Page 327 - SOBHA REALTY PR REPORT - JULY 2024

7/22/24, 11:56 AM Property Developers Sharpen Focus On Deliveries As Market Stabilises
an upward trend driven by a variety of factors including enhanced investor facilitation,
transparent property transactions, and the introduction of new off-plan projects amongst

others.

Dubai has always remained an attractive city globally, but the new resident visas introduced
by the government may have encouraged an even higher influx of new residents. The city has

welcomed more than 25,000 new residents in just the first quarter of 2024, which has
predominantly fuelled the demand for property. Projects such as the new airport in Dubai

South, new metro stations and Etihad Railway also seem to have bolstered buyers' interest in
nearby areas. Similarly, the launch of new off-plan projects, availability of ready projects,

provision of top-notch amenities, and overall investor convenience have all positively
impacted Dubai's real estate market. All these factors have led to a surge in searches for both
luxury and affordable properties across popular areas, reflecting consistent growth month

after month.

Another real estate company announced the achievement of the Dh20 billion sales mark

recently. Unique Properties, a Dubai-base property broker, said its total sales value reached
Dh20 billion in recent times. There are hundreds of brokers whose property sales exceeded
Dh1 billion.

With the UAE's economy projected to grow by 5.7 per cent, driven by international
investments and buyers, the region is set to attract even more global attention. According to

Knight Frank, the sale of homes priced above US$10 million increased by 19 per cent in the
first quarter of the year, underscoring its appeal as a destination for affluent buyers and
tenants. The investor-friendly environment, freehold areas, and iconic architecture draw high-

net-worth individuals seeking an opulent lifestyle. The emirate's status as a premier tourist
destination fuels their desire for residential options that reflect upscale hotels, complete with

pools, spas, and concierge services, according to Sean McCauley, CEO of Devmark.

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