Other emirates like Abu Dhabi and Ras Al Khaimah also present strong real estate investment prospects aligned to ambitious development plans. However, dynamics vary at the emirate level based on demand drivers, infrastructure projects, policy reforms and more.
This analysis will provide an in-depth 2024 outlook across hospitality, residential, office, retail and industrial real estate in Dubai, Abu Dhabi, Ras Al Khaimah and Sharjah using recent performance trends, growth catalysts, and expert projections.
For investors and end-users, the research can help identify potential high-upside asset classes and locations to target amid the Middle East's promising realty landscape while steering clear of segments with elevated risk.
Dubai Real Estate Market Outlook
The Middle East Real Estate landscape has an optimistic outlook for 2024, especially Dubai, which is poised to see robust activity across sectors - hospitality, residential, commercial offices, retail, as well as industrial and logistics properties.
Hospitality Sector
Dubai's hospitality sector has shown a remarkable recovery from the pandemic-induced slowdown. According to leading real estate consultancy Cavendish Maxwell, at the end of 2023, Dubai's hotels returned an average occupancy rate of about 77%, therefore breezing past pre-COVID levels for the first time ever.
Occupancy will continue to grow, reaching 80% in 2025, as tourism continues on its upward path. Similarly, the ADRs for hotels are likely to reach AED 750 at some point in the future, with visitor confidence and spending power gaining momentum upward.
Dubai can see a robust 2024 for hotels and serviced apartments, with more than 31 new hospitality establishments slated to launch in the next year, which could further bring more than 8,600 potential rooms to the market, according to data from Cavendish Maxwell.
The majority of the upcoming inventory pipeline is of luxury and upper upscale, which consists of about 73 percent of total new supply. Accor, Hilton, and Jumeirah—leading hotel firms—spelled out ambitious expansion plans for Dubai, riding high on the wave of the city's Tourism Vision 2025. Accor itself has plans to nearly double its Dubai portfolio from more than 70 hotels at present to almost 150 by 2030.
As it increasingly becomes intrinsic, sustainability for hotels is shifting investments into green buildings and technologies that may convey noteworthy savings in water and energy. Evolution does not stop within guest-centric amenities either—more health-focused F&B outlets, state-of-the-art fitness regimes, co-working spaces, etc.
Residential Property Sector
On the residential front, property consultants forecast sustained investor appetite for Dubai’s housing sector in 2024 after stellar price growth and sales velocity recorded in 2021 and 2022.
Industry analysts dubizzle revealed that affordable-priced upcoming areas like Dubailand , Dubai South , Dubai Creek Harbour as well as established neighborhoods like Jumeirah Village Circle , saw maximum homebuyer interest during H1 2024.
Concurrently, elite communities located on Palm Jumeirah , Emirates Hills and Downtown Dubai continued to attract UHNWI (Ultra High Net Worth Individuals) on the prowl for luxurious waterfront mansions and sky-high apartment suites. Sales of luxury homes valued at over AED 10 million scaled new heights in Dubai during 2023, majorly concentrated in Palm Jumeirah’s signature island mansions, according to consultancy CBRE.
In just the first half of 2024, as many as 190 villas over AED 10 million were sold in Palm Jumeirah, with average prices per square foot for such uber-luxe homes appreciating by approximately 9% over the past year.
Commercial Office Space Sector
The positive economic sentiment that prevails within the business community, consistently high rankings in global ease of doing business, and competitiveness indices have precipitated strong demand for commercial office real estate in Dubai from investors and end-users alike.
As per projections from Nikoliners, around 236,000 square meters of new office stock across various freehold zones could enter Dubai’s market throughout 2024. Demand is expected to be high for Grade A spaces located in established business districts like Dubai Internet City, Dubai Media City, Dubai Knowledge Park and Dubai Production City, which are likely to witness heightened leasing activity over the next year as more global entities continue to flock the city to capitalize on its investor-friendly policies.
