26/11/2024
For buyers and tenants
The real estate market in Dubai continues to grow, following its stable growth from the previous year. Forecasts indicate a 15% expansion of the market this year, with the sector leading in transactions valued at $171.6 billion in 2023.
Driving this optimistic forecast are supply constraints, increased demand from key markets such as China and India, and growing attractiveness among diverse demographic groups of investors. Although growth may seem more modest compared to previous years, Dubai maintains its status as a lucrative real estate hub, offering promising returns ranging between 5 and 7%.
This upward trend reflects the city's enduring appeal on the global stage, promising stable returns for seasoned investors in 2024. The city's population growth, economic diversification, and positive forecasts further strengthen its market potential.
Areas gaining popularity include The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, expected to see a 5% price surge, making them ideal for luxury real estate investments.
Dubai South emerges as a promising hotspot for apartment investments, marking a remarkable 73% annual increase in property prices. For those interested in villa investments, The Palm Jumeirah and Dubai South demonstrate significant value appreciation, making them ideal for investment at present.
Market dynamics in 2024 include capitalizing on government initiatives such as reduced transaction fees and extended residency visas to stimulate foreign investments in the housing sector.
From a commercial standpoint, Dubai remains a preferred business center with flexible office spaces catering to evolving business needs, ensuring sustainable growth. The city's commitment to sustainability and technological integration shapes the real estate landscape, emphasizing eco-friendly buildings and smart home systems.
Initiatives for affordable housing are increasing, aligning with government strategies to diversify the housing market and serve the growing middle-class population. Insufficient supply in prime neighborhoods coupled with the burgeoning real estate market promise stable demand, positioning Dubai as an attractive investment destination in 2024.
Source: Savoir Prive Properties Dubai (https://savoirproperties.com/)
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