singapore.
Many wealthy individuals such as businessmen, top professionals in banking and financial services, and millionaires are interested in Dubai’s residential properties.
“Is now the right time to sell your property in Dubai?” is a huge debate. There is no one-size-fits-all answer to this question. However, the comparison of sale trends, property prices, and total property transactions in the years 2023 and 2024 gives us a clear picture that Dubai’s real estate market is constantly rising.
The industry experts stated that due to the strong demand for properties from local and foreign buyers, the prices of the properties either renting or buying will increase in the coming years. So, this prediction from the experts that this is the right time to sell your property and to earn more profit.
Factors To Consider Before Selling Your Property In Dubai
Not only buying but selling the property in Dubai can be a crucial and challenging task if you do not take safety measures. Before making the final decision about the property, a few important factors are considerable that will help you to make an informed, wise, and profitable decision.
- Market Analysis
- Property Values
- Transaction volume
- Market predictions
- Property type
- Location of the property
- Condition of your property
- Financial condition
- Time frame
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In conclusion, to make an informed decision, it is necessary to stay updated with the current trends and get information from reliable sources such as market reports. Analyze the market trends and transaction value. Determine the most popular and demanding value of the property.
Moreover, the selling price of the property depends on the condition of the property, is it in stable condition or does it require maintenance and renovation? If the property is not in good condition or needs maintenance, this factor can lower the property value.
In the end, it is advisable to consult a reputed real estate agent, he will help you to make your decision more successful. He can analyze the market condition properly and give you more information regarding pricing trends and selling strategies in the real estate market.
Do visit erehome.ae for the detailed information about Dubai Real Estate.