Dubai’s property market surpasses over 35,310 transactions across residential, commercial, and industrial sectors amidst rising prices. What does this mean for you? Whether you’re an investor with an eye on the market or a resident wondering if you can still afford to buy, this surge in Dubai and Abu Dhabi’s real estate market has important implications.
Overall Q2 UAE Real Estate Market Overview
Dubai’s Residential Market
Dubai home prices in Q2 2024 saw unprecedented activity compared to the same time last year. Off-plan property deals drove this surge with a 23.9% increase with developers like Emaar and Damac coming up with back-to-back launches, while secondary market transactions saw a 15.2% rise.
- Residential prices in Dubai surged, with a year-on-year increase of 20.5%.
- Apartments and villas in particular saw price increases of 20.4% and 22.1%, reaffirming Dubai’s appeal for real estate investment despite economic shifts.
If you’re considering investing in Dubai’s residential market, the market shows good signs even with the price increment.
To cater to the primary market demand, luxury villas, and high-rise apartments across communities like Dubai Creek Harbour are being built to meet the rising demand, offering lucrative investment opportunities. Along with that, several projects hit the Dubai Al Ain Road, Dubai South which is also the home to the world’s largest airport, and waterfront communities such as Rashid Yachts and Marina.
Emaar launched a community just 10 minutes from the airport known as “The Heights: Country Club and Wellness,” and a new phase of the infamous “The Valley,” close to the Saih Al Salam Scenic Route. Damac, on the other hand, launched their new waterfront community called “Riverside.” Along with that, countless other developers are planning similar projects that are to be launched this year.
Abu Dhabi’s Residential Market
Villa prices are up 2.3% and apartment prices are up 4.3% year-over-year, showing steady expansion. Abu Dhabi’s housing market is booming with a couple of high-end developments coming up, which is great for the city’s economy overall. Property prices are rising, so it could be a smart investment for your future. Owning a place now will get more valuable every year, considering that After Dubai, Abu Dhabi will be offering a great set of opportunities.
Commercial and Industrial Market Surge in Dubai
Dubai’s commercial real estate market performed exceptionally well, with average rents up 22.2% annually and 17.1% quarterly. (due to expanding businesses in the UAE’s bustling economy. Industrial rental rates increased by 14.3% annually, driven by the logistics sector’s growth.
Rising rent prices for offices, factories, and warehouses mean the Dubai economy is doing great and keeps growing. More businesses need space – increased demand for shipping and supply chains too. This makes Dubai an even more important center for businesses worldwide.
Q2 Home and Commercial Prices in Dubai and Beyond
Q2 2024 has been a remarkable time for Dubai and Abu Dhabi’s home prices as well as commercial prices. Transactions and property values are on the rise, with strong demand in all areas. The UAE continues to be a top spot for real estate investment. Whether you’re an investor, a business owner, or looking to buy property, the UAE offers a vibrant and profitable market.
Would you like to invest in this bustling market?
RNS Realty is a premier brokerage in Dubai run by niche experts with several years of experience under their names. As a newly incepted firm in the city’s dynamic and competitive real estate market, we are recognized by Emaar under the Top 20 Brokerages and hold exceptional ties with developers across the country.
We specialize in both off-plan and secondary markets, bridging the gap between numerous buyers, sellers, landlords, and tenants—as a dynamic and leading real estate firm in Dubai, dedicated to providing unparalleled property solutions.
Source: Arabian Business
