Dubai’s real estate market appears poised to maintain its growth trajectory into 2024, as expert forecasts indicate a 5% growth in the Dubai real estate market for 2024, propelled by substantial economic expansion across the UAE. This growth is poised to bolster numerous industries, with Dubai’s real estate sector emerging as a standout beneficiary.

Dubai’s real estate market remains robust, solidifying its status as a top choice for investors pursuing diversification and lucrative returns.

According to the report, Dubai’s real estate sector saw a remarkable 17% year-on-year increase in recorded sales transactions, totaling over 11,000 transactions compared to 8,712 in January 2023. Additionally, there was a notable surge in transaction values, reaching nearly Dhs35 billion, marking a 27% increase from the same period last year.

Key Insights

1. Demand for Off-Plan Properties:
   • Off-plan properties witnessed a surge in demand, with a year-on-year increase of approximately 25% in volume, totaling around 6,000 recorded transactions.
   • The value of off-plan transactions surged by approximately 21% year-on-year, reaching approximately Dhs15 billion.
2. Existing Property Transactions:
   • Existing property transactions also experienced growth, with an approximately 8% year-on-year increase in volume, totaling over 5,000 transactions.
   • The value of these transactions surged by 31% year-on-year, reaching Dhs21 billion.

3. Luxury Real Estate Soars to New Heights

• • The surge in demand for luxury waterfront residences, and the city’s rise to prominence in the AED 40 million-plus and $100 million-plus home markets.