Relevant Insights on Dubai’s Property Market Q2 2024

An Amazing Quarter for Dubai Real Estate!

The Dubai real estate market showcased outstanding performance in the first half of 2024. Contrary to expectations that the luxury market might slow down, it has continued to thrive, with several transactions exceeding the AED 100 million mark. At Driven, we proudly closed the largest deal for a Jumeirah Bay villa in the past six months.

The luxury trend shows no signs of slowing. Although there has been a decrease in Russian activity, there is a notable increase in interest from Asian and European customers, particularly from the United Kingdom.

Al Maktoum International Airport Expansion

In late April, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the expansion of a new passenger terminal at Al Maktoum International Airport in Dubai South. This expansion is set to be five times larger than Dubai International Airport and will house all its operations upon completion.

This development is a strategic move to accommodate the growing population density in Dubai’s southern region. The Al Maktoum International Airport is expected to significantly impact real estate prices in the area, driven by the demand for residential complexes and job creation. The surrounding attractions, including Palm Jebel Ali, Jebel Ali Hills, Dubai Parks and Resorts, and Expo, ensure its popularity as a destination.

New 10-Year Blue Residence Visa for Sustainability

In sustainability news, the UAE has introduced a new 10-year Blue Residence Visa, creating a buzz across real estate and technology sectors. This visa targets individuals who contribute to environmental protection, sustainability technologies, the circular economy, or related fields.

The Blue Residence Visa aligns with Dubai’s longstanding commitment to sustainability. We have observed a rise in sustainable and energy-efficient real estate developments in recent years, a trend strongly supported by initiatives like Masdar. The visa is expected to attract more investment into sustainability efforts.

The influx of new residents will undoubtedly add value to the property market, as many will eventually become potential buyers. Dubai has a unique charm: people often come for a few years, fall in love with the city, and decide to make it their permanent home.

Looking Ahead to Another Successful Quarter

As we move into the third quarter of 2024, the Dubai luxury market continues to flourish. With record-breaking achievements month after month, the construction of Al Maktoum International Airport and the introduction of the Blue Residence Visa will further bolster this thriving sector.