Dubai Prime Property Sector Set for Robust Price Surge in 2024

Dubai Prime Property Sector Set for Robust Price Surge in 2024

Following a remarkable surge in 2023, Dubai’s prime residential values are poised for continued growth in 2024, ranking third globally with a projected 5.0% increase, according to Knight Frank. With an impressive 16% rise in 2023, building on a previous 44.4% surge, Dubai’s prime property market remains a strong contender in the global landscape.

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Sobha Realty’s founder, PNC Menon, foresees a robust market in 2024, buoyed by sustained demand from foreign investors attracted to Dubai’s diverse range of prime properties. The luxury real estate sector is adapting to economic shifts, focusing on technology integration and sustainable practices to meet evolving buyer preferences.

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Knight Frank reports record growth in prime residential values in key Dubai communities such as Palm Jumeirah and Emirates Hills. Faisal Durrani notes a significant decline in available prime homes for sale, indicating a shift towards longer-term residency among buyers. Despite record luxury home sales, Dubai remains one of the most affordable luxury markets globally, adding to its allure for international buyers.

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Dubai’s unmatched lifestyle offerings, affordability, safety, and business-friendly environment continue to attract interest from foreign investors and residents alike. With anticipated demand growth of 4.0% to 5.9% in 2024, Dubai’s real estate market remains a top contender for investors seeking value and quality in prime properties.

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