Dubai real estate market anticipated to have a positive outlook in 2024, fueled by strong property demand and government initiatives towards sustainable solutions

The evolving landscape promises exciting opportunities and shifts for investors

2024, The Way A Realtor Sees It!

The Dubai real estate scene is gearing up for a bit of a makeover in 2024.

As we step into the new year, Dubai's real estate market anticipates transformation.

Reflecting on trends of 2023, the evolving landscape promises exciting opportunities and shifts for investors.

The Dubai real estate market is on the rise, not as fast but steady. This means chances for investors to make smart moves, whether it's buying or selling property. Prime areas of Dubai are expected to grow by five per cent, and the rest by 3.5 per cent.

In Dubai, developers make eco-friendly projects promoting sustainability with incorporation of technology like blockchain.

As a CEO and Founder of The Roof Group my vision is to maximise sustainable and healthy living inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum's commitment to environmental conservation and balanced development for community happiness.

'Property Oversupply in Dubai', What's the reality?

Alright, let's break it down!

In Dubai, we're looking at how much people want homes versus how many are being built.

Right now, there are plans to build 77,864 homes by 2028.

That's about 13,000 homes each year, for the next six years.

It might seem like a lot, but actually, it's less than what they used to build.

Some investors think that we're making too many homes too quickly, but experts think otherwise. They think Dubai still doesn't have enough homes, especially in the prime areas and for the wealthier buyers.

They're considering the expected population growth and the fact that there aren't many new homes in the top-notch areas of town.

So, even though it seems like a bunch of homes are popping up, there's still plenty of room for more.

2024, is it an advisable time to buy the property?

Consider population growth and GDP per capita of Dubai - more people, means more demand for homes and increased property demand leads to increased property value over time.

Investing in property in the UAE, especially in Dubai, has a big perk - high rental profits. Lots of people want to rent homes, and since living costs are quite high, property investors can make good money from rent. It's like a steady income stream, making property investment in Dubai a smart move.

In 2024, Dubai's real estate market is set to keep growing. High demand, government efforts, and a focus on sustainable tech solutions will drive this. Despite challenges, the overall outlook is positive, making Dubai an attractive choice for property investment.