Source: ArabianBusiness

Dubai off-plan properties prices to surge 15% in second half of 2024

Dubai real estate market is facing competition from Abu Dhabi and Ras Al Khaimah

According to new reports, pre-sale property prices in Dubai are expected to increase by up to 15% in the second half of 2024. This price increase is due to higher construction costs and increasing demand from foreign investors.

High demand from foreign investors:

As one of the popular destinations for real estate investment, Dubai is facing increasing demand from foreign investors. This high demand, especially from Western and Asian countries, has increased prices in the pre-sale real estate sector.

New regulations of Dubai Real Estate Authority:

The Dubai Land Authority (DLD) has imposed more oversight on pre-sale property investments with new regulations. These provisions include the creation of escrow accounts for developers to ensure that buyers' funds are used only for specific project-related expenses. This action has increased the confidence of buyers and the growth of investment in the pre-sale real estate sector.

Competition from other emirates

Dubai's real estate market is facing increasing competition from other emirates such as Abu Dhabi and Ras Al Khaimah. Abu Dhabi and Ras Al Khaimah compete especially in terms of infrastructure and project quality, and this in turn can affect the Dubai market.

The future of the Dubai real estate market

According to the current trend and available forecasts, it seems that the Dubai real estate market is still growing and prices will continue to increase in the second half of 2024. This trend may benefit investors and developers looking to take advantage of opportunities in this thriving market.

2024-07-24 10:43:49

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