United Arab Emirates more specifically Dubai has experienced an enlarged influx of its newly-settled residents. Thanks to its ever-booming economy and government’s expat-friendly reforms that the increase in population has seen a major demographical shift. For this very reason, living spaces are being created i.e. housing etc and more is required to accommodate millions of people wishing to experience the infamous ‘Dubai life’.
The property market in Dubai is exceedingly expected to grow further in 2024. The demand for luxurious living spaces has increased now more than ever. Since the expenses and inflation has skyrocketed in recent times, however, housing sector still remains profitable. There is still a need to create more townhouses, villas and apartments to cater elevating demand.
Following are some housing trends to follow for 2024:
- Luxury villa market is rapidly growing in 2024 with increased number of properties being pushed to get completed in the same year. Few of the most desirable ventures like Damac Hills is extending its existing property offerings to three to seven bedroom apartments including its usual amenities of child play areas, gym, pools and etc. In the meantime, Mohammed Bin Rashid Al Maktoum City — District One is set for launch offering panoramic city park views 2500-4200 sq ft three to five bed villas.
- As for the prices, it is expected to surge further in 2024 despite the vast pipeline amidst massive local and foreign demand. In January 2024, the prices saw an all-time high for housing sector with AED 1284 per sq ft, revealing an upward trend. It is further expected to increase from five to seven percent in 2024 and the demand for one-bedroom apartment is to elevate especially for first-time Emirati buyers.
- Role of increased population has been a major reason for massive growth in housing sector. From 3.7 million in 2022, it is projected to increase up to 7.8 million in 2040. As per the government’s population growth estimations, a total of 70,000 homes may be needed annually from now on till 2028.
- Launch of government’s ‘Golden Visa’ program offering a five and ten year residency option has definitely paved the way for expats to buy properties instead of renting it. Elimination of ‘minimum down payment’ option can also be a great opportunity for ‘Golden Visa’ holders urging them to invest more and play a part in elevating demand of the housing sector.
