As per a recent survey that has been conducted, property prices in Dubai are anticipated to increase by up to 10% in 2024, signalling a sustained cycle of recovery and expansion in the emirate’s real estate sector. It comes when the sector is witnessing rising demand with a shortage of supply due to a host of factors including economic and demographic changes.
In addition, the current survey, which was designed and implemented in consultation with various industry experts and stakeholders, points to several key reasons why an increase in price expectations is coming into play. One of these factors is the demand from domestic and foreign clients, driven by a favourable business climate in Dubai, real estate engineering, and its position as a centre for business and tourism in the whole world.
The research shows that of those surveyed, 70% are confident that there will be an increase in Property prices in Dubai 2024 , while 45% expect property recovery in the range of 5% to 10%. The rest 25% hold a view that prices will go up by more than 10%.
The emerging trends in price of houses and the economic market demonstrate that there is a high growth demand of housing units due to the growing population. This is more so for high-demand zones since there is a limited supply of new developed property. The whole demand-supply imbalance is likely to last into 2024 hence supporting and advancing the property prices even more.
The factors above include economic stability and government efforts to further develop the real estate industry. Most importantly however, the constant infrastructural developments as well as the great efforts in regulatory reforms have made Dubai very attractive for investments.
Industry experts predict that this positive momentum will be sustained through 2024, making Dubai an increasingly attractive destination for real estate investors. However, they also caution that any significant global economic shifts could impact local market dynamics.
With the rapid development of Dubai as a vital part of the global real estate industry, the current projection further illustrates the buoyancy of the emirate and its attractiveness to investors looking for safe and profitable investments.
