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Dubai Prime Property Sector Anticipates Strong Price Surge in 2024

After achieving the world's second-highest growth rate in 2023, Dubai's prime residential values are poised for further ascent in 2024. Ranking third globally with a forecasted 5.0% growth, Dubai follows a remarkable 16% surge in 2023, building on the 44.4% increase in 2022. Knight Frank's Prime International Residential Index highlights Dubai's robust performance, with a 15.9% average increase in luxury real estate prices globally in 2023. The UAE's luxury real estate market is predicted to remain robust in 2024, driven by increasing demand from foreign investors.

Sobha Realty's Founder and Chairman, PNC Menon, foresees a strong 2024 for the UAE's luxury real estate, attributing it to the growing demand for prime properties, particularly in Dubai, known for its affordability and diverse property options. The luxury real estate sector is adapting to economic shifts by incorporating technology, immersive experiences, and sustainability. Menon notes a focus on smart homes, eco-friendly architecture, and wellness amenities in response to evolving buyer needs.

Prime residential values in Dubai's communities like Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island experienced record growth in 2023, despite a 38.5% decline in the total number of prime homes available for sale. Faisal Durrani, Partner and Head of Research at Knight Frank Mena, attributes this to a longer-term residency mindset among buyers, with a decline in inventory levels. Despite record-breaking luxury home sales, Dubai remains among the more affordable global prime markets.

Will McKintosh, Regional Partner and Head of Prime Residential at Knight Frank Mena, asserts that Dubai's residential market has emerged, attracting foreign buyers seeking a second home due to unmatched lifestyle offerings, relative affordability, safety, and a business-friendly environment. Highly sought-after communities, such as Jumeirah Islands, strike a balance with tranquil views and access to amenities.

An analyst predicts that Dubai, with a 17.4% increase in prime residential property values in 2023, will lead the real estate market in 2024, along with Sydney. Factors contributing to Dubai's attractiveness include affordability, low cost of living, a warm climate, world-class infrastructure, safety, stability, and a business-friendly environment. Anticipated demand for real estate in Dubai is expected to increase by 4.0% to 5.9% in 2024.

Overall, the projections highlight Dubai's resilience and appeal in the global real estate landscape, driven by diverse offerings, economic factors, and a growing demand for prime properties.

March 5, 2024 1:31 p.m. 8993

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