Dubai Real Estate Track Record 2024

Market Overview

8 months ago

Dubai’s real estate sector has manifested itself as a shining star of advancement and expansion, luring investors and homeowners back due to the city’s high- end developments and masterful city planning in particular. In 2024, the market continues to delight predictions even more and uphold the image of dynamism and sturdiness.

The article is a complete assessment of the achievements of Dubai real estate that have transformed one of the most exotic cities of the world into the most vibrant cities of the world. Are you a proven investor, a first-time homeowner, or just interested to find out what is coming to the real estate scene in Dubai? The points discussed here will provide you with a glimpse of the future of property development in Dubai.

Whether you're looking for luxurious off-plan investment or affordable housing options, Dubai's real estate market has something for everyone. According to reports, the total value of real estate transactions in Dubai was around $172.61 billion (AED 634 billion), with 166,400 transactions. This is a sharp 20% surge in value and a 36% hike in the number of transactions compared to 2022.

New Developments in Dubai Statistics

The city of Dubai is famous for its numerous bold initiatives that create future breakthroughs. The Dubai real estate market with its high-tech skyscrapers, man-made islands, and eco-friendly projects has already set up a new benchmark for next-gen innovation and luxury.

In 2023, Dubai's real estate market delivered approximately 50,000 new residential units, almost half of the city's population growth. Moreover, the city registered around 42,583 real estate units, including 5,546 luxury villas and 47,187 apartments.

In 2024 alone, around 34,000 new units are anticipated to enter the Dubai real estate market. These statistics are a testament to the continuous development of the city and its growing demand for quality housing.

The demand for Dubai luxury apartments and off-plan apartments in Dubai is anticipated to stay high over the next few years. Dubai's real estate market is a target for developers to undertake new projects due to high flow of foreign investors.

Dubai Real Estate Return On Investment

On an average, the annual return on investment in Dubai’s property market is between 7% to 8%. This makes it an attractive option for investors looking to generate steady income.

Dubai's real estate return on investment is, compared to any other property investment returns worldwide, very high. As Dubai is highly regulated by the Gulf Cooperation Council (GCC) it provides for investors a reasonable and socially secure area. In addition to this, the government provides for several other incentives like zero tax policies and long-term visas for property owners which adds to the allure of investing in the real estate market of Dubai.

In addition, Dubai enjoys a very specific position within regional as well as global markets owing to its exceptional infrastructure and investor-friendly regime. As a result, there has been a high demand for rented properties, which is contributing to higher returns on investment for owners.

Dubai Is Cheaper Than Major Capitals Around The World

Dubai is currently recognized as one of the most affordable cities globally based on price per square foot, holding the 103rd position. Comparatively, it is more economical than several major capitals. For instance, Hong Kong is six times costlier, Singapore is four times more expensive, London is three times pricier, New York is also three times more expensive, and Paris is 2.5 times higher in cost.

Thus, with lower initial investment costs and higher rental yields, Dubai's real estate market offers a favorable return on investment for investors. Moreover, as Dubai offers a very stable political environment, property owners can expect long-term appreciation of their investments.

No Taxes On Capital Gains

Dubai is the safest and most reliable market in the whole GCC area and is exempt from any capital gains tax. Therefore, investors can sell their properties at a profit and therefore, are exempted from paying capital gains tax. This is a remarkable privilege to many nations which have huge capital gains tax rates, which are most likely to diminish the return on investment.

Additionally, Dubai has minimal property transfer fees and low maintenance costs, making it an attractive option for property investors looking for a high return on investment. Investors looking for a secure and reliable investment can also benefit from Dubai's stable rental market and potential for property value appreciation.

Wrapping up!

Dubai's real estate market offers a unique combination of affordability, high rental yields, and tax-free capital gains. This makes it an attractive destination for property owners looking to invest in a stable and profitable market.

Furthermore, with the high demand and growth potential in the city, Dubai's real estate market is expected to continue its positive trajectory. With various government initiatives and policies aimed at promoting sustainable growth, investors can expect a secure and profitable return on their investments in Dubai's real estate sector.

Get in touch with the best real estate service provider company, The FirstPoint, to explore investment opportunities in Dubai's real estate market and start your journey towards financial success! Don't miss out on the chance to be a part of one of the most prosperous and dynamic real estate markets in the world.