The residential real estate industry is still growing. Record-breaking numbers of transactions were made in 2023, with sales and rental prices rising by 18% and 26%, respectively, year over year. This trend is anticipated to continue in 2024 and will be one of the real estate developments in Dubai​ (D&B Dubai)​​ (Altitude Real Estate)​.

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Former Head of Colife Ilnara Muzafyarova predicted that short-term rentals (up to six months) would increase by 20% from 2023 to 2024, while long-term rentals (more than six months) would increase by 15%. She projects that the real estate market will grow organically, as seen by growing property values, an increase in the number of high-rise buildings being constructed, and a sharp increase in real estate transactions​ (Livin’ Experts)​​ (Realtree Properties)​.

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AI. Innovations. According to the most recent data, PropTech investment in Dubai’s real estate sector reached an astounding $100 billion last year and is predicted to increase by 5% in 2024. The confluence of innovation is changing the way people discover and buy real estate. Features like 3D floor plans, virtual visits, and artificial intelligence-driven market analysis give customers a remarkable ability to visualize both built-in and off-plan properties​ (D&B Dubai)​​ (Realtree Properties)​.

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This real estate trend is directly related to the desire for increased clarity and openness in transactions. Providing customers with comprehensive and trustworthy data, along with innovation, is strengthening market certainty even further in the housing sector. For example, Property Finder offers its users a plethora of features that make property hunting much simpler than it has ever been. By giving purchasers all the information they need to make better-informed real estate decisions, this has helped satisfy the growing demand to close information gaps for them. Undoubtedly, comparable platforms will be introduced, and those that now exist will be enhanced​ (Livin’ Experts)​​ (Realtree Properties)​.

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In the real estate sector, Dubai has been in the forefront of manageable advancement drives, and this trend is accelerating. Tenants and investors are becoming more drawn to environmentally friendly developments that emphasize green areas, energy efficiency, and sturdy structural practices. The city’s commitment to ecological sustainability is being reflected in the plethora of upgrades taking place in areas like Dubai South and Dubai Creek Harbour​ (D&B Dubai)​​ (Livin’ Experts)​.

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By 2024, the fusion of AI and technology will redefine real estate and promote increased openness and trust​ (D&B Dubai)​​ (Realtree Properties)​.

Companies that Manage Properties

The necessity for management businesses to take over the management of an owner’s flat arises from the amount of real estate purchases and the ongoing growth in demand for rentals. This is because most owners do not reside in Dubai or the UAE and must rent out their apartments. These businesses also assist tenants looking to rent an apartment in Dubai. In addition to offering all of these services, businesses such as Colife also assist with apartment purchases, helping clients choose the best options based on their in-depth knowledge and extensive real estate market experience​ (Altitude Real Estate)​​ (Livin’ Experts)​.

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International proptech business Colife specializes in property management and rentals. Colife offers complete property buying and management services. 2018 saw the founding of the business. Colife began conducting business in Dubai in 2021. In just five years, Colife Global expanded from a small startup to a sizable global business​ (D&B Dubai)​​ (Livin’ Experts)​.

Structure:

Colife Management specializes in the management and rental of apartments, giving property owners the chance to earn passive income; Colife Invest is a real estate purchase service; and Colife Rent is an opportunity to rent apartments with included services, contemporary interiors, and free events for tenants.

State-sponsored Projects

The government of Dubai has consistently taken the initiative to shape the real estate market and establish trends for 2024. Development will be encouraged, for instance, by the Golden Visa program, which provides property owners with a permanent residence guarantee. Additionally, Dubai’s real estate developers will probably concentrate most of their efforts on the growing middle class. This is consistent with government initiatives such as the introduction of long-term residency visas and the reduction of transaction costs​ (Altitude Real Estate)​​ (Realtree Properties)​.

In-Market

Given the highs and lows experienced in the more expensive segments of Dubai’s real estate market in the past, 2024 is indicating that purchasers are starting to favor mid-range properties since they are regarded as safer investments. Many factors contribute to this stability, including developer-provided attractive payment choices and reasonable prices​ (Altitude Real Estate)​​ (Realtree Properties)​.

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The act of diversification

It is projected that the Dubai residential market will grow by approximately 15% in 2024, propelled by a robust economy and robust enterprises. Dubai is supporting this development by shifting its focus from oil to other industries, such as innovation and the travel sector. There will be a demand for real estate as the population is predicted to grow from 3.5 million in 2023 to 5.5 million by 2030. The UAE economy is predicted to grow by 4% in 2024, which would help the housing market even more​ (Altitude Real Estate)​​ (Realtree Properties)​.

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In summary,

Dubai’s real estate market continues to be vibrant, adaptable, and full of opportunities. Having a clear understanding of these Dubai real estate trends and expectations for 2024 will help you make wise judgments in this industry, regardless of whether you’re a tenant, broker, or buyer. There’s no doubt that Dubai’s real estate market will keep growing in 2024, offering a range of options to suit different tastes. Alternatively, 2024 might introduce fresh real estate trends that carry over into the future​ (Altitude Real Estate)​​ (Livin’ Experts)​.