In this blog, we will explore the top off-plan property investment hotspots in Dubai for 2024, that can guide savvy investors toward the best real estate property in Dubai.

Why Many Real Estate Investors Prefer to Purchase Off-Plan Properties In Dubai In 2024  

The off plan properties area had dominated Dubai real estate development for years and particularly for pre-sale units that investors buy before the building is finished. As of mid-2023, off-plan sales accounted for approximately 60% of total property transactions, showcasing their popularity among investors . This trend is projected to persist into 2024 wherein most projects will be met with new projects from developers launching more projects to meet increased demand.

Investors are well aware of these critical underlying factors and are often attracted to making off-plan investments because unlike in completed developments the investor does not have to upfront large amounts but stagger the payments over a long period of time while enjoying the growth of the property. Although there will be many off plan properties in Dubai as always, it is anticipated that the demand for off plan properties from then to 2024 will be very high.

1. Dubai Creek Harbour  

The phenomenon of off plan investment has witnessed remarkable growth, more so in the case of Dubai Creek Harbour. The new mega development has state of the art features such as the Dubai Creek Tower, which is projected to be the tallest building in the whole world and construction is projected to last till 2025. Currently the average cost to own an apartment in Dubai Creek Harbour ranges from AED 1500 to AED 2300 per square foot. Therefore it is less expensive as compared with other prime areas, for example the Dubai downtown area. Property price increase is inevitable because of the geographical position next to Dubai International Airport and the commitment of developing a skyline which will be nation’s number one.

2. Dubai South  

Dubai South is another off-plan hotspot, with its proximity to the Expo 2020 site and the upcoming Al Maktoum International Airport. Real estate reports reveal that off-plan transactions in Dubai South rose by 45% as of June 2023 in comparison to the same period in 2022. People would want to buy property in this area in particular as it is relatively cheap because property prices begin from AED 700 per square foot and also the area is likely to develop into an important logistics and residential hub. The area is set to experience enormous demand for residential and commercial properties with the commissioning of Dubai’s second airport making this a High Return on Investment Area in Dubai.

3. Mohammed Bin Rashid Lucrative (MBR City)  

4. Palm Jumeirah  

Palm Jumeirah has long been associated with the complete comfort and luxury of its residents. However, investors continue to enter this branded location with their Off-plan developments. Palm Jumeirah off-plan properties presently on the market are targeting the high-end market, priced from AED 3,000 per sq. Palm Beach Towers and Royal Atlantis Residences are some of the recent developments that are likely to change the concept of luxury in Dubai cosmic apartments. Given the Palm’s great allure, together with the emergence of Dubai as a city for luxury tourism, prices will only go up as the completion comes nearer

5. Jumeirah Village Circle (JVC)  

More affordable investors will find the Jumeirah village circle (JVC) as a perfect place. JVC remains today a hot area, especially for rentals with the average off-plan prices sitting at AED 850 per square foot. In the year 2023 aka the latest year, the housing rents for JVC increased by 30% and it is one of the Investors hot spots in Dubai with high Return on Investments. Due to completion of new residential and mixed use projects JVC will remain appealing to new and experienced investors.

6. Dubai Marina  

Dubai Marina will also be a favorite area where most investors focusing on acquiring high-end water view properties will prefer going to. Dubai Marina off-plan properties prices in the last quarter of 2023 stood at AED 2500 per square foot but due to future developments, the high-rise price is expected to shoot up.  Dubai Marina is not only a prime location for investors looking for capital gains but also for those wanting steady rental income, making it one of the top real estate properties in Dubai. The area’s unique combination of lifestyle and convenience is hard to beat .

Off-Plan Property Investment Considerations  

Investing in off-plan properties requires that you weigh other factors such as the developer’s reputation, timelines of the project, and its location. Research shows that properties in prime locations yield as high as 8-10% in returns while areas far off the city center attract a constant yielding 6-7% annually. Reasonable expectations of these returns underline the importance of selecting both the right area and development in order to make the most of the anticipated returns.

Conclusion  

In Conclusion, 2024 is a good year for investors looking into Off Plan Properties in Dubai, Dubai Creek Harbour, Dubai South keen investors especially in the year 2024. These areas are the best real estate properties in Dubai as they combine affordability, location and future capital value growth one look.

For long-term investors and those with high returns in mind, these are the places that unlock the potential in Dubai’s property market. As you consider the next investment opportunity, take care to look out for hot locations as they will help you take advantage of the capital city’s changing skyline and infrastructure development.