The real estate market in Dubai is expected to witness significant growth of approximately 15% in 2024. This strong growth is driven by increasing demand, a thriving economy, and strong interest from foreign investors. Together, these factors solidify Dubai's position as a leading destination for investors and buyers.
According to a recent report by Knight Frank, the value of luxury residential properties in Dubai is expected to continue rising. Economic diversity and ambitious government initiatives aimed at enhancing Dubai's global appeal contribute to this trend. Data indicates that residential apartment prices in Dubai saw an increase of 8.98% in 2022, highlighting the growing demand in the city's real estate market.
Resilience in the Face of Challenges
Despite global challenges such as economic slowdown and the COVID-19 pandemic, Dubai's real estate market has demonstrated notable resilience. Currently, the market stands on the brink of unprecedented growth over the next decade, bolstering the future of the real estate sector in Dubai.
The report expects that the increase in Dubai's population, projected to rise from 3.5 million in 2023 to 5.5 million by 2030, will drive demand across various real estate sectors, from residential to commercial and industrial. Additionally, Dubai's efforts towards economic diversification away from traditional sectors like oil and gas towards flourishing industries such as tourism, technology, and logistics, contribute to enhancing demand for properties in the city.
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