Areas like Downtown Dubai and Business Bay as well as new urban districts like Dubai Creek Harbour, also present strong value propositions for large corporates eying prominent central addresses for their regional headquarters and zones dedicated to futuristic industries like crypto and blockchain located nearby.
According to Savills, average monthly rents for Grade A offices in prime downtown locations currently hover around AED 1,800 per square meter, cementing Dubai’s reputation as an attractive destination for commercial occupiers relative to other global cities.
The positive outlook continues into H2 2024. JLL estimates an average 10% rental growth for the full year, reaching up to AED 175 per square foot. This makes the next few months a sound period to secure office space.
Retail Real Estate Sector
Experts predict Dubai’s retail landscape is primed for exponential growth in sync with its vision to become the world’s most visited city, with estimations from Dubai Chambers pegging its value to reach a staggering USD 43 billion by 2026.
The recent additions of massive retail flagships like Dubai Hills Mall , Dubai Square, and Nakheel Mall on Palm Jumeirah over the past year has energized the market. Moreover, dedicated lifestyle communities offering an amalgamation of residences, offices and retail outlets like Dubai Creek Harbour and Dubai South have expanded the retail catchment landscape allowing retailers and F&B operators to bolster their presence.
E-commerce is also driving investment in large warehousing and distribution hubs as well as last-mile delivery stations across Dubai’s length and breadth. Tech innovation is the new mantra for Dubai’s malls and retailers, with novel concepts like RetailGPT that leverage AI to provide hyper-personalized recommendations to enhance customer experience garnering widespread interest.
The promising outlook has put organized retail real estate in Dubai firmly in the spotlight, with investment activity hitting never-before seen peaks recently as investors aim to capitalize on strong positive consumer confidence and spending levels within the Emirate.
Industrial and Logistics Sector
Dubai's vision to establish itself as the logistics and manufacturing capital of the world has led it to strategically enhance its industrial and logistics infrastructure significantly.
Integrated zones like Dubai Industrial City, Dubai South, Jafza FZE act as stabilized ecosystems for carrying out trade, transporting goods as well as manufacturing high-value items while also attracting substantial foreign investment inflows - over $5.5 billion in H1 2022 alone, as per Dubai FDI data.
Dry warehouse leasing activity is also heating up, with rental rates for such logistics facilities increasing sharply due to expansion plans across e-commerce majors like Amazon and Noon. Data from industry trackers point to average warehouse rents registering a nearly 40% jump over the first half of 2024 in prime locations as supply struggled to keep pace with surging demand.
City-wide initiatives like the Dubai 2040 Master Plan focused on spurring growth in priority sectors like pharma, medicinal equipment, and electronics and expanding air and shipping capacity will further feed demand for warehousing and manufacturing real estate in the coming years.
Abu Dhabi Real Estate Market Outlook
Turning to the Abu Dhabi Real Estate Market , in recent years, the attractiveness of Abu Dhabi has established itself as an attractive destination for real estate investment. Factors like pro-business policies, strategic mega-projects, residency incentives, safety, and quality of life continue boosting the capital’s appeal.
Hospitality Sector
Hospitality represents an important driver in the process of Abu Dhabi's economic diversification. Billions have been invested in tourism infrastructure and attractions to cement its position as a world-class destination for MICE and leisure.
Temporary setbacks caused by the COVID-19 pandemic were seen, but Abu Dhabi's hospitality sector rebounded strongly in 2022 and early 2023. Revenues of hotels surged past 70 percent in Q4 2022 compared to the same period in 2021, at the back of rising occupancies, average daily rates, and length of stay.
Industry reports indicate stellar performance continued into this year, with Q1 2023 revenues jumping annually by 45%. Occupancy touched 81% between January and March 2023—the highest since Q1 of 2020 before the coronavirus outbreak. ADRs, on the other hand, show no signs of stopping. They keep marching upwards and currently stand at an average of AED 651.
The DCT Abu Dhabi has played a major role in boosting visitor numbers through massive event sponsorships and seasonal campaigns. The government is also striving to make the tourism sector green by implementing a first-of-its-kind initiative—the Carbon Calculator—for hotels.
