What Type Of Properties Are A Hit In Dubai 2024?

New buyers can take this year as an excellent opportunity to purchase new homes in Dubai because the cost of luxurious properties will be stable for a while, according to specialists working in companies that manage high-end properties.

Apartments or Studios count among the most sought-after types of property bought in massive amounts every year. The costs are also very high. Apartments, as well as Studios, are expected to stay flat until 2024.

Big Jump in Sales

Construction companies in Dubai selling their luxury housing developments saw a massive increase in sales of about 35 percent in the year 2023. They are anticipating this year (2024), too. The sales volume exceeds AED 41 million, which is quite a large amount.

This is a good moment for buyers looking to buy luxurious homes to use. In addition, some builders also offer attractive financing plans for buyers that can be paid in installments until you own the particular property. 

The increase and launch of studio apartments are due to their massive demand. The spacious and comfortable facilities draw many purchasers to these studios that well-known builders in Dubai are launching.

What People Want to Buy?

As mentioned above, the sale of studios and apartments is higher than that of other properties. Based on a real estate firm report, many buyers want to buy new properties. 60% seek apartments, while 40% seek villas and townhouses.

A few reports from 2023 revealed that, among the homes sold by builders in Dubai and Abu Dhabi, studios and apartments sold more than other kinds of luxurious homes sold during the same time. In the study, the availability of studios is growing due to the construction companies. It's also popular because it is simple to rent studio apartments. 

Properties that are small and simple to maintain are typically sought-after for rental. The proportion of sales for apartments is greater than 50% in the period 2023.

Renting Trends

The rental market in Dubai is favorable, as 66 percent would prefer to live in a furnished house. Most of those searching for rental properties would like to reside in one or two-bedroom apartments.

Hot Locations

There are a variety of locations in Dubai, such as Palm Jumeirah and Dubai Marina, where the bulk of the real estate activity takes place. More than half of the deals and sales are being cut in these areas.

Ready-to-Move-In Properties

The luxury properties that are available for purchase are selling extremely quickly. These kinds of homes comprise more than half of all sales. Their prices have increased by 10% compared to the previous year, but it is essential to remember that this increase could slow down.

Favorite Neighborhoods

Dubai Marina, Downtown Dubai, Dubai Marina, and Jumeirah Village Circle are some well-known areas where people are looking to purchase new properties. For more extensive properties, such as houses, Dubai Hills Estate and Palm Jumeirah are top choices for buyers.

Summary

The top professionals of an estate agency are very optimistic about how they are doing. They anticipate even more positive times ahead and insist on how crucial it is that people make informed decisions regarding properties. 

The property landscape in Dubai for 2024 showcases a preference for a diverse range of properties that cater to varying needs and lifestyles. While luxury developments continue to attract high-end investors and discerning buyers, there is also a growing demand for more affordable housing options driven by a desire for value and accessibility. 

With Dubai's dynamic real estate market constantly evolving, developers and investors must remain adaptable and responsive to changing trends and preferences to ensure continued success in the years ahead.