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2024 Dubai Real Estate Market Update

After a 2023 that set new sales records and saw exceptional average annual capital growth of 14.46%, despite global economic and geopolitical challenges, Dubai has charted its own course, demonstrating resilience and continued growth.

This trend is likely to continue in the first half of 2024, driven by:

  1. Significant demand across real estate segments and from high-net-worth individuals
  2. A contained number of off-plan projects in the pipeline.
  3. Favorable and flexible visa policies and tax laws attracting newcomers
  4. An enhanced AML and compliance environment that creates a trusted transactional environment
  5. Positive UAE economic outlook GDP grow and inflation containment wise

According to the IMF, the 2024 the UAE’s economic outlook looks positive, with real GDP growth forecast at 4% year-on-year, surpassing the 3.4% recorded in 2023.

This growth will mainly be attributed to booming oil GDP, growth in the non-oil sector, investor-friendly government policies, UAE fiscal stability and a current account surplus.

2024 is poised for a positive real estate growth trajectory, despite the second half of the year potentially experiencing slower growth due to interest rate levels that could influence consumer spending and mortgage demand. Dubai's resilience and continued growth make it an attractive investment destination for those seeking stability and returns.

Connect with Joanna Truffaut (jt(@)bondproperties.co | 055 953 2183) for real estate opportunities in the UAE and stay ahead of the curve.

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