With major attractions like Warner Bros World Abu Dhabi finding their footing, and new supply muted, occupancy rates will stabilize in the mid-80 percent range through 2024. ADRs will similarly record single-digit bumps, driving overall revenue growth.
Residential Property Market
The residential sector accounts for the lion's share of real estate activity in Abu Dhabi. After a temporary blip during COVID-19, sales prices and rental rates across both apartments and villas in the UAE capital have shown tremendous upside over the past 18-24 months. Let's take a closer look at the future outlook:
Sales Price Growth Forecasts
Backed by higher employment levels, rising household incomes, a spate of new off-plan launches and expanding buyer demand, average residential values are projected to appreciate anywhere between 5%-10% in 2024 as per top analysts.
Waterfront communities like Al Reem Island , Al Raha Beach , Yas Island and Saadiyat Island in particular are expected to outperform and deliver upper-end price increases for investors seeking premium capital gains. More affordable neighborhoods located inland will also record stable price growth between 3-5%, ensuring holistic market strength.
Steady Rental Rate Appreciation
Rental prices across both apartments and villas in Abu Dhabi saw an upswing of 5-15% during 2023 depending on the area and unit type. This momentum will continue through 2024 as occupancy levels remain tight coupled with marginal upcoming supply.
Tenants will likely witness another 10-15% hike in average leasing rates over the next 12 months as demand continues to outstrip availability. Landlords will similarly enjoy higher yields thanks to rising rents and property valuations.
The growth will be broad-based covering budget to luxury options, especially with Abu Dhabi positioning itself as the top alternative destination for Dubai's tenant spillover.
Overall, Abu Dhabi offers strong upside potential for buyers, investors and landlords in 2024 through double-digit capital and rental gains.
Office Property Sector
The office market is intrinsically linked to broader economic conditions - when GDP grows, demand for commercial space follows. After multi-year weakness, Abu Dhabi's economy staged a dramatic turnaround in 2022, estimated to have grown over 10% amid higher oil production and prices.
This has flowed through to the office sector, where grade A vacancy rates dropped below 5% while rents surged 31% between 2021 and 2023 within freehold areas . However, available high-quality stock remains extremely scarce.
New Supply Crunch to Persist
Master developers like Aldar have an extensive project pipeline but most office towers remain in conceptual/design stages with completion timelines after 2024.
In fact, Abu Dhabi is expected to witness no major office deliveries in 2024, with only around 30k sqm of commercial space slated across smaller standalone plots.
Further Rental Growth Potential
With extremely restricted upcoming space over the next 12 months, grade A office rents could spike another 10% - 15% in 2024 as corporate occupiers compete for empty blocks. Other tailwinds include Abu Dhabi's pro-business policies, large capital availability with local banks and appealing tax incentives that continue attracting companies.
The sustained rental growth will, however, vary across micro-markets - premium districts on Al Maryah and Al Reem Islands will outperform the mainland. Nonetheless, the broader trajectory remains firmly bullish.
This supply-demand imbalance will likely worsen as more businesses set up operations or expand in Abu Dhabi, especially within ADGM following its jurisdiction's expansion to Al Reem Island.
Retail Sector
The advent of COVID severely impacted Abu Dhabi's retail sector as malls were shut and visitor numbers decimated. But massive stimulus and marketing efforts have supported a demand recovery since 2021. Retail is fast emerging as central to the emirate's economic vision.
Meanwhile, average rental declines seem to have bottomed out as sentiment improves among retailers. Some areas like Al Maryah Island have seen retail lease rates start inching upwards since mid-2022.
As consumer spending recovers further towards pre-pandemic patterns amid full mobility, retail asset performance will continue gradually improving during 2024. Here is what investors can expect:
Stable Occupancy Levels
Backfilling of vacant spaces supported by ongoing demand revival will help stabilize average mall occupancy rates around 85% towards 2024 from current 82%, bringing it closer to Dubai's 92% levels. Community shopping centers should perform even better. Overall, more than 3,500 shops and outlets in 27 malls have been participating in Abu Dhabi Retail’s latest event of this much-anticipated initiative.
