Real Estate Trends in Dubai 2024
If you’re thinking about relocating to Dubai, you’re sure to know all the benefits of the Emirate. There’s the favourable business environment and world-class infrastructure, the finetuned visa regulations with options for long-term residency and, of course, the luxurious lifestyle defined by glamourous beaches, starred restaurants and some of the best shopping in the world. All this makes the UAE an ideal place to settle over the long term: purchasing a property is an important part of feeling at home. In this post, therefore, we’re going to delve into the Dubai real estate market, analyse the real estate price trends for the past few years and cast our eye forward to 2024.
Dubai real estate trends over recent years
First, let’s take a look at what the real estate market has been doing over recent years to get an idea of the background and provide insights about the future. The transaction volumes and total values from 2019 to 2022 paints a picture of a sustained pattern of growth, indicating maturation:
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2019: 41,000 real estate transactions, totalling AED 81 billion
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2020: 52,000 real estate transactions, totalling AED 175 billion
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2021: 60,000 real estate transactions, totalling AED 150 billion
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2022: 120,000 real estate transactions, totalling AED 500 billion.
These figures show a consistent upward trajectory with transaction volumes and values growing year on year.
Dubai real estate market trends in 2023
The past year has been no exception to the upward trend. In Q3 of 2023 alone, the Dubai real estate market saw a total of 31,216 real estate transactions, totalling AED 97.5 billion. This represents a 6% rise in transactions from Q2. When compared with Q3 of 2022, the market has risen an impressive 22%. In terms of value, the jump from AED 69.5 billion in Q3 2022 to AED 97.5 billion in Q3 2023, indicates a 40% rise.
There are various factors contributing to this upwards trajectory:
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Dubai has been listed a top 10 city to live in
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Streamlined visa regulations
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Attractive business environment and infrastructure
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Sustainable development
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Safe, luxurious lifestyle
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Population growth, driven by the above.
Real estate forecast for 2024
As we look ahead to 2024, the picture is one of continued growth. Analysts indicate that this growth will be somewhat slower than in previous years as the real estate market becomes more stable and mature. Given the Emirati government’s introduction of new long-term residency options, more expats are expected to settle in the nation and purchase a property to call their home. This will further consolidate the residential real estate market.
Relocating to Dubai?
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