Why Dubai Prices continue to rise till 2024
By Fakhr Ahmad
davidqrealtor@gmail.com
Rise in foreign fund inflows fuels surge in the rally along with tenants turning into property ownership, availability of ready-to-move-in properties, among others are fuelling Dubai real estate, a Khaleej Times report said.
Property prices rally in Dubai will continue next year, but the pace will slow down compared to 2023, with a growth rate of up to 10 per cent projected on the back of strong demand from residents, investors and high-net-worth individuals.
Analysts expect that the prime residential market will continue to drive the market, led by Jumeirah, Downtown, Palm Jumeirah and other high-end areas that have witnessed unprecedented demand in the post-pandemic period.
The surge in the rally is fuelled by a combination of factors, including a rise in foreign fund inflows, tenants transitioning into property ownership, a growing availability of ready-to-move-in properties, and the interest of investors seeking to capitalize on long-term residency programs like the Golden Visa, Retirement Visa, and Freelance Visa.
Prathyusha Gurrapu at leading commercial firm—Cushman and Wakefie;d, believe that prices in upcoming areas such as Dubailand and Mohammed bin Rashid City where major handovers are expected, to foresee relatively lower price increases.
According to Moody’s Investors Service, property prices have increased by about 15 per cent in Dubai and Abu Dhabi since the second quarter
of 2021 and UAE real estate market conditions will remain healthy in the next 12-18 months, but demand will be slower than the past two years.
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