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Monday, February 26, 2024

Dubai Real Estate Market Sees 11th Straight Quarter of Price Increases

Dubai’s property market maintains its upward trajectory for the 11th consecutive quarter.The city’s real estate is substantially cheaper than major global cities.At $1 million, buyers can acquire 105 sqm of prime property in Dubai, making it over 50 percent more affordable than other cities.This competitive pricing is expected to draw high-net-worth individuals, investors, and end-users.

Positive Outlook for Prime Real Estate

Nick Candy, CEO of Candy Capital, anticipates significant price growth in Dubai’s top-tier market.He believes Dubai’s real estate remains competitively priced globally and expects substantial price increases over the next five years.

Undersupply Remains a Key Factor

Knight Frank data reveals that nearly 78,000 homes are under construction in Dubai, set for completion by the end of 2028.This annual average falls below historical completion rates, leaving the market undersupplied.The shortage is particularly evident in prime neighborhoods and high-priced segments.

Sustained Appeal of Prime Markets

Despite entering the fourth year of consistent price increases, Dubai’s prime real estate markets continue to be highly sought-after.The third quarter of 2023 saw an impressive annual price increase of 19 percent.

Transaction Trends and Market Strength

Over 87,000 homes were sold with values exceeding $10 million in the first three quarters of 2023.The total transaction value reached Dh224.6 billion.While transaction volumes dipped slightly in September, the market’s overall strength remains evident.

Steady Price Increases

Residential property values in Dubai increased by 5 percent in the third quarter of 2023.This marks the 11th consecutive quarter of price growth.The cumulative increase since Q1 2020 stands at 30 percent.On an annual basis, prices recorded a significant rise of 19 percent.

Candy’s Confidence in Dubai’s Real Estate

Nick Candy commends Dubai’s remarkable trajectory, world-class lifestyle, and global city status.He underlines Dubai’s appeal to the world’s elite.Notably, apartment prices and villas have experienced substantial price increases, reinforcing confidence in Dubai’s luxury real estate market.

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