STRONG DEMAND, INFLATION EFFECTS KEEP DUBAI REAL ESTATE MARKET STRONG – REPORT
Dubai, UAE, 6th June, 2024: Dubai’s real estate market continues to show resilience and strength, driven by sustained demand and the effects of inflation, and a market update issued today says the Emirate remains vibrant and attractive to a diverse range of property investors.
The report delivers an optimistic outlook based on Dubai’s established reputation as a premier global destination, attracting new residents, tourists, and both individual and institutional foreign investors.
Issued by Firas Al Msaddi, CEO of fäm Properties, the market update says persistent strong demand for Dubai real estate has been capable of absorbing the available supply, a trend set to continue when numerous off-plan projects reach completion beginning in Q1 2025.
The report says Dubai’s market for rental properties, ready-to-buy properties, and off-plan properties appears healthy, and while the extraordinary capital gains witnessed over the past two years may not persist, a steady and healthy growth is anticipated.
It points out that properties in Dubai constructed at lower costs in the past are likely to appreciate in value because the cost of building new properties continues to rise due to inflationary pressures on construction materials, logistics, and other expenses.
The report highlights Q1 data showing clear growth over the past three years. The number of sales transactions in Q1 2024 (65,450) was double the number of transactions of Q1 2023 (32,725) and triple the number of transactions of Q1 2022 (21,817)
The value of sales transactions in Q1 2024 was AED 186 billion, a 24% increase on Q1 2023 (AED 150 billion) and a 107% increase on Q1 2022 (AED 90 billion).
fäm Properties is Dubai’s biggest real estate company, with 26 branches, a current sales force of 650 real estate agents, with plans to expand this to 1,500 agents by the end of next year.
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Tony Lewis / Narayan Marar
Total Communications
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Email: tony@totalcompr.ae / narayan@totalcompr.ae