Dubai is a land where dreams come true. It's a city that offers endless opportunities, where safety, prosperity, and a vibrant lifestyle come together. That makes Dubai an attractive destination for people all over the world that are in search of the best careers and standards of living. A mind-blowing fact – 85% of the populations are expats. Such high number of foreign residents creates a constant demand in property rent, which makes investing in Real Estate notably profitable.
At Aile Properties, we are here to help you secure your own piece of this enchanting paradise. You can contact our agents for further assistance, we will do our best to answer all your questions.
Record-Breaking Quarter: 2023 Q4 saw 31,920 transactions worth 147 billion AED, setting new records.
Sales Soar: Sales surged by 18% QoQ and 26% YoY, reflecting market strength.
Price Records Smashed: Property prices hit 1,640 AED per sq. ft., affirming Dubai's global investment allure.
Cash & Mortgages Rise: Cash transactions grew by 19% QoQ, mortgages by 8%, driven by foreign investments and rental incentives.
Primary Market Thrives: Transactions increased by 22% QoQ and YoY, meeting demand.
Luxury Segment Booms: Luxury property transactions jumped by 31% QoQ and an impressive 95% YoY.
Palm Success: Palm Jabal Ali attracted 14 billion AED, while Palm Jumeirah set records with a 500 million AED penthouse sale.
Commercial Sector Resilience: Despite a 5% QoQ drop, commercial properties remained 61% higher YoY.
Bulgari Residences & Palm Villas: Bulgari Residences led luxury apartments, and Palm Jumeirah villas remained top choices.
Robust Rentals: Apartments yielded 7.25%, villas and townhouses remained stable at 5.26%.
Supply & Demand Balance: 37,000 units delivered in 2023 matched the 5-year average, with 55,000 units launched, the highest since 2015.
2024 Outlook: Expect 64,000 units in 2024, with Jumeirah Village Circle leading in units under construction.
Note – this information is taken from the published data online (https://www.morgansrealty.com/report/q4-2023/)
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