●24% annual growth in off-plan property salesvalue
●Dubai Maritime City tops the list with the highest demand for off-plan sales, AED 4.24bn
●AED500bn in real estate sales expected in 2024
●Off-plan sales activity comes in light of a group of buyers preferences to bank on the revenues,
Walid Al Zarooni
Dubai, April 6,2024:W Capital- the leading Dubai real estate brokerage – assessed off-plan real estate sales growth in the first quarter of 2024.The study expected 24% growth in sales to AED44.52bn, compared to AED35.9bn in the same period in 2023.
W Capital stated in the report, which was based on data from the Dubai Land Department-DLD, that the number of off-plan sales transactions rose 27.48% on an annual basis in the first quarter of this year, to about 20.540 transactions, compared to 16.112 transactions in the same quarter of the previous year.
“The boom in the real estate market and the strong support from all local and global economic factors contributed to recording historic real estate sales in terms of completed sales or off-plan properties that exceed AED400bn, and is likely to range between AED450-500bn for the whole year,” said real estate expert Walid Al Zarooni,W Capital CEO.
Al-Zarooni added that the UAE is going through a new urban shift in which they adopt developing infrastructure with urban expansion to accommodate the future demand for housing in the next two decades. The UAE opens arms to everyone and provides unprecedented facilities in terms of granting long-term residency, and facilitating foreigners’ ownership of completely new projects, with ambitious plans to become the number one preferred destination for living and working in the world.
Al Zarooni stated that the Dubai off-plan real estate market made a noteworthy record, with the highest annual performance ever for the year 2023, as well as the first quarter of this year.
Off-plan sales in Dubai increased to 68,783 transactions in 2023, up from 43,151 transactions in 2022, an increase of 59.4%, and the highest annual performance ever.
The CEO stated that the off-plan sales activity comes in light of the preferences of a group of investors for this type of real estate investments, which provides many advantages, including attractive payment plan options and long-term payment periods.
**The 10 most in-demand areas for off-plan real estate in the first quarter of 2024
The Dubai Maritime City topped off-plan sales in the first quarter of 2024 with about AED4.24bn, through 2,159 deals. Business Bay came next with sales of AED3.85bn through 1,448 deals, and thirdly, the Jumeirah Village Circle, with AED2.66bn, through 2,785 deals.
In the fourth place was the Palm Jumeirah area, with AED2.3bn through 101 deals. The fifth was One Za’abeel, with AED1.678bn, through 512 deals. Burj Khalifa came next with AED1.597bn, through 427 deals, followed by Dubai Marina, with AED1.336bn, through 214 deals.
Al Wasl area was the eighth, with AED1.29bn through 216 deals, then Dubai Harbor, with AED1.27bn, through 215 deals. “Dubai Water Canal” took the last place with a AED 1.19bn, through 80 deals.
-The most in-demand areas for off-plan units in Q1
|
Area |
Transactions |
Total value in AED |
|
|
1 |
Dubai Maritime City |
2159 |
4.24bn |
|
2 |
Business Bay |
1448 |
3.85bn |
|
3 |
Jumeirah Village Circle |
2785 |
2.66bn |
|
4 |
Palm Jumeirah |
101 |
2.3bn |
|
5 |
One Za’abeel |
512 |
1.67bn |
|
6 |
Burj Khalifa |
427 |
1.59bn |
|
7 |
Dubai Marina |
214 |
1.33bn |
|
8 |
Al Wasl area |
216 |
1.29bn |
|
9 |
Dubai Harbour |
215 |
1.27bn |
|
10 |
Dubai Water Canal |
80 |
1.19bn |
Source: DLD data
