UAE’s real estate market to reach of $707.86 billion by end of 2024: Report – Economy Middle East
The extended growth is due to HNWIs’ interest in luxury property investment in Dubai
The UAE real estate market is anticipated to reach a value of AED2.6 trillion ($707.86 billion) by the end of 2024, according to recent data from Statista.
Luxury demand driving market growth
This extended growth is attributed to the increased interest of high-net-worth individuals (HNWIs), particularly their demand for luxury property investments in Dubai. In the first quarter of 2024, Dubai saw the sale of 105 luxury homes, bringing the city closer to matching last year’s record of 431 transactions of properties worth over $10 million. This performance outpaced prime markets like New York and London.
Buy/sell, rent/lease residential &
commercials real estate properties.
Projected increase in HNWIs to fuel further growth
As the influx of wealthy individuals into Dubai continues to rise, with a projected 24.6 percent increase in HNWIs by 2025, the city’s ultra-luxury and overall real estate market are poised for further growth.
Continued growth
Georgina Atkinson, managing partner at Origin Private Office, commented on the regional real estate market trends: “We have seen the regional real estate market witness continued growth, with the Dubai real estate market proving to be the leader when it comes to sales volume and surging price growth. In the ultra-prime segment of the market, we have seen significant demand from both regional and international investors, with many of our ultra-high-net-worth (UHNW) clients from Asia and the U.K./Europe choosing to relocate or have a presence in Dubai.”
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