Looking ahead to 2024, Dubai's premium residential market is expected to maintain its growth momentum, with a projected growth rate of 5.0%, ranking third globally. This forecast indicates that Dubai, as a highly sought-after luxury real estate market, will continue to attract the attention of investors.
PNC Menon, Chairman and Founder of Sobha Realty, pointed out that with an increasing number of foreign investors flocking to the UAE, Dubai's luxury home market will maintain strong growth in 2024. As one of the world's most economically viable luxury markets, Dubai, with its diverse portfolio of premium properties, will continue to be the preferred destination for high-net-worth buyers and commercial investors.
He also emphasized that the luxury real estate industry is continuously adjusting its strategies, focusing on technological integration, immersive virtual experiences, and sustainable development practices to meet the changing demands and values of the market.
khaleejtimes.com
In 2023, Dubai's premium residential market experienced record growth, despite starting from a low point. Data from Knight Frank shows that the total supply of premium residential properties available for sale in Dubai decreased by 38.5%, indicating that buyers are more inclined to hold properties for the long term, thereby sustaining the growth in property prices. In the luxury home market, Dubai's performance is remarkable, with the city's prime market prices increasing by 15.9% in 2023, ranking second globally.
Dubai's real estate market is no longer an emerging market but a rising one. Will McKintosh, Partner and Head of Prime Residential at Knight Frank MENA, stated that Dubai is attracting an increasing number of international buyers while also promoting long-term residency among local residents.
Dubai's economic strength, safe and stable environment, and world-class lifestyle make it an ideal choice for international buyers and investors. The types of residential properties in Dubai are also evolving, with many projects not commonly found in other global cities.
