Rightly-Priced Ready Properties in Dubai Selling Within a Month

The demand for ready properties in Dubai remains robust despite the off-plan segment driving the real estate market rally. Properties that are reasonably priced are being sold within a month of listing.

Demand from both residents and high-net-worth individuals is fueling the ready property market. This market is also experiencing a supply shortage as more end users move into the city due to escalating rental rates.

"Dubai is gaining over 8,000 new residents each month. This demand surpasses supply in most new projects, leading to ready properties, when correctly priced, selling within a maximum of four weeks," according to Provident Estate.

Engel & Völkers Middle East reported, "Property demand in 2024 has been high for ready properties. However, due to limited stock, most growth has been seen in the off-plan segment, with a 13.2 percent increase in ready property transactions annually."

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The first half of 2024 saw a 14.57 percent increase in ready property prices compared to the same period last year.

Growing End-Users

Dubai's population grew from 3.66 million at the beginning of 2024 to 3.754 million by August 1, positioning the city to meet its 2040 population growth target. If this growth rate continues, the population will exceed 5.5 million by 2040.

Industry experts suggest that the majority of ready-to-move-in real estate buyers are either locals or investors looking to use the properties personally, despite high rental prices. This includes both end users and millionaires relocating to Dubai.

Henley Partners and New World Wealth’s World's Wealthiest Cities Report 2024 notes that 72,500 people in Dubai possess liquid investment wealth (assets easily convertible into cash) of $1 million or more. This number increased by 78 between 2013 and 2023.

Provident Estate commented, "The Dubai real estate market has seen continuous growth with record sales across all sectors. The end-user market, which has increased since 2020 due to the stability of the Emirate, has seen villa/townhouse prices rise due to low supply. Luxury properties in Dubai continue to attract high-net-worth individuals and investors seeking premium real estate opportunities."

Currently, the average rental yield in Dubai's real estate market is between 6 and 8 percent, compared to 2-3 percent in London and Hong Kong, and 3-4 percent in New York. While Dubai experienced an 18% increase in property prices in just one year during 2022-2023, the average property price appreciation in the aforementioned cities ranged between 10 and 20 percent over five years.

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