Well-priced Ready Properties Are Selling Within Just a Month

Having spent over a decade navigating the dynamic Dubai real estate market, I’ve observed how the off-plan sector continues to lead the surge in property demand. However, my experience tells me that the appetite for ready properties remains incredibly strong, especially when these units are priced right. In fact, they’re often snapped up within a month of being listed.

The ready property market is currently facing a supply shortage, a trend I've seen grow alongside the influx of high-net-worth individuals and residents. With rental prices climbing, more end-users are making the move to purchase, further tightening the availability of ready properties.

Dubai is seeing over 8,000 new residents each month, a figure that has a profound impact on demand. From my perspective, this influx creates a market where new projects are quickly sold out, leaving well-priced ready properties in high demand and often selling in under four weeks. In 2024, while demand for ready properties has remained robust, the limited availability has funneled much of the market growth into the off-plan segment. I’ve noticed a 13.2 percent year-on-year increase in ready property transactions, with prices rising by 14.57 percent in the first half of 2024 compared to the same period last year.

As I see it, Dubai is steadily marching toward its 2040 population growth target. The city’s population has already grown from 3.66 million at the start of 2024 to 3.754 million by August 1. If this trend continues, I expect we’ll see the population surpassing 5.5 million by 2040.

From my years of observing market trends, I can confidently say that Dubai's real estate market has consistently broken records across all sectors. The end-user market, which has been expanding since 2020 thanks to the Emirate’s stability, has driven up villa and townhouse prices—primarily due to the limited supply. In addition, luxury properties in Dubai remain a magnet for high-net-worth individuals and investors seeking prime real estate opportunities.

One of the standout features of Dubai’s property market, in my opinion, is its impressive rental yields, averaging 6-8 percent—far surpassing the 2-4 percent yields seen in cities like London, Hong Kong, and New York. And while those cities have experienced 10 to 20 percent price growth over five years, Dubai saw an 18 percent increase in just one year during 2022-2023. This is a testament to the strength and resilience of Dubai’s real estate market, something I’ve witnessed firsthand throughout my career.