The last real estate sales monthly report for 2024, reveals interesting facts for stakeholders in the market in relation to the sector performance last month.
Records are meant to be surpassed, in Dubai real estate market which continued to achieve new highs as it concluded 2024.
Sales volume back to previous months average
Sales transaction volume increased by 10% from the prior month and 37% higher compared to the same month last year.
Sales values up as well
42.7 billion AED (equivalent to 11.63 billion USD) in total sales value, representing a 5% increase from last year and a 6% increase from the previous month.
Dubai real estate market trends
51% rise compared to the previous month in the total sales transaction value of off-plan properties, leading to a 28% increase from previous year.
The value for ready properties has doubled from the previous month, which is 6% higher than the same month last year.
Check out our research on key considerations for buying off-plan vs ready properties in Dubai.
Jumeirah Village Circle (JVC) and Business Bay continue to be the top choice for investors, last month by sales volume, followed by Wadi Al Safa 5 (commonly known as Dubai Land Residential Complex) and Dubai Marina.
The percentage share of overall transactions volume by asset class* in December:
Apartments 77 %
Villas and Townhouses 16 %
Commercial properties 2 %
Land plots 4 %
Dubai offers a blend of benefits, for foreign investors looking to enter the property market, such as:
Freehold property ownership and Zero property tax
Zero personal income tax or capital gains tax, or withholding tax
lowest corporate income tax rate of 9%
100% foreign business ownership
100% repatriation of capital investment and total profit earned
10-year investor Golden Visa
Investor-friendly policies providing foreign investment protection
One of the world’s top tourist centers
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of Dubai Real Estate Corporation, met in November 2024 with the corporation’s Board of Directors to approve its budget for 2025. Its subsidiary, Wasl Group showed a 28 % increase in revenues compared to the same period in 2023.
In November, Dubai Land Department organized Real Estate Policy Lab to enhance innovation and sustainability in the sector. This initiative seeks to discuss and refine four key sector policies: the Real Estate Alliances Policy, the Resilience and Sustainability Policy, the Real Estate Reputation Policy, and the Data Sharing and Publication Policy which are aligned with DLD’s Real Estate Sector Strategy 2033
Dubai Land Department identified four key policies introduced to help develop the city real estate sector as part of Real Estate Sector Strategy 2033: simplification of ownership rules for foreign investors. introduction of long-term visas tied to real estate investments, expansion of investment zones where foreigners can buy freehold properties, enhanced transparency in the buying process through regulatory measures.
Conclusion
Dubai's real estate sector flourishes due to a secure and stable foundational environment, reinforced by strong laws and regulations that safeguard investor rights and capital. These strengths have significantly contributed to the sector's remarkable growth in recent years.
Staying informed about Dubai real estate market trends, is key for making strategic investment decisions in this dynamic market.
Source: Dubai Land Department; DXB Interact, Dubai Media Office
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