Dubai's real estate market is currently experiencing a period of growth, with total transactions worth 17.91 billion from December 1st to December 31st, surpassing the total sales for the entire month of January 2024 by around 1.38 billion. Despite global economic uncertainty, the demand for luxury real estate in Dubai continues to rise.
One of the reasons for this high demand is the stability and security of Dubai, which attracts investors from countries in Europe, as well as Russian buyers looking to secure assets. Another reason is the rising cost of rent in Dubai. That encourages many individuals to invest in owning a home rather than continuing to pay increasing rental prices.
The supply of luxury real estate in Dubai remains strong, with major developers continuously releasing new projects. This high demand is not impacted by the increasing mortgage rates, which have reached 5% and above.
The location of Dubai also plays a significant role in the growth of its real estate market, as its strategic location allows for easy access to other Middle Eastern countries and Asia, making it a popular destination. The Dubai Land Department has also recently introduced a new electronic platform that will make it easier for property buyers and sellers to conduct transactions, which is expected to increase transparency and reduce fraud, further boosting the market.
Furthermore, Dubai's business-friendly environment and ease of opening new businesses are also major factors in attracting investors and business owners to the city. The government's efforts to create an environment that is conducive to business growth have made it an attractive option for entrepreneurs and investors looking to start or expand their business.
Overall, the real estate market in Dubai is showing strong growth, with high demand for luxury properties and a steady supply from major developers. Despite increasing mortgage rates, buyers are still investing in property in Dubai as a stable and secure long-term investment. The city's stability, security, and business-friendly environment make it an attractive option for investors and business owners.
In conclusion, Dubai's real estate market is thriving and shows no signs of slowing down. With a steady supply of luxury properties and increasing demand from both local and foreign investors.