Rental Rates Bottoming Out
Retail rental rates across malls and street-frontage spaces are forecast to remain largely flat through 2024 after previous declines. A few established destinations like Al Maryah could witness mild upside. Nonetheless, the leasing environment looks set to start consolidating.
Better Profitability and Investment Yield
With retailers witnessing higher revenue potential from elevated footfalls and community projects near completion, commercial yield on retail assets is expected to bottom out by the end of 2024. Although still higher than Dubai's 5% range, a gradual recovery towards 7% looks achievable.
Industrial Sector
The UAE Capital has ambitious plans to emerge as a global hub for technology, manufacturing and other priority sectors beyond hydrocarbons. This requires developing advanced industrial infrastructure that allows firms to setup base seamlessly.
Billions are being pumped into large-scale integrated industrial ecosystems such as the Abu Dhabi Industrial City and Khalifa Industrial Zone (Kizad) through 2030 to attract SMEs and multinationals across materials, transport equipment, food processing and pharma sectors.
Kizad itself has major manufacturing companies like Emirates Steel already operational while activating another USD 4 billion of industrial projects lately. Several zone-agnostic industrial players are also partnering with warehousing operators like Gulf Warehousing Company (GWC) to serve demand.
Robust Leasing Activity in 2024
Given the government's industrial impetus and freezone operator initiatives, leasing activity within industrial areas and warehouse spaces is primed to accelerate through 2024. Tenants will lean towards newer Grade A complexes that offer flexible size configurations. Rental rates will similarly find support after COVID-related corrections, potentially registering upside in some micro-markets nearer to completion deadlines.
Ras Al Khaimah’s Real Estate Market Outlook
Like Abu Dhabi market, Ras Al Khaimah Real Estate Market has outperformed most other Emirates in terms of real estate growth over the past 3-4 years. The emirate offers a more affordable alternative to investing in Dubai , with improving infrastructure and connectivity.
Hospitality Sector
Ras Al Khaimah’s tourism and hospitality sector has seen meteoric growth post-pandemic. Investments in attractions like Jebel Jais mountain peak, development of lavish resorts like Waldorf Astoria, and natural sightseeing places have boosted the Emirate’s appeal.
As per the latest statistics:
- In 2023, Ras Al Khaimah welcomed over 1.12 million visitors, its highest ever annual tourist arrivals
- Hotel occupancy raced to over 75% last year from 60% in 2021
- Average daily hotel rates climbed 27%, with RevPAR rising over 60%, the highest in the UAE
The positive momentum is expected to gather pace in 2024, with the pipeline of new hotel keys set to rise over 15% y-o-y.
As per analyst forecasts:
- Tourist arrivals are projected to surpass 1.25 million in 2024, an 11% growth
- Total hospitality revenues could expand by over 17% with rising occupancy and sustainably higher room rates
- Branded residences linked to luxury hotels will further lift investor interest
So for investors seeking to ride Ras Al Khaimah’s hospitality wave, 2024 promises highly lucrative returns via capital appreciation and stable cash flows.
Residential Property Sector
Ras Al Khaimah’s residential market has mirrored the tourism sector’s exponential rise, establishing itself as the emirate’s most investor-friendly real estate asset class. Sales prices across villa communities surged 15-20% in 2022 alone, fuelled by improving social infrastructure and investor activity.
As per the latest residential market statistics in Ras Al Khaimah:
- Property sales transaction values topped AED 9 billion in 2022, up from AED 6 billion in 2021
- The luxury villa segment saw the most interest, with a 33% value increase over 2021
- Apartment prices also recorded over 4% annual rises in established communities
- Over 5,000 additional residential units are slated for completion by 2025
In tandem with tourist expansion plans, analysts expect the residential price momentum to persist in 2024 on the back of tightening supply.
