Key success factors of the Dubai real estate market include record-breaking sales transaction volumes and values. Despite a slight decline in off-plan transactions, there was still an upward trend in the final quarter. Additionally, the shift from tenants to buyers is a significant trend. Rising rents and demand for long-term stable housing have driven tenants towards homeownership, indicating market maturity and instilling confidence in greater price stability.

A notable trend is the population surge, with Dubai's population expected to exceed 1 million in 2023. This rapid growth solidifies Dubai's status as a preferred global destination for citizens worldwide, given its secure haven, unparalleled lifestyle, and favorable business and tax environment.

Supply-demand dynamics are also crucial factors. Although the number of new property deliveries remains relatively stable, it has failed to keep pace with Dubai's population expansion, leading to supply-demand imbalances and subsequently driving up rental prices. More tenants are opting to renew leases, leading to a surge in tenant retention rates and record-high occupancy rates.

The luxury real estate market in Dubai is also flourishing. The influx of global millionaires into Dubai propelled the city's luxury real estate market to unprecedented heights. The UAE surpassed the United States in the number of wealth migrants, ranking second only to Australia. Projects like Jumeirah Palm Island and Jebel Ali Palm Island continue to attract high-net-worth individuals, while waterfront residences and branded residences remain in high demand.

For 2024, it is anticipated that Dubai's new property supply will increase as expatriates continue to flock to the city. While the rapid upward price trend observed since 2019 is expected to moderate, the market will continue to grow at a more sustainable pace, reflecting the evolution and maturity of the Dubai real estate market.