High demand, increase in property value and high sales are some of the factors that predicts the development of real estate in Dubai up to 2024.
Dubai’s housing market is also still growing quickly, and there are no signs that it will slow down any time soon. In their Dubai real estate prediction for 2022, Elite Merit Real Estate experts say that the rate of growth in 2024 will be high because of demand, and the prices of homes have gone up a lot. Observations of Dubai’s real estate market also show that sales are going up, with a record high of 31. It is thought that the number of property sales will rise by 63% in July 2024 compared to the same month the previous year.
Nearly AED 122 million were changed hands in 43,349 property deals in just the first half of 2024. Out of these, $9bn ($33.5bn) was put into customer discretionary goods and services, making them the most expensive. The fact that this is a 30% rise from the previous year shows how quickly the stock is being used up. Dubai’s property sales led to the completion of 80% of the units that were planned since 2022, but the real estate market picture is still good.
The market also looks good for the future because more new homes are expected to be built this year. Up until 2024, there should be about 27,000 1000 BC units available. By 2025, that number will have grown to 41,000, and by 2026, it will have reached 42,000. It’s possible that this extension will be good for both buyers and investors, but it could also be bad because there could be too many offers, which would stop price increases in that area.
Even with these problems, Dubai is still clearly one of the best places to invest in real estate. The information gathered shows that Dubai is interested in investing in real estate, both locally and globally. There is especially strong interest in high-end areas like Palm Jumeirah and Downtown Dubai. Because of this, residential property in these places is in high demand and commands high prices because wealthy people are putting most of their money there.
But it’s not just about wealth. Some of the new, below-cost, and decentralized markets that are already popping up are the Silicon Oasis and the Jumeirah Village Circle. These areas have a chance of getting a good rental return, which makes them good places for investors to look for in the market to grow their portfolios.
The future of Dubai’s real estate will also depend on changes in technology. Using AI and digital platforms is changing the way people buy things, making it easier and more trustworthy. Virtual tours, 3D floor plans, and AI marketing analysis are all commonplace these days. The real estate business is also moving toward a more technological method all over the world.
As a result, the Dubai real estate market is expected to be in good shape by 2024 and 2025, with lots of sales and buyers’ faith. There may always be an issue with too much supply, but the market is likely to keep growing thanks to smart growth in big areas and the use of new technologies. Dubai is one of the best places to invest in real estate right now, whether you’re looking for high-end, middle-range, or cheap properties. The next few years should bring a lot of new possibilities.
