In an interview with Khaleej Times, Binghatti noted, "The market will continue to grow steadily, with prices expected to rise by 12% to 14% by 2024, which is a healthy growth trend." He further pointed out that Dubai is expected to continue attracting high-net-worth individuals, with population growth rates expected to remain stable or even accelerate with new changes and the relaxation of golden visa policies. Additionally, the anticipated reduction in interest rates will further drive market growth.
Dubai's real estate market began its recovery post-COVID-19 pandemic and is expected to continue this trend into 2024, although the pace of growth may slow down. In 2023, residential property prices in Dubai reached their peak, with prices for apartments and villas hitting record highs. The influx of a significant number of high-net-worth individuals drove the rise in prices of ultra-luxurious residences.
khaleejtimes
Factors expected to drive the development of Dubai's real estate market in 2024 will encompass various aspects, including population growth, rising employment rates, rate cuts by the Federal Reserve, more wealth flowing into Dubai, and the trend of more affluent individuals investing their wealth in Dubai and seeking a second home here.
khaleejtimes
Binghatti Holding recently listed $300 million (approximately AED 1.1 billion) Islamic bonds on Nasdaq Dubai and has acquired land parcels worth over AED 1 billion for development through cash flow. Additionally, the company has collaborated with brands such as Jacob & Co., Bugatti, and Mercedes-Benz to develop ultra-luxurious branded residences in Dubai. These collaborative projects have achieved promising sales performance, indicating the continued allure of Dubai's real estate market.
Mercedes-Benz sales have exceeded 50%, and Bugatti's performance is also impressive, with 30 units sold since last month, despite starting at a price of up to AED 20 million. Furthermore, Burj Binghatti Jacob & Co Residences recently sold approximately 25 units. With the continued progress of these projects, Dubai's real estate market is expected to remain active in 2024, providing investors and buyers with abundant opportunities and choices.
