How is 2024 going to be for the property market in Dubai?

The properties that are provided in Dubai are normally built with modern designs and amazing floor plans. This has led to the rising demand for luxurious housing projects in Dubai and the sales of properties also increased. The price of house rents had also increased by the end of 2023. Looking at the property market of Dubai trends the pricing of properties is still increasing in 2024. As more and more number of people are visiting Dubai every month of the year, so does the demand for properties in rent are also rising because of which the rental prices are also touching new heights. 

Dubai real estate market is showing good opportunities and experts say prices might climb by 5% to 7% this year. After a fantastic year with transactions worth $117 billion in 2023, the trend seems to keep going. Dubai’s property market is holding up its popularity after the covid period by providing transparency and smooth transaction services. Some projects in Dubai built by popular builders were able to maintain their property price during the market downs with little price drops. So, there was a price hike every year in Dubai for luxurious houses.

What is behind the boom? People really want to buy, and Dubai's making it even more appealing with government plans and a strong economy. Plus, investors can't get enough of the city's great opportunities. There are also some different opinions and later in 2024, things might shift, especially in those fancy properties. Yet, Dubai remains a top pick for investors, thanks to its beautiful location and booming business scene.

Prices in Dubai and Abu Dhabi are on the rise, with a neat increase expected. And wow, Dubai’s 2023 was very good where more than 116,000 properties switched hands, showing how much everyone wants a piece of the action. Investors from different countries, like India, China, the UK, and even places like Latin America, are jumping in. And as China is recovering from the pandemic, more buyers might come looking for new properties in posh areas.

As we can see that everything grows and changes, everyone from developers to the government needs to stay sharp and work together to keep the real estate market strong and stable for a long period. For the past few years the launching of new properties have also increased where popular companies like Nakheel, Emaar, Damac, and Binghatti are in the top list for providing new housing options that are trending in the property market.

There are also rumors that the builders are going to increase the price of the properties because of the rising demand for luxurious properties from expats. In the first two months of 2024 the sales of properties were also in good numbers according to some builders. Lets see what Binghatti Developers have to say about this.

In Dubai, the buzz is all about houses and apartments getting more expensive. People also say they might go up by as much as 14% this year. Muhammad Binghatti, who is the CEO of a big company called Binghatti Holding, shared this news. He thinks the price bump is because more people are moving to Dubai, interest rates might drop making loans cheaper, and rich people are looking to settle down in a posh location of Dubai.

Last year, about 100,000 new people came to live in Dubai, and it looks like this year will be the same or even busier, especially with easier rules to get a Golden Visa. The city's real estate, where people buy homes, has been on the rise since the pandemic was over, setting new price hikes in the last year of 2023. The sales of new properties is also very high, which shows that people are looking to buy new properties having world-class amenities and facilities.

Since the property prices keep going up, especially for attractive and fancy places, the increase might slow down a bit. Binghatti believes more jobs, fewer interest rates, and wealthy people moving to Dubai will keep the market hot. Also, there is talk about the U.S. Federal Reserve reducing interest rates, which usually makes people more interested in buying homes.

Binghatti's company is doing pretty well; they just put a huge investment on Nasdaq Dubai and have lots of land ready for new houses. They have even teamed up with other popular brands like Jacob & Co., Bugatti, and Mercedes-Benz to make some extra luxury homes like Mercedes Benz Place Downtown in Dubai. They are selling fast, showing that people are very interested in these posh places. For example, more than half the Mercedes-Benz homes have been sold, and Bugatti’s are also in high demand even with their high price for every property. So, it looks like Dubai’s home market is set to keep booming, with lots of people wanting a piece of that luxury life.

The year 2024 is also looking very good for the future journey of builders like Binghatti. The professionals are also saying that there is going to be around 7 to 14 percent of increase in the ROI which is very good in the property market. It is important to choose a current project in a good location and Dubai Housing can help in finding these types of properties.