The ready property market also faces a supply shortage as end-users are growing in the city due to rising rentals.
Although the off-plan segment is leading the Dubai property market rally, demand for ready properties stays strong as ‘rightly-priced’ units are sold within a month of being sold.
Driven by the demand from high net-worth individuals, millionaires, and residents, the ready property market is also facing a supply shortage as end-users are growing in the city due to rising rentals.
“Dubai is getting an additional 8,000 plus residents per month, the demand outweighs supply in the majority of projects being launched and sold out and ready properties correctly priced are selling with a maximum of four weeks of being on the market,”
“Property demand in 2024 so far was high for ready properties, but due to the lack of stock, we have seen the majority of growth coming from the off-plan segment. There has been a 13.2% increase in ready property transactions yearly,”
It said ready property prices increased by 14.57% in the first half of 2024 compared to the same period last year.
Growing end-users
Dubai is on track to hit the 2040 plan of population growth with an increase of residents from 3.66 million at the beginning of 2024 to 3.754 million on August 1. If the population increases at the current steady rate, it will reach just over 5.5 million by 2040.
Industry executives suggest that most buyers – either end users or millionaires relocating to Dubai – of the ready property are residents or investors who want to use these properties for personal purposes amidst high rents.
According to the World’s Wealthiest Cities Report 2024 from Henley Partners and New World Wealth, the number of individuals in Dubai with liquid investment wealth or assets that can be readily converted to cash of $1 million or more increased by 78 between 2013 and 2023 to 72,500.
“The Dubai real estate market has seen continuous growth with record sales across all sectors. Notably, the end-user market which increased from 2020 due to the stability of the Emirate, has seen villa/townhouse prices increase due to low supply. Luxury properties in Dubai continue to attract high net worth individuals and investors looking for premium real estate opportunities,”
Dubai’s property market’s current average rental yield is around 6-8 % compared to 2-3 % in London and Hong Kong and 3-4 % in New York. While average property price appreciation in the above three cities was between 10 to 20 % in the 5 years while Dubai saw an 18 % rise in just a year during 2022-2023.
Ready Properties in Dubai Delivered in 2024
As of August 2024, several notable properties have been completed and are ready for occupancy in Dubai. Here are some of the key developments delivered this year:
Emaar Beachfront – Marina Vista
At Marina Vista, live a seafront dream right from your door. Brought to you By Emaar. Each apartment shares a visual connection to the water. Every detail embodies easygoing elegance, perfectly complementing the beachfront setting. Choose between one, two, three and four bedroom beachfront apartments with uninterrupted views of Dubai Marina and the Arabian Gulf. Live life inspired.
- Location: Emaar Beachfront
- Features: Luxurious waterfront apartments with direct access to the beach. Offers stunning views of the Arabian Gulf and Dubai Marina. Amenities include swimming pools, fitness centers, and retail outlets.
Downtown Views II
This is Downtown Views II — chic 1, 2, 3 and 4-bedroom apartments with awe-inspiring views of the Burj Khalifa, The Dubai Fountain, and the captivating skyline.
Downtown Views II promises the pinnacle of urban living with awe-inspiring vistas of Burj Khalifa, The Dubai Fountain and the Dubai cityscape. Within walking distance from The Dubai Mall, their one, two, three and four-bedroom apartments are set amidst legendary surroundings. Brought to you by Emaar – One of the world’s leading developers providing real estate & commercial properties.
Downtown Views II is conveniently located adjacent to Downtown Dubai on the primary Financial Centre Road and Al Saadat Street. Its proximity to Sheikh Zayed Road and Al Khail Road ensures excellent inbound and outbound access to the city, including Dubai International Finance Centre and the white sandy beaches of the Arabian Gulf.
- Location: Downtown Dubai
- Features: High-rise residential tower with modern apartments overlooking the Burj Khalifa and Dubai Fountain. Amenities include a swimming pool, gym, and retail spaces.
Dubai Creek Harbour – Creek Edge
Dubai Creek Harbour offers a stunning view of the Dubai skyline over the water of Dubai Creek. It’s a particular spectacular place from which to de a sunset over the Burj Khalifa. There are a few cafes and shops open at the Marina and some activities for kids.
