Villa Transactions Drive Off-Plan Market Surge in May 2024
Indicating robust market confidence and economic stability
2 min
Dubai’s property market witnessed a significant rise in off-plan villa transactions, with a 209% increase in May 2024 compared to April 2024. This substantial growth reflects strong market confidence and economic stability in the region.
Overall, Dubai’s property market is showing consistent month-over-month growth. Total transactions in May rose by 47%, while total sales value increased by 54%, reaching AED 20.6 billion. This strong performance underscores the high demand and growing investor confidence in Dubai’s property sector.
Furthermore, May experienced a surge in apartment transactions, which soared by 38.55% compared to April. The value of apartments also climbed by 36%, reaching over AED 16.8 billion. Villas, on the other hand, witnessed an even more impressive increase, skyrocketing by 223% totaling over AED 3.7 billion, in contrast to AED 1.16 billion in April.
“Post COVID-19, people became more interested in larger spaces rather than apartments, leading to a high demand for villas,” said Sijo Jose, Off-plan Manager at Betterhomes. “The surge seen last month was due to the launch of new master communities by Aldar, DAMAC, and Emaar, which boosted sales. Additionally, with rising rents, people are preferring to buy instead of renting.”
The top five areas leading the surge in villa transactions are:
Haven
Tilal Al Ghaf
Dubai South
Reportage Village
MBR City
These areas have become hotspots for investors and homebuyers, offering a diverse range of luxury villas that cater to the growing demand for quality and exclusivity.
The increase in villa transactions and value demonstrates a growing preference for spacious and luxurious living spaces. The rise in apartment transactions also indicates a healthy demand for urban living, catering to a diverse range of buyers.
Developers are responding to this surge by launching new projects, offering a wide variety of options for investors and homeowners alike. The market is expected to continue its upward trajectory, providing lucrative opportunities for both buyers and developers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The Ultra-Luxury Development Offers Comfort, Privacy, and Personalized Service
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UAE real estate developer, Palace Group, has unveiled its latest ultra-luxury residential project in the heart of Downtown Dubai. Situated on Dubai Gardens Main Road, next to Eden House, this new development promises comfort, privacy, luxury, and personalized service.
The project, designed by John McAslan + Partners, the award-winning architects behind the Nobu Residences, will feature 70 apartments and penthouses. Each residence will boast luxurious interiors, top-of-the-line fixtures, and high-quality fittings, with private balconies offering breathtaking views of Dubai’s skyline, ensuring a unique and personalized living experience.
Residents will have access to an array of upscale amenities focused on providing a luxurious lifestyle. Highlights include a spa, a high-end fitness facility, and a business center. Family-friendly amenities such as a kids’ club and play areas are also available.
Palace Group aims to support a resplendent urban lifestyle by offering a comprehensive array of services to meet the diverse needs of its residents, making it the ultimate sanctuary for executives and families alike. The project’s strategic location provides convenient access to major business hubs, world-class dining, shopping, and entertainment options, facilitating a perfect balance between work and leisure.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
