Dubai Sets New Record with Over 10,000 Off-Plan Home Sales in July
A new report by Dubai’s Property Finder shows that an all-high of 10,022 off-plan properties were sold in the July 2024. This growth has been attributed to the continuous expansion of the city and the growing investors’ interest in the property business.
| Key Aspect | Details |
|---|---|
| Total Off-Plan Homes Sold | 10,022 |
| Percentage of Total Transactions | 68.5% |
| Year-over-Year Increase | 60% |
| Leading Developer | Emaar Properties |
| Top Neighborhoods | Dubai Hills Estates, Jumeirah Village Circle, Business Bay |
| Home Price Increase | 28.5% YoY |
| Villa Price Growth | 43% (Palm Jumeirah, Jumeirah Islands) |
| Apartment Price Growth | 34.6% (Discovery Gardens) |
But even in a more particular fashion in July, off-plan sales pointed to an astonishing 68 percent. 5 percent of the overall transactions in real estate of the region with a 60 % rise from the same period of the prior year. This is due to the availability of good market opportunity, and investor interest coupled with a large number of ready projects from the leading developers like Emaar, Damac, and Nakheel. The most active developer during the period was Emaar which was behind one fifth of all off-plan deals and is the developer of such landmark projects as Burj Khalifa and Dubai Marina.
A 28% increase in home prices have been noted in Dubai over the past few years. 5% year-on-year. The prices of villas have especially gone high with Palm Jumeirah and Jumeirah Islands topping the list with 43 percent. The combined value increase has taken the market above the previous high of 2014 with the ValuStrat Price Index soaring. Nevertheless, apartment prices today are still rising but have not yet reached the prices per square meter that was recorded in 2014.
Key Areas of Growth
The area with high off-plan sales is Dubai Hills Estates followed by Jumeirah Village Circle and Business Bay area. There was also impressive off-plan villa transactions on Palm Jumeirah. These areas are gaining more awareness because of the strategic positions, several amenities of classes, and on-going constructions.
This performance demonstrates that investors have high level of confidence in the Dubai’s real estate market as evidenced by the record sales. Some of the factors that have boosted this confidence include its favourable geographical position, favourable business climate coupled with the city’s constant and steady improvement of superior physical infrastructure and lifestyle programmes.
The Dubai’s property market is once again setting record due to high demand of off-plan properties, steadily increasing house prices and enormous investment stakes by premier developers. Recurrent changes in the city are indicative of its emergence as the ultimate investment front especially in real estate that benefits from exceptional returns and a flexible lifestyle.
| Participant | Contact Details |
|---|---|
| Emaar Properties | Phone: +971 4 567 3000 Email: info@emaar.com Address: Emaar Square, Downtown Dubai, UAE |
| Damac Properties | Phone: +971 4 373 1000 Email: info@damacgroup.com Address: Damac Hills, Al Hebiah Third, Dubai, UAE |
| Nakheel | Phone: +971 4 390 3333 Email: info@nakheel.com Address: Al Sufouh 1, Dubai, UAE |
| ValuStrat | Phone: +971 4 326 3232 Email: info@valustrat.com Address: Suite 1702, Sidra Tower, Sheikh Zayed Road, Dubai, UAE |
Dubai Sets New Record with Over 10,000 Off-Plan Home Sales in July Quiz
Credits: 95dubai.com