Dubai, as a globally renowned city, has long been a focal point of attention in the real estate market. This exhibition will further showcase Dubai's vibrant and highly sought-after real estate market, allowing global audiences to witness the city's dynamism and thriving real estate sector.
Since the beginning of 2023, Dubai's real estate market has shown significant growth and is expected to continue into 2024. This positive trend is attributed to several key driving factors, including Dubai's robust economic strength, stable political environment, and attractive investment prospects.
As part of the United Arab Emirates (UAE), Dubai enjoys favorable economic and political conditions, providing conducive factors for the development of the real estate market. Anticipated economic growth in the UAE over the coming years and the implementation of Dubai's economic agenda, D33, further enhance Dubai's attractiveness. Additionally, Dubai has attracted global attention by providing investor safeguards through forward-looking legal provisions such as the Real Estate Investment Funds Law.
Sultan Butti bin Mejren, Director-General of the Dubai Land Department, stated that Dubai is one of the fastest-growing cities globally in terms of sustainable development in the real estate industry. He attributes Dubai's success to its innovative real estate projects, advanced infrastructure development, and proactive market promotion.
Dawood Al Shezawi, President of IPS, emphasized that Dubai has become the preferred destination for global investors and buyers. This is attributed to Dubai's integrated processes, well-established legal frameworks, unparalleled convenience, and the introduction of forward-thinking legal provisions. These factors significantly enhance Dubai's attractiveness in the global real estate market.
According to the latest data from Knight Frank, residential property prices in Dubai surged by 5.6% in the first quarter of 2023, marking the ninth consecutive quarter of price growth. Compared to the first quarter of 2020, the recent increase has propelled real estate values to a substantial growth of 20%. This indicates that Dubai's real estate market continues to maintain robust growth momentum.
Furthermore, demand for rental properties remains high among expatriates and business professionals in Dubai. According to the latest survey results from Asteco, average rents for apartments and villas continued to experience strong growth in the first quarter of 2023, with quarterly increases reaching 4% and 7%, especially in high-quality development projects.
It is anticipated that this exhibition will attract exhibitors from over 140 different countries, including government officials, senior real estate developers, leading real estate companies within and outside the UAE, financial institutions, and banks. This will provide Dubai with an opportunity to showcase its achievements in the real estate industry and attract investments, further solidifying its position in the global real estate market.
