UAE real estate market to reach highs of AED2.6 trillion by 2024: Report

Extended Growth in Dubai's Luxury Real Estate Market

The extended growth is attributed to the interest of HNWIs, specifically their demand for luxury property investment in the city.

UAE Real Estate Market Projections

The UAE real estate market is anticipated to reach a value of AED 2.6 trillion by the end of next year, according to recent data from Statista.

High-Net-Worth Individuals Driving Demand

The extended growth is attributed to the interest of high-net-worth individuals (HNWIs), specifically their demand for luxury property investment in the city.

Record-Breaking Luxury Home Sales 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, outpacing prime markets like New York and London.

Projected Increase in Wealthy Individuals

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.

Expert Insights

Georgina Atkinson, Managing Partner, Origin Private Office said, “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 UHNW clients from the likes of Asia and the UK/Europe choosing to relocate or have a presence in Dubai.”

“On the consultancy side, we are very fortunate to be advising developers that operate in the ‘true’ ‘ultra-prime’ segment of the market, of which there really are only a handful. Our highly talented team have a wealth of global expertise having advised on some of the most iconic buildings around the world – we look forward to our contribution in bringing forward outstanding residential development offerings to the dynamic real estate market of Dubai,” she added.

Source: arabianbusiness.com