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Dubai Real Estate
In the real estate sector, Dubai witnessed significant growth last year, and this trend seems set to continue into 2024. Despite challenges such as market volatility, a cost-of-living crisis in Europe, and global political uncertainties, Dubai remains optimistic about its prospects, fueled by a robust economy, surging demand, and a projected increase in its population.
Dubai's thriving property market is expected to draw a wave of eager investors this year, offering a multitude of fresh investment prospects, flexible payment choices, and enticing incentives such as 10-year Golden Visas for those purchasing properties worth AED 2 million or above. These factors combine to create a highly promising real estate environment in Dubai.
Dubai's appeal is further enhanced by its safety, favorable climate, tax-free income environment, and burgeoning business prospects, making it a highly sought-after global destination. The city is also actively pursuing sustainable development initiatives focused on health and well-being, under the guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, with a vision of reaching a population of 7.8 million by 2040 to solidify its position as a premier global city.
- Current population: 3.65M
- Goal for population by 2040: 7.8M
- Visitors in 2022: 14,36 mil
- Visitors in 2023: 17,15 mil
- Hotels in 2022: 755
- Hotels in 2023: 810
Why To Invest In Dubai?
Over the next 12 months, Dubai aims to lure property investors with its comparatively affordable real estate prices, positioning it as an attractive investment destination when compared to other global metropolises.
Furthermore, being among the top 5 safest cities worldwide, Dubai presents an ideal setting for families seeking a secure environment to put down roots and raise children. The city boasts a diverse array of international schools, with additional institutions in development.
Notably, Dubai's financial sector has experienced a significant expansion, doubling in size over the last three years, while setting up a business in the city has been streamlined. Coupled with its tax-free status, these factors collectively make Dubai an increasingly appealing prospect for property investors in the upcoming year.
Dubai Real Estate: Trends For Upcoming Year
In 2024, Dubai's real estate market is expected to see significant growth, with property values likely to rise by 8-10%. Rental prices are anticipated to stabilize as more properties are completed. Economic forecasts also paint a positive picture, with GDP expected to grow between 2.9% and 4.9%. Dubai offers comparatively lower prices per square foot than many other major cities, making it an attractive opportunity for long-term real estate investors.
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