Great Property Investment Deals have been made, breaking all previous years’ records and elevating the Dubai Residential Property Market.
46 percent residential property market growth has been seen, which has been accomplished by AI-based Proptech Realiste. The real estate market in Dubai continues to impress with higher returns on investments and cheaper costs of apartments for sale in Dubai. An impressive percentage of growth is seen, which is also showing spiking trends in the future.
A 17 percent increase in Dubai’s residential property market is seen in the first 269 days of the present year where 38,73 investment deals and overall, 45,169 deals as per the new market study. Investment jumps are crossing 25 percent for this year compared to next year. The off-plan properties for sale in Dubai, have doubled in investments as compared to the 33 percent rise in the residential property market in the first three quarters of the present year 2023.
Furthermore, these off-plan property deals hit 20,035 investment deals out of the total 26,660 total property deals. All these parameters suggest that the property value is increasing on a daily basis, especially in popular areas in Dubai, where the investment ratio is greater for foreign investors.
A 40 percent spike in year-on-year sales transactions in the Dubai Real Estate Market with over AED 97.5 billion in sales in the Q3 of the year 2023 has been seen.
Dubai Real Estate Market is progressing tremendously as evidenced from the current and future sales forecast.
The 40 percent spike in sales is associated with increased property valuation, increased property market investments, and demand for more residential properties for moving-in settlers and residents. The Dubai property market transactions have seen a 6 percent growth rate between Q2 and Q3 of the year 2023. The demand for both purchases and rentals is upsurging continuously in Dubai’s real estate market as mentioned in Arabian Business. The hub of real estate and a cosmopolitan city of UAE is witnessing significant growth in prices where the annualized growth in property prices is accounted to be 14.6 percent.
What is the growth rate of Property in Dubai is becoming an essential sector in the UAE
A total of 31,216 transactions have been reported by the Dubai Land Department (DLD) from July to October, which includes 3158 buildings, 5016 plots, and 23042 units. The Property in Dubai is essentially growing due to an increasing domestic and global property demand.
On the contrary, the annualized rental growth in property prices is 20.3 percent from the middle of the year 2022 to mid of the year 2023. Therefore, these figures stand out in the global market, however, the prices being offered for similar properties are far greater in comparison to those offered in Dubai, or the whole of UAE. Hence, it is an attractive option for investors and homeowners seeking opportunities to invest in luxury properties in Dubai.
A significant growth in a year’s property valuation growth rate was reported to be 22 percent from the previous year to the current year. Last year in the last quarter, the sales of luxury property in Dubai were reported to be AED 69.5 billion, as compared to the sales transactions in the current year which was reported as AED 97.5 billion. The increase in sales transactions is around 40 percent which will be a significant year-on-year spike in sales.
The above-mentioned property development and growth rate details represent growing property investment deals which are essential to the residents looking for great properties to buy in Dubai, and increase their investments in the region to get better returns on investment. Apart from the benefits, there is no tax levied on the residents and homeowners seeking homes in beautiful neighborhoods in Dubai.
Why invest in Luxury Property in Dubai?
There are many reasons to invest in Luxury Property in Dubai, including growth rates, and demand for more developmental projects to be launched to meet emerging resident needs.
The Luxury Property in Dubai is increasing in numbers as more and more residential properties are being created. With the recent development of properties like Dubai Islands, Palm Jebel Ali, and many similar projects, the luxury property in Dubai game has been raised to the next level. Some of the great property developers include Danube, Emaar, Damac, Meraas, Tiger, Sobha, and, many more. These developers have put in great effort in elevating the property growth rate in Dubai. However, the current global situation has slightly slowed down the development of new projects and investments, however, this is a period that shall pass.
Penny Realty Real Estate offers a huge collection of off-plan properties for sale in Dubai, by accessing our official Website, Facebook, TikTok, Pinterest, LinkedIn, Twitter, Youtube, and Instagram platforms. We bring you the Dubai Real Estate News for readers to benefit from the information and consider investing in property. Please visit our office at Tamani Arts Building in Business Bay, and visit Dubai Local for more information and your queries.