Dubai's Off-Plan Market Soars

Dubai's off-plan residential property prices are expected to rise by up to 15% in the latter half of 2024. This surge is driven by increasing construction costs and a strong demand from overseas investors.

Dubai's off-plan market could see a 15% price hike by year-end due to the real estate boom.

Interestingly, despite a slight dip in overall transaction volumes in June, off-plan sales jumped by 33%. Stricter regulations by the Dubai Land Department, which require developers to use escrow accounts for project-specific expenses, have enhanced the appeal of off-plan properties.

Abu Dhabi and RAK on the Rise

Abu Dhabi and Ras Al Khaimah (RAK) are also emerging as hot spots for real estate. High-end properties in RAK could see prices jump by 50% as we approach the opening of the casino.

Affordable apartments and villas in Abu Dhabi have seen significant price increases, with a 10% rise for apartments and over 6% for villas in June. Luxury housing is also on the rise, particularly in waterfront developments like Al Reem Island, Al Raha Beach, and Yas Island.

RAK's Growing Appeal

RAK's property market has seen a 20-25% price increase over the past eight months. With continuous development and rising demand, prices are expected to increase by up to 50% when the casino opens.

Changing Trends in Dubai

In Dubai, there's a growing preference for integrated communities and smart home technologies. Modern buyers are looking for environmentally sustainable properties with the latest energy-saving and eco-friendly features.

There has also been an increase in demand for townhouses and villas, despite limited supply. Areas like Dubai South, Jumeirah Village Circle (JVC), and the newly announced metro blue line are particularly popular.

Additionally, demographic trends are shifting, with British investors now outnumbering Indians, attracted by Golden Visas, tax-free benefits, high rental yields, and Dubai's high standard of living.

Overall, the UAE's real estate market is poised for significant growth in the coming months, driven by strong demand, rising construction costs, and changing buyer preferences.