Arif Patel About Dubai Real Estate Market Predictions 2024

Arif Patel, The Dubai real estate market is expected to continue its growth in 2024, with prices rising by an estimated 5%. This growth is being driven by a number of factors, including:

• A strong economy: The UAE economy is expected to grow by 4.5% in 2024, which will create jobs and boost demand for housing.
• Increased investment: Foreign investment in Dubai’s real estate market is expected to remain strong in 2024, as investors are attracted by the city’s safe and stable investment environment.
• Rising population: Dubai’s population is expected to continue to grow in 2024, which will put upward pressure on demand for housing.

The growth of the Dubai real estate market is expected to be strongest in the luxury segment, as wealthy investors continue to be attracted to the city’s high-end properties. The rental market is also expected to remain strong, with rents rising by an estimated 3% in 2024.

However, there are some potential risks to the Dubai real estate market in 2024. These include:

• A slowdown in economic growth: If the UAE economy grows more slowly than expected, it could dampen demand for housing.
• Rising interest rates: If interest rates rise, it could make it more expensive for buyers to finance their purchases, which could also dampen demand.
• A decline in foreign investment: If foreign investment in Dubai’s real estate market declines, it could also slow the growth of the market.

Overall, the outlook for the Dubai real estate market in 2024 is positive. The market is expected to continue to grow, albeit at a slower pace than in recent years. The luxury segment is expected to perform the best, while the rental market is also expected to remain strong. However, there are some potential risks to the market, such as a slowdown in economic growth or a decline in foreign investment.

Key findings and analysis

• The Dubai real estate market is expected to grow by 5% in 2024.
• The growth of the market is being driven by a strong economy, increased investment, and rising population.
• The luxury segment is expected to perform the best, while the rental market is also expected to remain strong.
• There are some potential risks to the market, such as a slowdown in economic growth or a decline in foreign investment.

Data-driven statements to support the key findings

• The UAE economy is expected to grow by 4.5% in 2024, according to the International Monetary Fund.
• Foreign investment in Dubai’s real estate market reached $50 billion in 2023 till date, according to the Dubai Land Department.
• Dubai’s population is expected to reach 3.5 million by 2024, according to the United Nations.
• The average price of a luxury property in Dubai was $1 million in 2023 in last 2-quater, according to Knight Frank.
• The average rent for a two-bedroom apartment in Dubai is $1,404 – $3,510 per month in 2023, according to AP Properties.