Top UAE real estate news from January 2024
- Bayut’s Annual Market Reports for Dubai and Abu Dhabi
- Bayut’s Annual Market Reports for the Northern Emirates
- Down Payment Rule Dropped for UAE Golden Visa
- Sharjah’s Real Estate Market Sales Pass $7 Billion
- Abu Dhabi’s Real Estate Transactions hit AED 1.36 Billion
- FAQs
In January 2024, news related to major developments kept the real estate market in the UAE booming. One major Dubai real estate news was the release of Bayut’s annual sale and rental market reports for Dubai, Abu Dhabi and the northern emirates. Coming up next is a round up of the top real UAE estate news in January 2024.
DUBAI REAL ESTATE LATEST NEWS FROM JANUARY 2024
Bayut’s End of Year Market Reports for Dubai and Abu Dhabi
Kicking off our UAE estate news in January 2024, we have Bayut’s 2023 End of Year market reports for Dubai and Abu Dhabi.
These end-of-the-year rental and sales reports for Abu Dhabi and Dubai real estate markets highlight both emirates’ key trends and market forecasts.
Check out how the rental market performed last year with Dubai’s End of the Year Rental Market Report 2023 and Abu Dhabi’s Year End Rental Market Report 2023.
Bayut’s Year End Market Reports for Northern Emirates
The real estate market in Sharjah, Ras Al Khaimah and Ajman is booming, and the reports indicated an uptick in demand for rental properties and properties for sale in both emirates. The reports below highlight the most popular areas to buy and rent apartments and villas in Sharjah, RAK and Ajman. You can also learn more about the current sales prices and trends in these comprehensive market reports.
Down Payment Requirement Dropped for UAE Golden Visa
The UAE Government has decided to eliminate the previous requirement of AED 1 million ($272,294) minimum down payment for the UAE Golden Visa through real estate investment. This move is aimed to encourage more residents and investors to consider property ownership within the country.
Introduced in 2019, the 10-year renewable residency program required investors to acquire property valued at AED 2 million or more.
Before this recent change, homebuyers opting for mortgage or instalment plans had to fulfil a minimum down payment of AED 1 million or 50% of the property’s value to qualify for the Golden Visa. The significant amendment now eliminates the minimum down payment requirement.
Abu Dhabi’s Real Estate Transactions hit AED 1.36 Billion
The Abu Dhabi real estate market kicked off 2024 with a bang, recording over AED 5 billion transactions in January. This impressive figure represents 1,386 deals involving sales and mortgages across various property types.
Affiliated with the Department of Municipalities and Transport, DARI reported that mortgage activity reached AED 2.6 billion through 635 registered deals.
On the other hand, sales generated a total value of AED 2.5 million, encompassing 751 transactions. These deals included ready properties (363 units) and off-plan developments (388 units).
DARI also highlighted the top transactions in Abu Dhabi during the past week. “Prestige Tower” in Mohamed bin Zayed City took the top spot with a value of AED 16.6 million, followed by “Mamsha Al Saadiyat” on Saadiyat Island at AED 12.7 million.
Sharjah’s Real Estate Market Sales Surge 165%
In other major UAE real estate news for January 2024, Sharjah’s real estate market saw an incredible year in 2023. The transaction volume skyrocketed by 13.1% to a record-breaking AED 27.1 billion. Investor diversity also flourished, with a 21.2% increase that now includes 103 nationalities.
Non-Arab foreign investors led the charge, experiencing a staggering 165% jump in trading volume and a 131.7% increase in properties traded. Additionally, mortgage transactions were worth a whopping AED 7.5 billion.
Property deed transactions also rose by 7.5% to reach 24,842. Sales transactions followed suit, with a 14.7% jump to reach 8,731.
Utility sales also saw a significant increase, reaching 691 transactions with a combined value of AED 947.2M. The report further highlighted a remarkable 38.4% growth in initial sale contract transactions, totalling 6,442 and reaching a value of AED 7.5 billion.
FAQs about Real Estate News and More
WHICH NEW DEVELOPMENTS WERE LAUNCHED IN DUBAI IN JANUARY 2024?
The list of Dubai’s hot new property launches for Jan 2024 is quite interesting. The month started with London Gate and luxury Swiss watchmaker Franck Muller signing the deal for Aeternitas – the world’s tallest residential clock tower.
Binghatti announced Mercedes-Benz Places in Downtown Dubai, marking the German automotive giant’s entry into real estate.
ARE THERE ANY FREEHOLD AREAS IN DUBAI?
Yes, many! Here are some of the most in-demand freehold areas in Dubai.
WHERE TO BUY FREEHOLD PROPERTIES IN ABU DHABI?
You can consider areas like Al Seef, Saadiyat Island and Al Reef to buy freehold properties in Abu Dhabi.
That concludes our list of top UAE real estate news for January 2024. If you wish to learn more about the real estate news in the last month, check out our UAE real estate news in December 2023.
