Dubai’s real estate market is currently experiencing a significant housing boom, with tens of thousands of new villas, townhouses, and apartments scheduled to be completed and handed over to buyers this year. Despite this surge in new units, experts anticipate that property prices for rentals and ownership will keep rising, fueled by strong demand from local and foreign buyers.
Let’s dive into the key trends shaping the UAE’s real estate landscape in 2024.
UAE Real Estate Predictions – A Housing Boom 2024
Dubai’s real estate market contributes almost 14.4% to its total GDP, and the market is growing at 3.03% CAGR. Here are some expert predictions about the real estate market in the UAE.
Property Prices and Rents to Soar to New Heights
In 2024, property prices and rents in the UAE are expected to climb even higher. Driven by strong demand, limited supply, and a robust economy, both residential and commercial properties will see significant price increases.
One of the most prominent drivers in the rising demand for real estate is the increase in the population. The UAE is the first choice for ultra high net worth individuals to buy luxury properties, and this surge is making the market highly competitive, favouring property owners and landlords.
Sharjah’s Property Market Set for Unprecedented Growth
Sharjah is poised for a record-breaking surge in property deals. The emirate’s strategic initiatives to attract investors and enhance infrastructure are paying off, leading to a substantial rise in real estate transactions. This growth will boost Sharjah’s economy and make it an attractive alternative to the more saturated markets of Dubai and Abu Dhabi.
Surging Demand for Luxury Homes Continues
Luxury homes will continue to experience strong demand across the UAE. Affluent buyers, both local and international, are increasingly seeking high-end properties that offer exclusivity, premium amenities, and prime locations. This trend underscores the UAE’s appeal as a global hub for luxury living.
Real Estate Emerges as Top Choice for Investors
Real estate is set to become the hottest investment avenue in 2024. With stable returns and the potential for significant appreciation, more investors are turning to property as a secure and lucrative option. The UAE’s favourable regulations and growing market confidence further enhance its attractiveness for investment.
Sustainability Takes Centre Stage for Owners and Tenants
Sustainability is becoming a key priority for both property owners and tenants in the UAE. There is a growing ‘sustainable fever,’ emphasising eco-friendly building practices, energy-efficient designs and green certifications. This shift not only benefits the environment but also aligns with the global trend towards sustainable living.
Final Words
The real estate market in the UAE is expected to undergo significant growth and dynamic changes in 2024. These trends point towards a promising and prosperous future for investors, residents, and stakeholders in the year ahead.