Dubai Real Estate Sales Surge Amid Price Hikes

Dubai expected to see growth of over 15 percent in 2024

Despite soaring prices, Dubai's real estate market is on an invincible rise. According to Arabian Business, the city has witnessed phenomenal growth in real estate sales, with apartments up by 21% and villas by a whopping 51% since this year's beginning, as Unique Properties reported. In the last week alone, the Dubai Land Department reported over 3,200 transactions, totalling AED24.7 billion. Savills' recent research shows that real estate transactions have surged by an impressive 44% in the first half of 2023, with nearly 60,000 units transacted.

Dubai has been constantly growing and is expected to maintain this momentum and witness an astounding 15% growth in 2024, defying market trends worldwide. However, the surge in prices has also affected rentals, with some witnessing increases of over 50%, prompting many residents to consider downsizing options. Arash Jalili, Founder and CEO of Unique Properties, believes that Dubai's success lies in its secure investment environment, forward-thinking initiatives, and unmatched stability, even in challenging times.

Despite the rising costs, the demand for buying and renting properties in Dubai remains incredibly high, and this trend will likely continue well into the future. While other major markets may be faltering, Dubai and the UAE are solidifying their positions as the places to be for years to come. In a world where economic landscapes are rapidly shifting, Dubai's real estate market remains a steady and promising destination. The city's ability to consistently attract investors and the projected growth of over 15% in 2024 solidifies its position as a global real estate powerhouse.

As prices rise, the demand for property in Dubai remains unwavering, suggesting that the emirate's magnetism will persist well into the future. While other major markets may falter, Dubai and the UAE continue to position themselves as the places to be for years to come. Dubai's real estate sector isn't just soaring; it's taking flight, and those who invest now are set to reap the rewards in the years forward.