Today, we are standing on the verge of completing the year 2023. Soon, we will bid adieu to 2023 and welcome 2024. Before you enter into the new year, you can get a glimpse of what the real estate market of Dubai might be like in 2024. Once you get an idea, you can discuss it with the real estate companies in Dubai and then consider investing.

Right after the pandemic, the real estate market in Dubai has undergone a vast change. To suit the recent developments, you will certainly see some new changes in the real estate market of Dubai. As we move forward toward 2024, the market analysts and investors of the Dubai real estate sector are all eager to see how things run.

In this blog, we will share some forecasts and predictions regarding the Dubai real estate market trends in 2024. Let’s see if it is still a suitable area for investment.

Dubai real estate market predictions for 2024

According to some of the market analysts and real estate companies in Dubai, the real estate sector of the place is still in a handsome position. It is sure to hike more for the next 18 months and perform at its peak.

If you consider drawing a comparative analysis between the upcoming years and the previous three years, you will see that property prices will increase more. Although this may give you a mini heart attack, hold your horses. This hike in property prices will be a slow and gradual one. So, before the prices go beyond your budget, consult with the real estate companies in Dubai.

However, this does not mean you’ll fail to purchase properties in Dubai due to its high price. Here, you have to keep two distinct points in mind:

• First, the real estate market of Dubai is a sustainable one
• Second, it can give you immense profit.

Still in a dilemma as to whether you should invest in the real estate of Dubai? Look at these numbers and then make a decision:

• The Dubai real estate market can witness a 5% to 10% rise in rental prices by 2024.
• The GDP of Dubai can increase by 2% to 3% by 2024.
• There can be a 2% to 3% capital appreciation forecast in the Dubai real estate market in 2024.

Sustainable real estate performance of Dubai

If you analyze the recent trends in the Dubai real estate market, you will notice that there is a huge scope for growth in the upcoming years. With time, the real estate market of Dubai has come up with a pattern of growth that is not just sustainable but also helps the industry reach a mature phase. So, in simple terms, it can be rightly said that the real estate market of Dubai grew exponentially. This steady growth is a clear indication of better growth and investment in the market.

If you take a look at the transactional volumes from 2019 to 2023, you will notice that the graph has only risen upwards. This is a sign of a healthy real estate sector in Dubai. This is enough to draw more investors like you to the real estate market of Dubai.

What drives the growth of Dubai’s real estate sector?

1. The healthy performance of a non-oil sector

In the first quarter of 2023, you must have seen solid growth in the economy of Dubai. Here, you ought to give credit to the non-oil sector of Dubai for this immense growth. Although the OPEC+ agreements restrict the oil sector of Dubai, you can still hope to see some positive economic growth in Dubai because of the expansion of the non-oil sector. It is because of this diversification that the Dubai real estate market does not bother to depend on oil revenues because it fears fluctuation in the market.

2. Diversified economy

The economy of Dubai maintains healthy competition. As a result, it is stronger than the other economies. It is this competitiveness and strength of Dubai that it has been able to pull more international and foreign investors, especially in the real estate sector. Besides, the government of Dubai is active enough to come up with beneficial schemes to attract foreign capital investment.

3. Government schemes and initiatives

As mentioned earlier, the government of Dubai is active enough to understand the needs of the market and produce accordingly. To stimulate more foreign investment, the government of Dubai fosters a golden visa, less transaction fees, less property tax, and many more. Besides, the government supports real estate businesses to promote the growth and need for homes and properties in Dubai.

Future scope of the real estate market in Dubai

Real estate investors from both the local and global scale have preferred investing in the properties of Dubai due to its astounding economic performance. Even in 2024, the situation is going to be the same. More and more foreign investors will make it to Dubai this time. However, the slight difference would be their passion and likelihood for luxurious properties.

You can expect to see the development of various types of properties. Right from villas to townhouses, apartments, and tall buildings, the real estate market of Dubai can see remarkable growth. This paves your way for getting to view a variety of real estate property options, especially when you are planning to shift to Dubai for business or educational purposes.

Conclusion

Therefore, the real estate companies in Dubai are all gearing up to implement all the new trends in the real estate sector to enhance their market. They are also paving for making new opportunities for investors like you. So, if you are all set to invest in the real estate sector of Dubai, connect with us today.