Dubai Off Plan Market Soars For Fourth Consecutive Year

Dubai Off Plan Market Soars For Fourth Consecutive Year

haus & haus Real Estate has revealed key data, trends and insights from 2023 that look set to shape the market in the year ahead with the publication of its industry leading Market Insights, covering 24 different communities and 1 Off Plan development.

After a record-breaking 2023 for the Dubai property sector, this annual report offers investors, buyers, and sellers an insider look at the current state of the market, focusing on top areas and flagging important trends.

Charlie Bannan, the recently promoted Managing Director at haus & haus commented: “Our Market Insights offer a unique overview across many of the main expat communities in Dubai. We have found having specific, comprehensive community data helps clients make informed decisions on what is next. Last year was a buoyant one for the market and 2024 is already showing signs for more record-breaking moments. But, as the saying goes, knowledge is power and it certainly mitigates risk no matter what stage of the property journey you are on. There is some great insider information revealed from last year; we hope people find these reports useful.”

Notable points from the Market Insights include:

  • The Dubai Off Plan market soared, marking the fourth consecutive year of growth
  • Developers started venturing further out with projects like Oasis by Emaar gaining immense popularity
  • Villas only made up 1% Off Plan transactions
  • Despite over 60,000 completed units – demand still far outweighed supply due to the growing population (the fastest globally)
  • Top sales increases (average sales price per sq ft): Tilal Al Ghaf, Jumeirah Islands, Dubai Harbour and Dubai Hills Estate
  • Top rental increases: Dubai Hills Estate (apartments), Dubai Creek Harbour, Jumeirah Islands and The Meadows
  • Newer master communities such as Tilal Al Ghaf and Dubai Hills Estate saw a surge in popularity and sales & rentals prices
  • Mature communities such as Arabian Ranches and Emirates Living still hold high demand, and broke transaction records, despite these newer master communities being developed