In the first quarter of 2024, the United Arab Emirates (UAE) witnessed a
significant shift in real estate dynamics, with a marked increase in the demand
for ready properties as more tenants opted for home ownership amid rising
rental prices. This trend signifies a departure from the previous year's
emphasis on off-plan transactions, highlighting a robust demand for existing
projects across Dubai and Abu Dhabi. According to Property Finder, this change
is driven by a steady increase in rents over the past three years, propelled by
high demand from a growing population. Consequently, UAE residents are
increasingly purchasing real estate in Dubai and Abu Dhabi to reduce their
monthly expenses and potentially enhance the value of their investments over
time. The first quarter of 2024 emerged as a promising growth phase, indicating
a diversified demand with positive implications for the future.
The Shaikhani Group, a
multi-billion dollar international conglomerate with a strong presence in real
estate development among other sectors, is poised to play a significant role in
addressing this shifting market demand. With over three decades of experience
in real estate development and having delivered over 30,000 units, the group's
extensive portfolio and commitment to excellence position it as a key player in
catering to the increasing demand for ready properties. The Shaikhani Group's
strategy focuses on creating value through high-quality real estate projects,
leveraging its extensive experience and market insights to meet the evolving
needs of the UAE's real estate market.
The shift towards
ready properties is evident in the transaction data. Dubai's existing/ready
market recorded nearly 19,600 transactions in the first quarter of 2024, a
substantial increase from the previous year. This trend reflects a growing
preference among buyers for immediate occupancy options, driven by the rising
cost of living and the desire for stable investments. Similarly, Abu Dhabi
witnessed a 30% increase in residential transactions for ready properties,
underscoring the widespread appeal of owning over renting in the current
economic climate. The Shaikhani Group's ongoing and upcoming projects are
likely to benefit from this trend, offering potential buyers and investors
high-quality, ready-to-move-in properties that align with their preferences for
security and value appreciation.
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