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Dubai Real Estate Anticipates 5% Growth in 2024, Experts Report

Dubai's real estate market has solidified its status as a premier destination for investors seeking lucrative returns and portfolio diversification, maintaining its robust performance. Recent data reveals an astounding $100 billion in investments poured into Dubai's real estate market in 2023, setting the stage for a projected 5% growth in 2024, as indicated by Bas Kooijman, the CEO and Asset Manager of DHF Capital S.A. Concurrently, the United Arab Emirates' economy is anticipated to expand by 4.5%.

The UAE's economic upswing is expected to catalyze growth across various sectors, with Dubai's real estate market poised to lead the way. The buoyancy of the real estate sector in Dubai was particularly evident in 2023, marked by remarkable growth and heightened investor interest. Real estate transactions experienced a significant uptick, witnessing values soar by an impressive 36.7%.

The industry's record-breaking performance in 2023 was driven by a surge in transactional activity, with 116,116 real estate transactions recorded, amounting to a staggering total value of $429.67 billion. Against this backdrop, Kooijman underscores the optimistic outlook for Dubai's residential real estate market, projecting a substantial growth rate of approximately 15% in 2024.

One of the key attractions for investors in Dubai's real estate landscape is the potential for substantial rental income. Kooijman notes the city's remarkable return on investment, with annual yields reaching up to 10%. This outpaces rates in many other major markets, such as New York and London, where yields are comparatively lower.

The CEO of DHF Capital S.A. emphasizes that investors seeking to maximize returns can find Dubai appealing due to the availability of properties at competitive prices. These properties can be rented out at a high annual yield, with profit margins ranging from 5% to 9%. This combination of competitive pricing and high yields positions Dubai as an attractive destination for investors looking for diverse and stable investment opportunities within the thriving real estate market of the United Arab Emirates.

Feb. 7, 2024 5:34 p.m. 3261

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