Key projections for 2024 include:
- Ras Al Khaimah sales prices to post 8-10% gains, outpacing Dubai marginally
- Rental rates could jump 10-15% given limited upcoming stock over demand
- Projects linking tourism with residences to see the highest investor traction
- Villas to outperform apartments as buyer shift to ‘work from home’ gains pace
Commercial Office Sector
While Ras Al Khaimah’s commercial office market lacks the scale and variety of Dubai or Abu Dhabi, it has registered gradual yet consistent growth aligned to population and economic expansion.
As per estimates, over 1 million square feet of Grade A office stock was added across multiple freehold developments over the past 5 years. 2022 saw this pace accelerate with demand rapidly outstripping new ready supply, spurring an uptick in occupancy and rents after years of stability.
According to research:
- Grade A office rents in pockets of Al Hamra Village have surged over 30% over the past year
- Office sales transaction activity rose by over five-fold in 2022 alone
- Tight supply conditions, with under 0.2 million square feet slated over 2023-2024
These dynamics are expected to pave the way for further commercial property price rises of 15-18% in 2024 as corporates jostle for space. So the office sector presents a relatively undervalued investment opportunity to capitalize on the emirate’s rapid economic ascent.
Retail Property Sector
Much like the commercial sector, Ras Al Khaimah’s retail real estate ecosystem has also witnessed gradual yet positive momentum over the last decade, giving way to quality malls, community shopping centers and mixed-use developments.
While retail property transaction data remains patchy, surging investor interest is evident from numerous new mixed-use hospitality projects featuring dedicated retail and F&B space. Established malls are also embarking on expansion plans to cater to the Emirate’s rising population.
As per estimates, some key retail sector trends likely in 2024 are:
- Organized retail space set to rise over 15% y-o-y after limited growth earlier, improving quality and choice
- New waterfront/island developments with dedicated retail areas to see strong pre-sales
- F&B and entertainment gaining share within shopping centers as tourism expands
- Rising footfalls and occupier demand helping landlords undo pandemic-era rent waivers
So retailers and investors must closely monitor Ras Al Khaimah’s potentially lucrative blend of surging tourism, improving infrastructure and rising disposable incomes while identifying entry prospects.
Industrial Real Estate Sector
Beyond the glamor of Ras Al Khaimah’s hospitality sector and mainstream residential properties lies emerging real estate investment potential within industrial assets.
As one of the UAE’s original manufacturing and mining hubs, Ras Al Khaimah houses several industrial zones, quarries, factories and warehouses. It contributes over 60% of the country’s total ceramic production for instance.
Some notable industrial sector trends as per analyst estimates are:
- Ras Al Khaimah’s mining output set to expand over 30% by 2024 to surpass $1.5 billion
- Total manufacturing sector output projected to post 8-9% CAGR until 2030
- Major infrastructure upgrades underway across key industrial areas and connectivity routes
This mirrors the Emirate’s focus on expanding output and employment across production-linked sectors. For real estate investors, it unlocks prospects within warehousing, storage spaces and processing facilities leasing over the medium term. While risks exist, healthy yields of 8-10% make prospects worth evaluating.
Sharjah Real Estate Market Outlook
The Middle East real estate market is diverse, with each emirate having its own unique dynamics. Sharjah , in particular, presents new prospects for property investors in 2024. As the third-largest emirate in the UAE, Sharjah offers affordability and growth potential that sets it apart from neighboring Dubai.
Let's explore predictions for Sharjah property in 2024 across residential, office, retail, and industrial sectors.
Residential Property Market
Sharjah Real Estate Market has witnessed remarkable growth in recent years, a trend expected to continue in 2024. Here is a snapshot of the market’s performance in H1 2024 and what it potentially indicates for H2:
H1 2024 Performance
January 2024 kickstarted the year on a stellar note with AED 3.9 billion in residential property transactions, up 95% year-on-year. February and March saw trading volumes exceed AED 3 billion.
By property type, villas led in sales followed by apartments. Prime areas like Al Khan, Al Nahda, and Al Majaz saw strong activity. Driven by surging demand, residential sale prices increased 15% in Q1 2024. Rents also rose 10% in Q1 amid tight supply.
