The UAE real estate market to reach AED 2.6 TRILLION?

Is UAE’s real estate market really going to reach AED 2.6 Trillion by the end of 2024? Pulling a worldwide audience, the UAE is now home to a total of 10.24 million residents. In a span of about two decades, UAE’s real estate hub, Dubai, underwent intrinsic development from a majoritarily desert habitat to one of the world’s most futuristic destinations. Investors are increasingly drawn to Dubai’s thriving real estate market due to a combination of factors contributing to its resilience and growth potential. Despite facing a temporary setback during the pandemic, Dubai’s proactive implementation of economic reforms and effective management strategies have bolstered its appeal to global investors. Particularly enticing are the introduction of attractive five and ten-year residency visas, offering long-term stability and security to investors seeking both financial returns and settlement opportunities.

As Dubai continues to attract a growing number of wealthy individuals, with an estimated 24.6% rise in High Net Worth Individuals (HNWIs) by 2025, both the city’s ultra-luxury and overall real estate markets are poised for further expansion. This influx of affluent residents underscores Dubai’s reputation as a destination for wealth and investment, setting the stage for continued growth in its real estate sector.

This perfect storm of global demand and investor-friendly initiatives has positioned Dubai’s real estate sector for significant expansion. Forecasts indicate a robust 8% compound annual growth rate in the overall residential real estate market across the UAE from 2022 to 2027. As mentioned by an Arabian Business post, During the first quarter of 2024, Dubai witnessed a significant uptick in luxury home sales. This surge brings the city closer to replicating its remarkable performance from the previous year, where it achieved a record-breaking transactions of properties valued at over $10 million. Dubai’s real estate market has outpaced prime markets such as New York and London, cementing its position as a global hub for high-end property investments.

This brings us to the main topic in question. With rises such as these, is the UAE market really going to reach an all time high of AED 2.6 Trillion? Well, we leave this to the future now.

(Source: https://www.arabianbusiness.com/industries/real-estate/uae-real-estate-market-to-reach-highs-o f-aed2-6-trillion-by-2024-report)

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