In the first quarter of 2024, demand for ready properties increased in the United Arab Emirates as more tenants chose ownership over escalating rentals.
In contrast to the first quarter of 2023, when off-plan purchases skyrocketed, the first quarter of 2024 saw a strong demand for existing developments in Dubai and Abu Dhabi, according to data supplied by Property Finder.
Following the pandemic, rents have steadily increased over the last three years. Due to the extraordinary demand from the growing population, this upward rental trend is anticipated to continue nicely in 2024. Due to rising rental costs, UAE citizens are turning to purchasing real estate in Dubai and Abu Dhabi, which will lower their monthly payments and increase the value of their properties.
“A fascinating and promising phase of progress has begun in 2024. Property Finder’s chief revenue officer, Cherif Sleiman, says, “We are optimistic about the impact this will have in the coming months. We can see a more diversified demand.”
Based on available data, the Dubai existing/ready market recorded about 19,600 transactions in the first quarter of 2024, upping its market share to 54% of all transactions from roughly 15,000 transactions in the same period the previous year, which accounted for 48% of all transactions. Comparing this result to Q1 2023, there was a noticeable 30% increase in volume.
Comparing Q1 2023 to Q1 2023, approximately 16,600 off-plan sales transactions, or 46% of the overall transaction volume, were recorded, as opposed to 52% of the total transactions in Q1 2023.
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