Market Drivers
The residential boom has been fueled by government initiatives, population growth, expanding industries, and increasing global interest. As these catalysts persist, the future looks bright.
Predictions for H2 2024
With no signs of the major growth drivers weakening, the residential sector is primed for ongoing prosperity in H2 2024. Trading activity is expected to remain high amid tight supply. As demand rises further, sale prices and rental rates are predicted to increase 8-10% over H2.
Established prime areas will lead in capital appreciation as demand concentrates on high-quality housing. Affordable neighborhoods near industrial zones will also gain as more workers migrate to Sharjah. Investors should target entry before prices potentially peak. End-users must negotiate hard for good deals before supply shrinks further.
Overall, Sharjah’s residential property market looks set to build on H1’s bull run with a similarly positive H2 powered by swelling economic expansion, population influx, and strategic policy moves.
Commercial Office Market
The office market also displays strong fundamentals and should maintain momentum in 2024 based on recent trends:
H1 2024 Performance
In H1 2024, office leasing activity remained healthy across prime business districts like Sharjah City Centre. Average rents increased nearly 5% given tight grade A supply. Major deals included UAE firms leasing large spaces for expansion.
Market Drivers
Robust activity has been underpinned by competitive advantages over Dubai, government stimulus, and growing industries needing office facilities. Multinational firms are also increasingly choosing Sharjah over other emirates for their MENA headquarters. As these demand drivers persist, further growth is likely.
Predictions for H2 2024
The positive office market dynamics should continue into H2 2024. More strategic policies by the government will enhance Sharjah’s appeal as a business hub. Tight quality office supply and rising demand will push rents up 5-8% in H2.
Tenants should capitalize on pre-renewals and early negotiations to lock favorable terms before rates potentially climb higher. The limited investment grade stock also warrants investor attention.
Overall, as long as demand drivers like business environment reforms continue, alongside measured new supply, the thriving office market is primed for further prosperity in 2024.
Retail Market
The retail sector also displays resilience and should see positive momentum through 2024:
H1 2024 Performance
January to May 2024 saw continuous shopper traffic to established malls. Luxury retail witnessed significant activity as Christies, Roberto Cavalli, Savoy opened stores. Average retail rents grew nearly 3% in H1 amid limited supply.
Market Drivers
While discretionary retail took a hit globally during high inflation, Sharjah’s essential retail has proven resilient. Growing population and industries is generating associated consumption. Government stimulus driving economic expansion also aids retail.
Predictions for H2 2024
Given steady market drivers, Sharjah’s retail sector should sustain momentum in H2 2024. Average rents are expected to increase 4-6% given tight grade A mall space. Retail transactions should remain decent as more international brands enter Sharjah.
Diversified tenants are likely to thrive – F&B, entertainment, essentials with mass appeal and value positioning. Landlords that activate assets through events/sales will boost occupancy and rental income. Savvy investors should target resilient retail assets with strong footfalls.
Industrial and Logistics Market
The exponential growth of manufacturing and trading firms positions Sharjah’s industrial and logistics real estate for a promising 2024:
H1 2024 Performance
H1 2024 industrial leasing spreads remained stable amidst steady demand from manufacturing, transport and storage clients. Land plots transactions were also decent in industrial areas like Hamriyah Free Zone.
Market Drivers
Strategic expansion of sea and airports has enhanced logistics infrastructure, aiding freight movement. Investor-friendly reforms also continue attracting manufacturing companies. As these demand catalysts persist strong activity should follow.
Predictions for H2 2024
Given supportive policies and infrastructure bolstering commerce, robust industrial real estate activity is likely during H2 2024. Logistics assets should see upward rental pressure while sweeping industrial reforms invite more manufacturing firms.
Astute investors should target high-yielding warehouses, factories and industrial plots as leasing spreads firm up. Tenants should secure renewals early before landlord expectations rise further amid swelling demand.
Overall, Sharjah’s industrial and logistics sector is geared up for a promising 2024, underpinned by trade-friendly policies and infrastructure upgrading unlocking latent real estate potential.
