Navigating Dubai’s Real Estate Landscape: Trends and Predictions for 2024

Navigating Dubai's Real Estate Landscape: Trends and Predictions for 2024

Discover insights into Dubai’s real estate market for 2024. Will property prices stabilize? What’s the outlook for luxury properties? Dive into key industry predictions and trends.

In the fast-paced world of Dubai real estate, where soaring skyscrapers meet cultural landmarks, understanding the market trends is crucial. Recent reports suggest that after a three-year rally, average property prices in Dubai are poised to either stabilize or experience modest growth in 2024.

The Stabilizing Market:

Experts like Michael Lahyani, the founder of Property Finder, express optimism about the current state of property prices. Lahyani believes that a period of stability would be beneficial for the market to absorb the previous appreciation. The rally observed in recent years seems to be slowing down, with prices decelerating in the past few quarters.

Luxury Segment Dynamics:

While the overall market may experience steadiness, the luxury segment is anticipated to witness some growth, albeit at a slower pace than in previous years. The demand from high-net-worth individuals coupled with a shortage of supply in the market is expected to drive this growth.

“I don’t think prices will go up massively as they are in a decent place. I would like to see prices stable so that the market can digest the appreciation we have seen,” remarked Lahyani during a recent media briefing.

Transaction Trends:

Despite a potential slowdown in price growth, Lahyani predicts a 15-20% increase in transactions for the year, a pace slightly slower than the previous year. The emphasis is on sustainable growth without creating inflationary pressures.

“We don’t go with numbers that might be inflationary. Our expectation is volumes to grow 15-20% and prices to remain where they are,” shared Lahyani.

Insights from Property Finder:

Ari Kesisoglu, president of Property Finder, adds his perspective, foreseeing transaction volumes to remain steady over the next 3-4 months. When discussing pricing, he highlights the volatility of location-based prices, emphasizing that while average prices may remain constant, specific locations can witness significant fluctuations based on supply and demand dynamics.

“For example, if there is a location with 100 villas in total and there is only one seller, prices will massively go up. So average prices may not change, but location will go up and down,” explained Kesisoglu.

Strategic Moves in the Market:

In addition to market predictions, Property Finder made headlines with its strategic move in the Turkish real estate sector. The Dubai-based firm announced the merger of its Turkish subsidiary, Zingat, with Hepsiemlak, a company under Doğan Holding in Türkiye. Property Finder will hold a minority stake of 20% in Hepsiemlak and provide advisory services.

Michael Lahyani, the founder and CEO of Property Finder, expressed confidence in the Turkish market’s long-term potential and highlighted the synergy brought by merging two technology pioneers in the real estate sector.

As Dubai’s real estate market continues to evolve, these insights provide a glimpse into what lies ahead in 2024. With a focus on stability, measured growth, and strategic partnerships, the Dubai real estate landscape remains as dynamic as the city it represents.

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