Prices for apartments and villas in Dubai continue to rise at an impressive rate, according to a report from ValuStrat Dubai. The rise is being driven by a boom in off-plan property sales. In July, the emirate registered a record number of off-plan property contracts – 10,022, up 60% year-on-year and accounting for 68.5% of the total number of transactions. Sales of completed properties, however, grew by only 27% year-on-year.
According to data from the Portuguese Immigration and Borders Service (SEF), 12,718 'golden visas' were issued between 2012 and 2023. The programme has been particularly popular with Chinese nationals, who make up the majority of recipients. Investments attracted through the 'golden visas' have made a significant contribution to the Portuguese economy and helped support the real estate sector. The leaders in sales of apartments in new buildings were the following areas: Dubai Hills Estates, Jumeirah Village Circle and Business Bay. Palm Jumeirah holds the lead in off-plan villa transactions.
A fifth of all contracts are on the account of Emaar Properties. This is a developer that can be proud of such projects as the famous Burj Khalifa in the center of Dubai. It is also developing the areas of Dubai Hills Estates, Dubai Marina, Emirates Living and many others.
Emaar Properties in terms of sales of housing in new buildings are followed by: Damac Properties, Danube Properties and Nakheel, which account for 5 to 7% of the market.
In July 2024, housing prices in Dubai increased by 28.5% compared to last year, while villas increased in price by 23.5%, and apartments - by 33.4%.