Dubai’s Real Estate Market Off to a Strong Start in 20246 min read
- Posted by: Derya Bandak
- Category: Dubai
A Promising Beginning
The first week of 2024 has been a busy one for Dubai’s real estate sector. The Dubai Land Department (DLD) reported that the market saw 1,721 property deals worth AED 5.8 billion. This start suggests that Dubai’s real estate market is robust and set for a potentially successful year ahead.
Insights into the Week's Transactions
Breaking down the numbers, the week saw 114 plots sold for AED 1.36 billion. In addition, there were 1,183 sales of apartments and villas, bringing in AED 3.13 billion. The luxury market was particularly active, with top-end properties in Al Thanyah First and Palm Jumeirah going for as much as AED 110.01 million.
Mortgages also made up a significant portion of the week’s activity, totaling AED 779.4 million. The highest mortgage was for Al Hamriya land, valued at AED 125 million. Additionally, property gifts among family members amounted to AED 617 million.
Dubai's Role in the Global Real Estate Scene
Real estate in Dubai is a key part of the UAE’s economy, making up 8.2% of Dubai’s GDP. The sector is central to the country’s plan to diversify its economy. For instance, EMAAR, a Dubai-based property giant, saw a substantial increase in its brand value in 2023, placing it among the top global real estate companies. The Abu Dhabi Investment Authority (DAAD) also remains a significant player on the world stage, with substantial investments across various sectors.
What's Next for UAE's Real Estate?
Experts are optimistic about the UAE’s residential real estate, forecasting growth of over 8% in the next few years. This positive trend follows a challenging period marked by the pandemic but is supported by government policies, including longer residency permits and the 10-year golden visa. These initiatives have made the UAE more attractive to foreign investors, a topic we’ve covered in more detail in a previous article on property investment visas in Dubai.
How TME Services Can Support Your Business
With such a promising start to the year and favorable trends, Dubai’s real estate market is ripe with opportunities, whether you’re an investor or a business looking to get involved.
At TME Services, our team of 45 experts is ready to help your business make the most of these opportunities. With over 18 years of experience in the UAE and the Middle East, we specialize in legal, tax, accounting, and compliance matters. Visit our services page to learn more about everything we do.