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Particularly in Dubai and Abu Dhabi, is anticipated to see a continued upswing in property prices in 2024. Industry experts, including developers and analysts, forecast a steady growth in demand, potentially impacting the luxury property segment later in the year.

The UAE’s property market, particularly in Dubai and Abu Dhabi, is poised for growth in 2024. Residential property prices are expected to surge by 5-7% in Dubai and 3-5% in Abu Dhabi, driven by robust transactional activity, appreciating property values, and rising rental rates. The first half of 2024 looks promising, but a pivotal moment around mid-2024 could impact the high-end luxury real estate sector, potentially leading to market stabilization or a price correction.

in 2023, the UAE’s property sector showed resilience with significant growth in transaction volumes and values. Dubai witnessed a 33.8% increase in transaction volume and a 36.7% rise in value, reaching Dh429.6 billion ($117 billion) in the first nine months. Abu Dhabi also reported substantial growth with 10,557 transactions worth Dh46.33 billion in the first half of 2023.

Residential prices in Dubai saw a remarkable 19.6% annual increase in Q3, with strong demand from the world’s super-rich. Abu Dhabi’s real estate market attracted global high-net-worth individuals with an average property purchase of $2.8 million, thanks to its robust economy and superior infrastructure.

The reopening of global economies and increased travel are expected to boost investments in Dubai’s property market. Key investors from India, China, the UK, CIS countries, and other European nations, along with growing interest from Latin American, Mexican, and Canadian investors, contribute to a positive outlook for Dubai’s residential real estate market in 2024. Ready-to- occupy properties are particularly sought after, offering immediate rental income opportunities and attractive returns on investment.

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