Middle East Real Estate Market Investors
The Middle East, particularly the GCC countries, have emerged as a hotspot for real estate investment over the last few decades. Major cities like Dubai, Abu Dhabi, and Ras Al Khaimah have attracted significant foreign investment into their robust property markets. This blog post analyzes the latest data and trends regarding the nationalities that are driving real estate purchases across the UAE.
Dubai Property Market Investors
As per data published in January 2024, Indian property buyers have reclaimed the top spot among foreign investors in Dubai Real Estate Market . After being replaced by Russians and British nationals in 2022, Indians are back as the leading overseas buyers of property in Dubai in 2023.
The table below summarizes the top 10 source countries for investors in Dubai's property market this year:
Table 1: Top 10 Nationalities Buying Property in Dubai (2023)
| Rank | Nationality |
|---|---|
| 1 | Indian |
| 2 | British |
| 3 | Russian |
| 4 | Egyptian |
| 5 | Lebanese |
| 6 | Italian |
| 7 | Pakistani |
| 8 | Emirati |
| 9 | French |
| 10 | Turkish |
As evident, property buyers from India , UK, and Russia occupy the top three positions as key sources of foreign investment. The prominent presence of investors from Egypt, Lebanon, Pakistan, and Turkey signals Dubai's role as a safe haven amid economic and political uncertainties in these countries.
Abu Dhabi Property Market Investors
The capital emirate of Abu Dhabi has charted significant growth in overseas property buyers from Europe in 2022, with some agencies reporting a 50% rise in demand year-on-year.
The table below shows the key European nationalities driving investments into Abu Dhabi's real estate market this year:
Table 2: Top European Nationalities Buying Property in Abu Dhabi
| Rank | Nationality |
|---|---|
| 1 | Austrians |
| 2 | Germans |
| 3 | Italians |
| 4 | French |
| 5 | Romanians |
| 6 | Polish |
| 7 | Russians |
| 8 | British |
Apart from European countries, the emirate has also attracted buyers from Australia and Kazakhstan. There is strong investor appetite for luxury residences and villas located in premium neighborhoods such as Saadiyat Island, Yas Island, Al Raha Beach, and Al Reem Island.
Ras Al Khaimah Property Market Investors
The northernmost emirate of Ras Al Khaimah has also benefited from the positive momentum in the UAE realty market. Property consultancy Valustrat's data for 2024 reveals that British buyers have topped transactions in RAK during Q1 2024, followed by other European countries.
Below is a summary of the key nationalities purchasing real estate assets in the emirate this year
Table 3: Top Nationalities Buying Property in Ras Al Khaimah
| Rank | Nationality |
|---|---|
| 1 | British |
| 2 | Irish |
| 3 | Italian |
| 4 | German |
| 5 | Swedish |
| 6 | French |
| 7 | Dutch |
| 8 | Belgian |
Ras Al Khaimah's value proposition primarily drives European interest - it provides relatively affordable secondary or vacation homes located in close proximity to Dubai and enjoying easy access to beaches, resorts, and golf communities.
Conclusion
In closing, the Middle East real estate market, especially the UAE, enters 2024 on an upbeat note after overcoming pandemic adversities. However, performance will vary at an intra-emirate level based on macroeconomic factors, infrastructure upgrades, demographic trends and strategic policy initiatives.
Interested investors should focus on hospitality, residential and industrial assets in high-growth locations like Dubai, Ras Al Khaimah and Abu Dhabi where projections point to sustainable capital appreciation and rental income potential. Meanwhile, office and retail dynamics need closer tracking before large commitments. End-users like homebuyers or tenants must also time entries considering micro-market particularities rather than broader sentiment.
Nonetheless, the Middle East offers diverse real estate investment avenues that can potentially deliver double-digit ROI in 2024. Conducting in-depth due diligence to identify markets and asset classes primed for growth within the right risk profile and time horizon is key to capitalizing on the optimism pervading the region's realty landscape.
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