According to the most recent data, investment in the real estate sector is expected to reach AED 160 billion by the end of August 2022. In three consecutive months (June, July, and August), the market's sales volume reached AED 20 million, demonstrating great performance.
Particularly noteworthy is the success of the Dubai real estate market in August, which set a new 12-year high with 9720 sales transactions totaling AED 24.3 billion. In June, 8,897 transactions totaling AED 22.75 billion were registered, while in July, 7,092 transactions worth AED 21 billion were logged.
Rising Demand for Luxury Properties
The demand for high-end real estate in Dubai has skyrocketed in recent years. By 2022, the luxury real estate market's portion of the overall market is predicted to double. So, buying luxury real estate is one of the most popular ways to contribute to Dubai's booming economy.
Foreign investors and ultra-high-net-worth individuals are driving the growth in demand for off plan properties in dubai . In addition, the loosening of visa restrictions has been a crucial driver in this explosive expansion.
Villas Continue to Reign
Villas are integral to the most prominent developments in Dubai's property market. During the COVID-19 epidemic, demand for villas in Dubai, like for high-end real estate, began to rise. After being confined inside for so long, individuals began to appreciate the value of having ample living quarters. And from that point on, there was no turning back.
Ready Properties Dominating the Market
The Dubai real estate market may be divided into two main types: the primary (off-plan) market and the secondary (ready-to-move-in or ready) market.
The former group includes projects that have just been announced or are in the planning stages, while the latter group includes completed homes. Off-plan houses are more affordable since they are still in construction. Similarly, developers often entice consumers with discounts, payment plans, the elimination of DLD fees, and other enticements. On the other hand, ready-to-move-into homes tend to cost more.
Off-plan houses are in high demand because of their lower price and incentive. However, recent developments in Dubai's property market show turnkey homes selling like hotcakes.
