Dubai Weekly Property News Round Up – 15.06.24

Welcome to this week’s edition of Property News. We’re excited to bring you the latest and most impactful developments in the Dubai real estate market.

In this issue, we highlight the soaring Dubai property market in 2024, led by a record-breaking surge in villa prices. Villa prices have doubled since the pandemic. We also cover the rise in rental prices, with tenants facing tough negotiations as property values increase, and provide an overview of key trends in UAE real estate for 2024, including a housing boom with tens of thousands of new units set to be completed this year.

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Now, let’s take a look at the latest headlines that have caught our eye this week…

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Property News This Week

Dubai’s residential property market is forecast to scale new heights in 2024, with analysts predicting record-breaking home prices. This growth is expected to be particularly pronounced in the villa segment, which is projected to witness significant capital gains. 
 
According to ValuStrat’s April Price Index (VPI) for Dubai, apartment prices are steadily rising, although at a more moderate pace than villas. Villas were the standout performers, with the average valuation per square foot surpassing AED 2,000 for the first time in a decade. This milestone marks a doubling of villa prices since the pandemic, surpassing previous market peaks and even 2014 highs.
Tenants nearing the end of contracts are facing tough negotiations with landlords, whose properties have been revalued by Dubai Land Department under the Real Estate Regulatory Authority (Rera) rent calculator. 
 
The increase in prices in prime villa communities is leaving some tenants facing the prospect of moving to more affordable areas. “Rental valuation certificates now allow owners to get their properties revalued,” said Louise Heatley, owner and managing director of Exclusive Links Real Estate Brokers.
 
Dubai’s real estate market is currently experiencing a significant housing boom, with tens of thousands of new villas, townhouses, and apartments scheduled to be completed and handed over to buyers this year.
 
Despite this surge in new units, experts anticipate that property prices for rentals and ownership will keep rising, fueled by strong demand from local and foreign buyers. Let’s dive into the key trends shaping the UAE’s real estate landscape in 2024.

That’s all of this week’s most important news. If you’ve got any comments or questions about any of these headlines, hit reply and we talk further about the market and your own property investment goals.

Otherwise, I’ll see you next week for your property market round-up. Have a great weekend!

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