April 2024 Dubai Property Market Review

UAE reported a stable Dubai property market in the first quarter of 2024.  Despite, the stability some of the areas experience a decline. On the other hand, the market retained the user interest and strong investors. With the continuous addition of new property in the market, in April real estate in Dubai achieved the highest performance for the month, with sales surpassing AED 32.4 billion. 

Dubai Property Market Review of April 2024

There are various aspects of the Dubai property market which can be assessed or used for measuring the performance of the Dubai property market.  Let’s explore the Dubai property market for the month of April and the different factors that drove this progress.

On-going Boom in Dubai Property Market – Investors are hurdling

There is no doubt that the market of Dubai is booming with a large influx of properties and a massive number of investors investing. According to the Arabian News real estate in Dubai witnessed enormous growth in the previous month April. Furthermore, the real estate market performance analysis highlighted that for the month of April 2024, sales transactions surpassed more than 45% as the last month.

Growth in Apartment Demand

As reported 58% of the property seekers were looking for an apartment, followed by 42% who searched for townhouses and villas. Contributing to the growth of Q1 2024, the values of transactions observed a remarkable upward trend with AED 32bn with an increase per cent of 21.13 as compared to the same month of last year.

Growing Momentum for the Villas

In the month of April demand for villas was witnessed as increasing with 37% of the property seekers searching for four-bedroom units, while 41% of the demand for the three-bedroom units has observed an increase. Besides, 55% of the buyers sought unfurnished units and 44% sought furnished options.

Dubai Real-estate growing from the start of 2024

Analysis of the Dubai property market showed extensive growth from the start of 2024 which can also be seen in the month of April 2024. As data highlighted 48,200 property sales were recorded from January till the end of April 2024, compared to the sale of 38,927 during the same period in the year 2023. This clearly reflected the growth of 24% indicating the successful trend in the month of April as well.

Trend in the Mortgages Transactions – Market Witnessing Mixed Trends

The mortgage transactions in April showed mixed evidence with total transactions of 2,180 indicating a decrease of 10% compared to April 2023. On the other hand, the displayed total value of AED 14.6 billion indicates strong growth.

The significant growth can also be confirmed by the higher average mortgages and the increase in property financing deals.

Key Areas of Sales – Projects Contributed to the Dubai Real-estate Performance Improvement

Some of the key regions and projects in these areas that have contributed significantly to growing and improving the performance of Dubai real estate for the month of April include Business Bay, Jumeirah Village Circle, Burj Khalifa, Dubai Investment Park and Pal Jumeirah. These areas saw significant transactions for the high-value villas and two land plots.

Deferment of Payment – What is happening in Dubai real estate?

The above aspect of Dubai real estate indicates the positive aspect of the market. However, all the aspects are not positive as highlighted by the Dubai real estate report; the developers of Dubai are considering a 1-3 month delay in payment from the property owners.

Amid severe rains in Dubai not only affected the business and daily life of the individuals but also influenced the Dubai property market. This can be stated and confirmed by the fact that the Central Bank of UAE passed on the directives for the local financial institutions to postpone the payment instalments for up to six months.

What coming?  - Predictions for the Dubai real-estate 2024

Recent data indicates that as of the year 2023, Dubai's real estate market reached approximately a staggering investment value of $100 billion, leading to a growth rate of 5% in this year 2024.  Moreover, there is a forecast that the price of the property will continue to increase in the coming months with increasing demand for the property.

Conclusion

Dubai real estate is robust and dynamic and the market is growing continually with no signs of slowing down. Accessing the performance of the Dubai property market for the month of April it has been found out that the performance was positive. This growth in the market in the month of April is supported by the increasing demand for Dubai properties and also the addition of various newly launched projects. The remarkable growth of Dubai real estate is due to the high investment and the trust of the investors, leasing to a stable market.