Dubai’s real estate market is off to a blazing start in 2024, with sales soaring to over $21 billion in the first quarter alone. The surge, marking a 161 percent jump from the previous year, reflects shifting buyer preferences towards well-located apartments and sustainable properties.
The buoyant market is driven by factors such as optimal rental yields and anticipation of rent hikes, particularly in sought-after areas like Downtown Dubai, Dubai Marina, and Jumeirah Village Circle. Residential properties continue to dominate transactions, comprising 63 percent of sales, followed by commercial and industrial segments.
Foremen Fiefdom’s data indicates a growing interest in off-plan properties, with a remarkable 44 percent year-on-year growth in 2023. Additionally, the rise in demand for co-living spaces suggests changing demographics and preferences among young professionals and millennials.
Dubai’s real estate landscape is also witnessing a focus on sustainability, with eco-friendly developments gaining traction. Integrated with smart home technology and energy-efficient materials, these properties align with global trends towards responsible development.
Despite a slight slowdown in February and March, the market remains resilient, with expectations of a post-Eid sales boost. Adil Akhtar, CEO of Foremen Fiefdom, sees the impressive sales figures as a testament to Dubai’s allure as a global investment destination, pointing towards a dynamic and evolving real estate landscape.
