What is the primary real estate market in Dubai?
The primary real estate market in Dubai refers to properties sold directly by developers, typically off-plan properties that are still under construction or newly completed. This market is a significant driver of Dubai's real estate growth, fueled by the emirate's strategic location, strong economic fundamentals, and attractive investment opportunities.
Key Highlights of Dubai's Primary Real Estate Market in 2024:
Continued Growth: The primary market in Dubai has shown remarkable resilience and growth in 2024, with a significant increase in off-plan sales. As of the first half of 2024, Dubai recorded over 75,000 residential transactions, totaling AED 191 billion, marking a 36% year-over-year increase. This surge is largely driven by robust demand for new developments across various property types, including apartments, villas, and townhouses.
Popular Areas: Key areas in the primary market include Jumeirah Village Circle (JVC), Business Bay, and Dubai Hills Estate. These locations have seen a high volume of off-plan sales due to their strategic locations, modern amenities, and attractive payment plans offered by developers.
High Demand for Luxury Properties: The luxury segment continues to thrive, with high-net-worth individuals and international investors driving demand for premium properties. Notable sales include ultra-luxury villas in Palm Jumeirah and Business Bay, with prices reaching up to AED 127 million.
Developer Incentives: Developers in Dubai often offer flexible payment plans, including post-handover payment options and minimal down payments, to attract buyers. This has made investing in off-plan properties more accessible to a broader range of investors.
Future Outlook: The supply of new properties is expected to increase in the coming years, with a surge in off-plan completions projected for 2025 and 2026. This expansion is crucial to meet the rising demand driven by Dubai's growing population and its appeal as a global investment hub.
Overall, Dubai's primary real estate market remains robust, with continued growth expected as the city further cements its status as a premier global destination for real estate investment.
