The housing market in the emirate is expected to reach nearly $82 billion, equivalent to AED 300 billion, by the end of this year.
The residential real estate market in Dubai is expected to experience significant growth in 2024, with a projected 17 percent increase in market volume and a 20 percent rise in property transactions compared to the previous year, according to a recent market study. The surge is attributed to the exponential expansion into newer areas within the emirate, along with favorable government incentives contributing to the positive momentum in the housing property market this year.
Realiste, a Dubai-based global proptech, conducted AI-based research indicating that the Dubai residential real estate market is poised to reach AED 300 billion, approximately $82 billion, by the conclusion of 2024. The study projects a remarkable 17 percent growth in market volume and a 20 percent surge in the number of transactions in the current year compared to 2023. Given these substantial increases in transactions and market volume, the AI analysis forecasts a minimum 4 percent rise in the price of one square foot in 2024, propelling the city’s housing market to unprecedented heights.
‘Dubai’s growth will not stop anytime soon’
The research indicates that the residential real estate market in the emirate will exhibit increased dynamism in 2024, and given the recent expansions and developments in the Gulf, there is an expectation that the growth will continue unabated.
“Dubai is poised to uphold its position as a beacon of growth and stability throughout this year, not only within the region but on a global scale,” asserted Alex Galt, Founder and CEO of Realsite, in comments to Arabian Business.
Dubai’s residential real estate market has been on a robust upward trajectory in terms of prices for the past few years.
“There have been numerous factors driving this impressive evolution, including governmental incentives and the significant expansion of the region, and Dubai has no intention of slowing down its growth in 2024,” stated Galt.
At the beginning of the preceding year, Realiste’s proprietary AI projected a 46 percent growth in the market for the emirate’s residential real estate.
By December 2023, the market witnessed a substantial 53 percent increase in market volume, accompanied by a 47 percent rise in the number of transactions.
The analysis examines every neighborhood in Dubai
Realiste stated that its AI-based research involves analyzing each neighborhood in Dubai and calculating individual price forecasts for up to 5 years. In the latest study, the 1-year forecasts for all neighborhoods were compiled and presented to offer a comprehensive prediction for the entire city.
The AI utilizes current data directly from the top developers in the city to generate accurate forecasts. Galt expressed confidence in the AI’s accuracy, stating, “We have full confidence that our AI will once again be proven right.”
He emphasized the satisfaction of witnessing the results of hard work turning into something to be proud of, especially considering the dynamism of Dubai’s real estate market. Galt remarked, “Dubai’s real estate market is as dynamic as it gets, and its growth has been nothing short of amazing over the past few years.”
