Dubai Real Estate Boom Will Continue in the Long Term, Expert

Dubai Real Estate Boom Will Continue in the Long Term, Expert

Dubai, United Arab Emirates,December-24- 2024

Dr. Abdul Rahim bin Ahmed Al Farhan, a market expert, expects the unmatched Dubai real estate boom to continue in the long term thanks to several factors, most notably rapid population growth, architectural diversity in the projects offered, and the emirate’s strong and diverse economic system.

In a press release issued on Tuesday, Al Farhan pointed out that the real estate sector in the emirate has greatly benefited from the strong and advanced infrastructure, in addition to mega projects such as Expo 2020, which have contributed to prove the emirate’s position on the global real estate map.

The expert added that the Emirate of Dubai provides attractive real estate options for everyone with different, making the Dubai market a major attraction for real estate investors from all over the world. Dubai offers new investment opportunities to meet the growing demand locally and globally, and keep pace with the current unprecedented boom in the market.

“Demand for Dubai real estate comes from everywhere, and prices in most areas have now exceeded the 2014 peak and are still growing with buyers continue to come from Europe, India and other South Asian countries, which confirms the continuation of the record sales pace in Dubai during the coming period,” the expert said.

Since the beginning of 2024, real estate market sales have achieved record numbers, exceeding AED475.5bn by the end of last November with 164,370 transactions, means a growth of 30% compared to 2023.

Al Farhan confirmed that sales figures and demand for real estate are subject to grow more, especially with Dubai announcing the Real Estate Sector Strategy 2033. This strategy aim at increasing real estate transactions to about one trillion dirhams by 2033. He noted that the strategy includes a set of major initiatives that will contribute attracting investors from all over the world and increasing the total market value of the real estate sector.

Recently, the Emirate of Dubai announced the Real Estate Sector Strategy 2033 to achieve its D33 economic agenda, which aims to increase the value of real estate transactions in the emirate by 70% to one trillion dirhams in 2033, in addition to doubling the value of real estate portfolios in Dubai 20 times to reach AED20bn.

The strategy seeks to consolidate cooperation with the private sector, international companies and real estate portfolio managers, and boost the real estate market attraction. That will be enhanced by upgrading the basics of transparency through optimal use of data, as well as publishing supply and demand forecasts, and providing a package of qualitative initiatives supported by an integrated system at the sector as a whole.

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