UK, India, Canada, Pakistan among top 10 property buyers in Dubai this year
Lebanon emerges at 3rd position while Pakistan drops to number 8
Dubai: In recent real estate market trends, the United Kingdom and India maintain their positions as top nationalities for buyers in Dubai, with Lebanon emerging as the third top nationality.
Average prices in the Dubai rental market continue to soar across communitie with significant year-on-year increases observed in key areas such as Palm Jumeirah and Bluewaters Island. However, there has been a decrease in new rental contracts and renewals across most communities, as tenants increasingly pivot towards homeownership due to high rental costs and more affordable mortgage options, according to Dubai residential market review for first quarter of 2024.
A Q1 market overview report published by Espace Real Estate has analysed sales and rental activity across the villa, townhouse, and apartment market in Dubai during the first three months of 2024
Top 10 nationalities buying residential properties in Dubai in first quarter of 2024 included:
- United Kingdom
- India
- Lebanon
- Netherlands
- Canada
- France
- Italy
- Pakistan
- Turkey
- Egypt
Espace Real Estate Report reveals insights on Dubai's Q1 residential market, highlighting trends across 30 prominent communities. The report signifies a shift in the secondary market, specifically for properties valued at AED10 million and above, towards sustainable activity levels after years of rapid growth.
Positive outlook in 2024
John Lyons, Managing Director of Espace Real Estate, said the stabilisation in the secondary market, particularly in higher price points, with a decrease in transaction values above AED 10 million. Despite this, there is a positive outlook for 2024, with an increase in total transaction value and volume compared to the previous year.
"If we look at Palm Jumeirah, for example, there has been a -53% decrease in the number of transactions in the secondary villa/townhouse market (albeit average prices are +14% higher). This is because, as the area sees more developers launching brand new collections of villas and townhouses on to the market, more people are buying off plan rather than going for older builds. For the coming months I would anticipate that as the off-plan market continues to make lots of great options available, we are going to see slightly more sustainable levels of activity in the secondary market,” he added.
While prices have risen in most communities, exceptions are noted in Emaar Beachfront and Jumeirah Golf Estates. Jumeirah Golf Estates has experienced a surge, indicating dynamic shifts in Dubai's residential market.