How Dubai Property Market has performed in January 2024?

The stunning metropolis has extracted some of the best developments, which are ultimately responsible for catapulting the Dubai property market's success. The significant growth of real estate in terms of yielding ready-to-move-in, off plan properties in UAE, and branded residences, which has ultimately changed the whole canvas, is proof of the constant improvement of this city. The Dubai property market has tremendously taken care of every kind of investor by showcasing the best options that will eventually fit their budgets. We will tell you about the terrific place where you can make the best property investment in Dubai 2024 as per the promising reports, which will leave you thinking about buying one right now. That is why we are here to tell you about the January update on the Dubai property market. 

The gameplay of the best real estate agency gives enticing options to buy an apartment in Dubai and make real estate investments for off plan properties for sale in Ajman, Ras-Al-Khaimah, Umm-Al-Quwain, Abu Dhabi, Sharjah, Fujairah and the most critical state Dubai. These stunning options, comfortable apartments in Dubai and branded residences have attracted the maximum number of investors to deal in the Dubai property market due to its stability and ever-evolving real estate realm. 

The Promising Performance of Dubai Property Market 2024 Setting Benchmark! 

Here comes the most exciting section of the blog, where we will tell you how well the Dubai property market has performed this year. Although very little time has passed, it is in the first phase of 2024, but the market has still boomed significantly, especially after the launch of branded residences in Dubai. We will guide you to a platform where you can turn your money into treasure with the best property investment in Dubai 2024 and also discuss the previous year’s performances. That is how we will conclude and predict the 2024’s result. 

Dubai Property Market 2023 – Results!

Dubai's population flooded to 3,549,900 by Q4, denoting a 3.16% increment, setting the direction to outperform 5.5 million by 2040. This showcases that the coming surge for dealings in the Dubai property market is high. The Financial backer Visa Drive contributed fundamentally, with an excess of 1,165,855 expats, reinforcing the population to over 4.8 million.

Despite finishing 34,929 units, just 30% of the required private inventory was met. Key regions like Palm Jumeirah, Jumeirah Town Circle, and Downtown saw critical fulfilments to address the heightening lodging requests. A significant 37% increment in property moves was recorded, adding up to 118,645 exchanges, with vigorous average deal costs across lofts, condos, and manors. The Dubai property market exceeded with over $400 billion of sales in 2023, a massive number for a small city. 

Now, let's head towards 2024, which has just completed its first month. Based on current data, we will drive out its comparison to the previous year and predict its growth. 

Dubai Property Market 2024 – Heading Towards Success! 

Dubai remains an affordable city as compared to other cities apart from yielding massive grandeur and comfort like London and New York, where the square per foot price is higher than that of Dubai, which is $850 per square foot for property in Dubai, although the prices may vary as per the locations. This has attracted investors to choose the Dubai property market for investment. The prices of properties for sale in Dubai are projected to rise from 5 to 7%, which will eventually add a huge difference in transaction values. 

Branded Residences in Dubai Elevating the Market’s Charm

As the Dubai property market is expected to grow 5% in 2024, as per the experts claim, it is evident that the continuous rise in property demand is notoriously helping the state grow enormously. The recent launch of branded residences in Dubai, the Mercedes Benz Places Tower in 2024, has significantly escalated the market's charm. This is proof of the market's stability: the luxury car brand Mercedes Benz collaborated with the Dubai capital real estate, which has turned out to be a promising start. This 1 billion dollar development will soon give exceptional returns to the Dubai property market. 

Final Verdict

The comparison shows that gaining more transactions this year might be possible. The 5% rise and other massive developments, such as branded residences in Dubai, will soon surpass this year's progress compared to the previous one. So far, it is an excellent start to the year, and it will quickly flourish more as far as the data is concerned. Therefore, making a property investment in Dubai 2024 will soon benefit you.