Dubai real estate: Residential property market surges to $110 bn in Q1, says report

The emirate’s property market also witnessed a 55 percent surge in investment inflows, with 42 percent of new investors hailing from international markets, the Quarter 1, 2024 Market Insights Report by Springfield Properties, said.

The report said the upward trend is expected to escalate following the move to waive the $272,294 (AED 1 million) minimum down payment requirement for golden visa eligibility through real estate investment. 

Dubai to see influx of high-net-worth individuals by 2025

The report also projected 24.6 percent increase in high-net-worth individuals by 2025, which is anticipated to propel the ultra-luxury segment to unprecedented heights.

“The first quarter of 2024 demonstrates a sustained upsurge in Dubai’s real estate market, underscoring its robustness and diverse appeal to investors and buyers worldwide,” the report said.

“During this quarter, the balance between off-plan and secondary market sales underscores a mature and diverse real estate landscape. This equilibrium reflects investor confidence and market stability, showcasing the resilience of the property sector,” it added.

Farooq Syed, CEO of Springfield Properties, said Dubai’s strategic focus on regulatory frameworks and ongoing improvements in infrastructure have substantially bolstered the city’s appeal.

“When combined with our market insights, these elements reaffirm Dubai’s position as a prime destination for investors in search of enduring value and opportunities for growth,” he said.

The report said the surge in Q1, 2024 reflected the robust investor confidence and market liquidity vital for sustaining growth and competitiveness.

It also highlighted a growing demand for off-plan properties, signalling a strategic shift in investment preferences and highlighting the sector’s potential for capital appreciation and yield generation.