The Dubai real estate market is set for an increased growth and development in 2024, directed by growing demand, economic upturn, and ever-changing market trends. As a focal point of interest for investors, developers, and homebuyers, let’s explore the current trends and insights that will shape the Dubai real estate landscape in the upcoming year.
High Demand: Dubai’s strong demand for properties is driven by a healthy rent market, attracting both local and international investors. The influx of newcomers and a projected population growth of 5.5 million in the coming years will further fuel the real estate market.
Price Growth: Dubai’s real estate market is expected to grow, with property prices increasing by 4.5% in 2023 and 3.0% in 2024, driven by a strong economy, international investment, and population growth plans. Even with the price increase, it is considered that luxury housings in Dubai are still less expensive than in other cities all over the world.
Rental Yields: Dubai’s property market offers high rental yields, making it an interesting investment destination with an estimated 3% rise in rents in 2024.
Economic Growth: The UAE’s 17.6% economic growth in 2024 is expected to boost the real estate market, boosting workforce demand, job opportunities, and housing demand
Market Reliability: Dubai’s stable real estate market, with minimal risks, is expected to remain attractive as an investment destination due to anticipated economic expansion and potential appreciation in property values.
Potential Price Decline: Dubai’s property prices are expected to ease by 2024, with a mild price correction of 5% to 10% in the next 12-18 months, not significantly impacting the real estate market.
Sustainable Living and Green Development: The UAE’s 2040 Urban Master Plan and commitment to achieving Net Zero by 2050 make it a top investment destination for both business opportunities and sustainable living.
In 2024, Dubai’s market is committed to continuing its path of growth and innovation. As investors, developers, and homebuyers, it’s an exciting path to be a part of.
References:
- https://www2.deloitte.com/ae/en/pages/real-estate/articles/dubai-real-estate-predictions-2024.html
- https://www.househuntersdubai.com/public/index.php/blog/what-factors-will-drive-dubais-real-estate-market-in-2024
- https://cielodxb.com/blog/dubai-real-estate-market-forecast-2024#:~:text=Price%20Growth%3A%20The%20Dubai%20real,to%20double%20the%20UAE’s%20population.
- https://www.linkedin.com/pulse/dubai-real-estate-market-trends-predictions-2024-vijay-rana-zloyf/
Shanie Reichert
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