- Location: Dubai Creek Harbour
- Features: Twin-tower development offering spacious apartments with views of Dubai Creek and the skyline. Facilities include a swimming pool, fitness center, and children’s play area.
Sobha Hartland – One Park Avenue
One Park Avenue by Sobha represents new-age luxury residences that represent a sublime balance between the yin and the yang. Comprising 2.4 million sq. ft. of lush open greens and technology-enabled spaces, this coveted address represents the future of modern life. the residence can enjoy all that is luxurious, convenient, and secure in this very central address that is rooted right in the heart of Dubai.
- Location: Mohammed Bin Rashid City
- Features: Contemporary apartments within a lush green community. Includes a range of amenities such as swimming pools, gyms, and landscaped gardens.
DAMAC Lagoons – Santorini
Close to the charm of DAMAC Hills and yet hidden away from the bustle is DAMAC Lagoons – a new master community in Dubai, inspired by the Mediterranean.
Introducing Santorini by Damac Properties, a leisure design residential development offering 3, 4 & 5 bedroom townhouses and 6 bedroom villas
- Location: Dubailand
- Features: Mediterranean-inspired villas and townhouses with lagoon views. The community offers water-based activities, swimming pools, and leisure facilities.
Madinat Jumeirah Living – Al Jazi
Al Jazi is a new development that features contemporary and inviting 1, 2, 3, and 4 bedroom apartments located at Madinat Jumeirah Living, Dubai.
Al Jazi is a newly launched residential project with premium apartments in one of Dubai’s most vibrant neighbourhoods called Madinat Jumeirah Living (MJL).
- Location: Jumeirah
- Features: Luxury apartments adjacent to the Madinat Jumeirah resort. Amenities include gardens, jogging tracks, swimming pools, and a fitness center.
Bluewaters Residences – Building 9
Bluewaters residences offer a range of dimensions and are set over a podium that is aligned to capture stunning views and create a truly unique island experience. The elegant, mid-rise towers are home to 698 one, two, three and four-bedroom, glass-fronted apartments, each with one or two parking spaces.
There are ten residential buildings on Bluewaters Island as well as two 5-star luxury hotels providing 479 guest rooms and suites.
- Location: Bluewaters Island
- Features: Modern apartments with sea views and proximity to Ain Dubai. The development includes retail, dining, and entertainment options.
Dubai Hills Estate – Executive Residences
DUBAI HILLS ESTATE. Nestled in the heart of Dubai, EMAAR Dubai Hills Estate is a prestigious community that epitomizes sophisticated urban living.
Presenting, Executive Residences 2 by Emaar Properties, set within Dubai Hills Estate, a new development, offering 1, 2 & 3 bedroom apartments in Dubai
- Location: Dubai Hills Estate
- Features: Elegant apartments designed for modern living, overlooking Dubai Hills Park. Amenities include swimming pools, gyms, and children’s play areas.
Jumeirah Village Circle – Belgravia III
Belgravia III by Ellington Properties enhances the Belgravia series with its family-friendly, vibrant apartments in Jumeirah Village Circle (JVC), Dubai.
JVC is one of the best neighborhoods to live in Dubai. The community provides with options of villas, townhouses, and apartments for sale as well as for rent.
- Location: Jumeirah Village Circle (JVC)
- Features: Stylish apartments with contemporary design. The community includes swimming pools, fitness centers, and landscaped gardens.
Palm Jumeirah – Ellington Beach House
Ellington Beach House by Ellington Properties introduces residents to the timeless elegance of a distinctive community, Palm Jumeirah.
A short drive from Sheikh Zayed Road, The Palm is well connected to the rest of Dubai.
- Location: Palm Jumeirah
- Features: Exclusive beachfront residences with luxurious finishes and private beach access. The development offers world-class amenities including swimming pools, spas, and fine dining.
These properties reflect Dubai’s ongoing commitment to delivering high-quality, luxurious living spaces. With a variety of options available, buyers and investors can find properties that suit their preferences and lifestyle needs in some of Dubai’s most sought-after locations.
