Dubai Off-Plan Property Prices to Rise 15% in H2 2024

Dubai Property Market: Prices on the Rise

• Dubai's off-plan property prices are expected to surge by 10-15% in the second half of 2024 due to rising construction costs and strong demand from overseas investors.

• Tighter regulations by Dubai Land Department requiring developers to use escrow accounts for investor funds is boosting confidence in the off-plan market.

• Property prices in Abu Dhabi and Ras Al Khaimah are also expected to see significant increases in the coming months, with high-end properties in Ras Al Khaimah predicted to jump as much as 50% before the opening of the Wynn casino.

Rising Demand and Prices Across the UAE

• Dubai is not alone - residential property prices in Abu Dhabi and Ras Al Khaimah are also seeing significant growth.

• Affordable apartments and villas in Abu Dhabi have seen price increases of up to 10% and 6% respectively, while luxury properties have risen by 6% (apartments) and 10% (villas).

• Ras Al Khaimah's property market has seen a surge of 20-25% over the past eight months, with prices expected to rise by as much as 50% by the time a new casino opens.

Changing Trends in Dubai's Real Estate Market

• Buyers, especially international investors, are increasingly interested in integrated communities with smart home technologies.

• There has been a recent uptick in demand for townhouses and villas, likely due to more people looking to put down roots in Dubai.

• Locations along the newly announced metro blue line, Dubai South, Jumeirah Village Circle (JVC), and Furjan are particularly popular as they offer more space for residents.

• Interestingly, British investors are overtaking Indians as the leading demographic of international buyers in Dubai, attracted by factors such as Golden Visas, tax-free benefits, and high rental yields.