The Dubai real estate market has kicked off 2024 with remarkable vigour, achieving a staggering $10 billion in sales transactions during February. This impressive performance reflects a substantial 27% increase from the same month in 2023. Surprisingly defying predictions of a downtrend in the market, Dubai’s real estate sector is proving resilient, drawing significant attention from investors for various reasons.
One key factor contributing to Dubai’s appeal is its low transaction and holding costs compared to other global cities. Moreover, the Emirate provides attractive upfront incentives for expat investors and boasts a quick legal framework that enforces title deeds and property rights.
According to the finance expert, apartments in prime locations within the market boast the potential for high rental returns, falling between 5-9%.
Dubai’s extended residency permits add an extra layer of allure, fostering continuous demand from occupants. Positioned as the Middle East’s financial and business hub, the positive trajectory of Dubai’s residential real estate market continues to be a key attraction for property investors, both locally and internationally.
The buyer activity observed across various segments, from budget apartments to ultra-luxury villas, underscores the continued faith in Dubai’s real estate market. While maintaining the blistering pace seen in February may be unrealistic every month, the fundamentals suggest that there is still ample potential for further growth in the Dubai property sector throughout the year.
