Dubai’s residential real estate market is predicted to soar to new heights in 2024, with the market volume projected to jump 17 percent and property transactions to still be higher at 20 percent this year vis-à-vis last year, a new market study showed.
Exponential expansion to newer areas in the emirate, coupled with the market-friendly government incentives are cited as the major factors to fuel the jump in the housing property market this year.
“All things considered, the Dubai residential real estate market will reach AED300 billion – or close to $82 billion – by the end of 2024”, the AI-based research by Realiste, a Dubai-headquartered global proptech, said.
“Dubai’s residential real estate market will see an amazing 17 percent market volume growth and a 20 percent increase in the number of transactions [this year] from 2023,” the study projected.
Additionally, with the number of transactions and market volume growing at such high rates, the AI predicts that the price of one square foot will increase by at least 4 percent this year, helping the city’s housing market to reach newer heights in 2024, it said.
‘Dubai’s growth will not stop anytime soon’
The study said the emirate’s residential real estate market will be more dynamic in 2024, and with the recent expansions and developments in the Gulf, “the growth will not stop anytime soon”.
“Dubai will surely maintain its place as a beacon of growth and stability [this year] in not just the region, but the entire world,” Alex Galt, Founder and CEO of Realiste, told Arabian Business.
Dubai has been having a red hot streak in residential real estate market prices for the past few years.
“There have been many driving factors for the impressive evolution, such as governmental incentives and the exponentially expanding region, and Dubai shows no intent in slowing down its growth in 2024,” Galt said.
At the turn of the previous year, Realiste’s proprietary AI predicted a 46 percent market growth for the emirate’s residential real estate market.
By December of 2023, the market grew by a whopping 53 percent in market volume, while the number of transactions saw an increase of 47 percent.
Study analyzes each neighborhood in Dubai
Realiste said its AI-based research analyzes each neighborhood in Dubai, calculating their individual price forecasts for up to 5 years.
For the latest study, the 1-year forecasts of all the neighborhoods were compiled and presented to provide a holistic prediction of the entire city, it said.
“Our AI leverages up-to-date data provided straight from the top developers in the city to churn out its accurate forecasts.
“We have absolutely no doubt in our AI being proven right once again,” Galt said.
He said it’s an incredible feeling “when you see something you’ve worked so hard for become something you can be proud of.”
“Dubai’s real estate market is as dynamic as it gets, and its growth has been nothing short of amazing over the past few years,” Galt said.
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