The UAE real estate scene is starting 2024 on a strong note. Investors are proactively busy for new opportunities during the first three months of the year. According to the experts at JLL, many factors have worked behind this growth.
The changes to the Golden Visa Rules and cool new housing options have investors eager to buy. The Golden Visa let’s foreigners live and work in the country without a boss sponsoring them. Recently they lowered the minimum home value needed to qualify, sparking even more interest from overseas buyers.
In Dubai, around 10,000 homes wrapped up construction in the first quarter alone. For the rest of the year, another 25,000 units are on track to be finished. Most will be apartments located in happening areas like Business Bay and Jumeirah Village Circle. Abu Dhabi also steadily added 1,600 units, with 6,000 more in the works by year’s end.
Rising rents have also got folks’ attention. In Dubai, apartment rents jumped a solid 22% from last year. Villa rents grew 14%. Home sales prices for both climbed about 21% annually too. Abu Dhabi saw average rental bumps of 4% and sale price gains of 7%. Apartments there saw slightly higher rental growth of 5% versus villas.
Property pros say soaring land and construction costs are pushing builders to target more affordable homes priced around $545,000. That meets the minimum for the coveted long-term visa through a property investment. All signs point to continued buzz in the residential markets across the UAE.
