Dubai represents the aspirations of countless individuals seeking to fulfill their dreams of property ownership or investment in this dynamic city.
It doesn’t matter whether you are looking for a luxury & comfortable home for your family or only for real estate investment. The only thing that matters is how your residential property or investment will thrive and blossom in the coming years. It is only about securing your future with growth and progress, making your dreams into reality.
In this blog, we are not taking you too far into the future, but we will talk about Dubai Real Estate Market in 2024.
Dubai Real Estate Market Forecast 2024
The increasing demand for ultra-luxury properties in Dubai in 2023 – 24:
Foreign and wealthy investors are the reasons for increased property prices in Dubai:
Investment high return and upscale lifestyle of Dubai villas cause great growth in 2024:
Conclusion
In the hunt for insightful predictions, it is very necessary to know about past & present real estate trends. That’s why, here we are taking you on a tour of Dubai real estate from the past to current trends. So, let’s start the journey and find the best source.
If we believe in the statement of real estate investment experts, then a better time is waiting for investors & property buyers in 2024. And this statement is based on the latest reports & statistics. The given below table is predicting a clear picture and indicating that property values in Dubai have surged massively in the last couple of years and this trend will continue in 2024, especially in the popular communities of Dubai.
So, let’s have a look at this table and track the performance of the Dubai Real Estate Market over the specified 15-year period and then predict the future of this market.
| Dubai Real Estate Trends From Last 15 Years | . | . |
|---|---|---|
| Year | sales Sales Volume in All Areas | Sales Value in All Areas |
| 2009 | 39K | 49.4B |
| 2010 | 26.1k | 35.+6B |
| 2011 | 13.4k | 19.4B |
| 2012 | 12.4k | 18.9B |
| 2013 | 21.4k | 36.4B |
| 2014 | 23.8k | 43.9B |
| 2015 | 18.6k | 36.5B |
| 2016 | 15.4k | 23.8B |
| 2017 | 19.8k | 31.3B |
| 2018 | 15k | 21.6B |
| 2019 | 14.7k | 22.7B |
| 2020 | 13.5k | 20.4B |
| 2021 | 22.9k | 41.8B |
| 2022 | 33.9k | 68.4B |
| 2023 | 52.8k | 117.3B |
Explanation of this table:
According to this table, 2009 to 2011 was a challenging period for Dubai real estate with a continuous decline in property value and sales volume. But from 2013 you can see a little increase in sales volume and price and year 2014 and onwards Dubai real estate began to recover.Then we all know what happen in 2020 due to the covid, there was a record surge in property sales but still things were under control, and in 2022 – 23 again both sales volume and sales value drive upward trends.
So, the future of Dubai real estate market is very bright that you can see through an upward trend, and every fact & figure says that 2024 is perfect time for investment in Dubai. But still, many readers have some doubt in their minds, and they want more facts & figures to prove it. So, let’s clear the doubts of these readers.
The increasing demand for ultra-luxury properties in Dubai in 2023 – 24:
If you are an avid reader of Dubai real estate news then you know about the Dubai real estate performance in the first half of 2023. If you don’t know then let us tell you – Dubai real estate transaction record was broken during this time frame with 176 high-end property sales that exceeded $10 million. Among these deals, Bulgari Lighthouse Residences Penthouse on Jumeirah Bay Island worth $111.6 million (AED410 million) was one of the headline-grabbing deals.
So, real estate investment experts are very positive and claimed that these kinds of deals will continue in the coming months. They also claimed that property prices in Dubai (particularly in some top areas) will increase to 46% due to high demand and low supply.
Foreign and wealthy investors are the reasons for increased property prices in Dubai:
Previously, Dubai’s real estate market was known for its investor’s friendly environment. But now along with this many other reasons like government policies have increased the temptation for properties in Dubai. As well as, the charm of Dubai property has increased with the easy availability of many top luxury properties with big brands like Damac Cavalli Towers, Emaar The Address, Damac Safa 1 & 2, etc.
These types of development have captured the interest of affluent-class investors from different parts of the world. And if you buy a property here worth more than AED 2 million then you can apply for Golden Visa. That’s why, real estate experts are sure that these factors will likely support the hue price increases in the Dubai property market during the year 2024.
Investment high return and upscale lifestyle of Dubai villas cause great growth in 2024:
If we rely on data from the upper-mentioned table then there is very so much positivity in Dubai real estate market and experts believe a rise in demand & price, particularly in some popular communities like Arabian Ranches, Palm Jumeirah, and Dubai Hills Estate, where mostly luxury villas are available.
Most of the developments in these communities are off-plan and will be ready for possession in the next 2 -3 years. So, if you buy property here now then you will get possession soon and start earning high-return through resale or rental.
Which community in Dubai will witness significant growth in 2024?
Now, there is no doubt that Dubai’s charm as one of the most desirable property investment hubs in the world will continue in 2024. So, now might be thinking about where exactly to invest in Dubai.
When it comes to investing in properties in Dubai, many regions & communities have caught the attention of savvy investors. But Dubai Marina & International City are the top choice for those who want to maximize their returns. These communities have been reported to offer the most attractive Return on Investment (ROI) in both the luxury and affordable segments.
For the luxury category, Dubai Marina is the best choice. According to real estate experts, you can easily earn an impressive ROI of 7.04%, which is the highest in Dubai for apartments. And if you have some budget limitations then you can go for apartments in International City with the best options at the best price.
If you only prefer villas but are restricted by budget then you can try Jumeirah Village Circle. Over the last couple of years, this community delivered a notably attractive ROI of 6.9%. And that’s an appealing prospect for homebuyers and investors alike.
If you want to buy ready-to-move villas then we recommend you to visit Damac Hills. According to investment experts, you can easily earn an annual 6.95% rental yield and high ROI.
What property type should I buy in Dubai?
Before answering this question, we want to clarify that “yes, it is true that 2024 will be the best year to invest in Dubai”. But buying decision of every individual can be influenced by lots of factors.
You should consider these properties at TopLuxuryProperty:
- Villas
- Apartments
- Penthouses
So, if you are ready to buy then the first thing you should consider is the requirement. If you are single or a couple then you can settle in a studio, 1 or 2 Bed Apartment. If you are a family with children & parents then 4 Bed apartment is enough for you.
The other important thing you need to consider is your budget. If you have a good budget then you can buy a luxury villa for a family of four – six members.
If you have some doubt in your mind that – what suits you well in Dubai, which location is perfect to live with family, how much booking amount you need to pay, or any other query then TopLuxuryProperty can help you.
Because, when you are in Dubai it is very important to conduct deep research and know your investment goal to experience a hassle-free buying process. Every investment in this world involves some risk and thankfully real estate has very few risks that you can eliminate with the help of an experienced & trustworthy real estate advisor.
Conclusion
Dubai Real Estate Market is heading for a promising future thanks to the increasing demand for luxury properties from the big reputed brands. Investor friendly environment, encouraging government policies, and safe & trouble-free processes have attracted investors from different parts of the world. All these factors are expected to support substantial growth in Dubai real estate during 2024.
