Page 221 - SOBHA REALTY PR REPORT - NOVEMBER 2024

areas near major routes. These improvements, coupled with the rise in luxury real estate options,
contribute significantly to the current surge in Dubai property sales.

Leading Developers Shaping the Market
Several top developers are leading Dubai’s property sales boom, including Emaar, DAMAC, and
Sobha Realty. In October alone, Emaar captured 16.3% of the market share with over 2,000
transactions, followed by DAMAC at 14.8% and Sobha with 11.6%. These developers are not only
known for their premium residential projects but also for flexible payment plans that make
homeownership more accessible.
Off-Plan Properties Fueling the Dubai Property Sales Boom

Off-plan properties, or homes sold before completion, play a major role in Dubai’s property sales
boom. These properties accounted for over 73% of October’s sales, thanks to flexible payment
structures that appeal to buyers and investors. Off-plan properties are particularly popular because
they offer affordability, enabling buyers to pay in installments during construction. This model
attracts both first-time homebuyers and seasoned investors looking for long-term value.

Increased Demand for Luxury Properties

The Dubai property sales boom is also evident in the luxury market, where premium properties are
achieving record prices. In October, a villa on Jumeirah Bay sold for AED 175 million (USD 48
million), setting a new standard for completed properties. Additionally, an off-plan villa on Palm
Jumeirah sold for AED 170.5 million (USD 46 million), reflecting the strong demand for exclusive,
high-value residences. Luxury properties in prime areas such as Downtown Dubai, Jumeirah Bay,
and Palm Jumeirah continue to attract buyers who prioritize lifestyle and exclusivity.

Impact of Low Interest Rates on Property Sales

The current low-interest-rate environment is a significant factor in Dubai’s property sales boom.
Lower borrowing costs allow more people to afford mortgages, making homeownership accessible
to a broader range of residents. Many buyers are choosing to invest in property rather than rent,
capitalizing on favorable rates that may not last indefinitely. This trend is expected to sustain strong
demand, especially as interest rates remain competitive.

Expanding Infrastructure Boosts Property Value

Dubai’s extensive infrastructure projects, including new metro lines and road expansions, are
contributing to the property sales boom by enhancing accessibility across the city. The addition of
the Blue Metro Line has made certain residential areas more convenient for commuters, attracting
a growing number of buyers who value proximity to transportation hubs. As infrastructure
development continues, properties in these well-connected areas are expected to see higher
demand and increased value over time.

Flexible Payment Options in Dubai Property Sales Boom
To keep pace with the Dubai property sales boom, developers are offering flexible payment options
to attract more buyers. Many developers provide payment plans that require only a fraction of the
total price during construction, with the remainder due upon completion. These options make it

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