What is the best property type to sell in Dubai in 2024?

The Dubai real estate market is buzzing with deals, records and excitement as the market currently runs on its three-year high!

With record-breaking highs in the market, property owners and investors have found themselves in a prime position to capitalise on the market's impressive gains.

But is now the right time to sell? That's a question everyone’s asking!

According to our Operations Director; Paul Kelly, properties situated in prime residential areas, with a wealth of amenities and stunning views, are likely to fetch stronger returns.

Plus, upgraded properties,especially those vacant on transfer, are positioned to reap profits.

So, which types of properties are currently in high demand?

According to Paul, apartments, condos, and townhouses are leading the pack. In particular, units priced under AED 3 million, including studios, one-bedrooms, and two-bedrooms, are flying off the market.

Off-plan properties, with flexible rates and attractive amenities are also in demand, with projects like Wasl Park Views selling out in just 36 hours!

Furthermore, according to our Allsopp & Allsopp first-party data, off-plan property sales accounted for 52% of the total sales in Q1, with apartment sales accounting for 90% of all off-plan sales transactions!

Paul said “With the highest demand we have ever seen, the market is excellent for any potential sellers. The caveat is that there is more data and information in the market than ever before, which is a good thing. How this translates to the seller is that, regardless of property type or area, you will be able to sell your property relatively quickly, so long as your approach and pricing are right. If not, the buyers will know to look elsewhere.”

Looking into the Allsopp & Allsopp first-party data, we got insights into the top-performing communities and the property types - Paul added "During the first quarter of 2024, the number of apartments sold in prime residential areas like Jumeirah Village Circle and Business Bay was 10,481, while the number of villas and townhouses sold was 2,947."

When it comes to location, areas like Jumeirah Village Circle, Dubai Marina, Business Bay, Downtown Dubai, and International City are seeing the highest number of buyers for apartments. For villas and townhouses, DAMAC Lagoons, Dubai South, and Emirates Living are among the top contenders.

Paul also shared, “With the right approach and preparation, sellers can navigate the market dynamics and capitalise on the high demand for properties across various segments. Whether it's apartments in bustling neighbourhoods or villas in serene communities, the market is ripe for those ready to seize the moment.”

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