25/05/2024
"Dubai Real Estate Investment - 2024"
Overview: The Dubai Real Estate sector has been seeing a bull run for the last few years and is expected to post an even higher growth rate in the years to come, according to market analysts.
Latest data shows a total sales value in April 2024 was AED 32 billion, which is a significant 21.5 % increase compared to April 2023. In summer of 2023 the Dubai real estate sector recorded AED102bn ($27.8bn) of sales. The value was almost double that of the summer season of 2022, which amounted to AED 68bn ($18.5bn), according to data released by The Dubai Land Department. Off-plan projects that offer flexible payment plans continue attracting the most attention.
Continuous growth of the Dubai Real Estate Market has proved its strength to international investor. Dubai’s real estate market continues to outperform global hotspots like New York, London, and Hong Kong, with no signs of a slowdown in sight.
Positive outlook: Dubai is ranked the fifth best city in the world - and first regionally - in the World's Best Cities Report 2023.
The Dubai Real Estate market is full of enticing opportunities for global investors from around the world. The ease of doing business backed by the government's investment-friendly policies is the key reason that attracts the continuing confidence of International Investors.
Government’s incentives like 2-years investor visas, 5-years Retirement Visas & 10-years Golden visas are also very popular among International Property Investors.
Other factors driving and pushing the Dubai real estate market's success are Stable Currency, Tax Incentives, World Class Healthcare, Easy Connectivity, Communal Harmony, World-class Infrastructure & one of the world’s Highest Safety Index.
Future Insight: Further boost in Dubai Property Investment and sustainable growth in the economy is expected, backed by Government policies to boost Direct Foreign Investment in the Real Estate Marke.
The Dubai government announced the New Economic Agenda in 2023, referred to as D33. This includes 100 transformative projects, with economic targets of AED32 trillion dirhams over the next 10 years, doubling trade to reach AED25.6 trillion and adding 400 cities as key trading partners over the next decade.
Competitive Prices: Dubai offers a competitive edge to international Investors, the average cost per square foot of flats in Dubai is $350/sqft and Houses is $1100/sqft based on recent figures.
Prime location properties like Palm Jumeirah, Downtown Dubai, Business Bay & Dubai Marina are between $500-$1000/sqft which is very low compared to other metropolitan cities of the world.
In comparison, the average property prices of the property Hotspot cities of the world are, London $2200/sqft, Hong Kong $4600/sqft, Paris $4400/sqft, Manhattan $2400/sqft, New York $1500/sqft and Mumbai $1500/sqft.
(Research & Report by Mrs. Tayyaba Mansoor)