Real estate developers expect that the year 2024 will also be an exceptional year for real estate in Dubai, after the current year witnessed, since its beginning, record sales whose value is set to exceed 400 billion dirhams, pointing out that the increasing demand for land, and the tendency of developers to benefit from major projects in the emirate such as The Dubai Metro Blue Line will support the continued growth of the sector over the next year.
They told Emirates Today: Real estate maturity in Dubai qualifies for continued successes in the market, and supports ambitious plans, so that the city becomes the best place to live and invest in the world. They also expect the continued flow of foreigners and capital to Dubai, and thus the increasing demand for the real estate sector, whether for those interested. Residence, housing or investment.
A complementary year
In detail, the Chairman of the Board of Directors of Al-Waleed Investment Company, Mohammed Al-Mutawa, said: The year 2024 will be a complementary year to the current year for the real estate sector in Dubai, after 2023 was an exceptional year for the sector at all levels.
Al-Mutawa expected land prices to increase with limited supply, and he also expected real estate sales during the next year to be equal to what was recorded in 2023.
maturity
For his part, Chairman of the Board of Directors of W Capital Real Estate Company, Walid Al Zarouni, said: “The real estate market in Dubai has matured greatly, and therefore the volume of interest is increasing for everyone, whether for real estate developers or investors. Therefore, I expect that the year 2024 will provide many attractive opportunities to benefit from the major projects launched by the emirate, such as the Blue Line of the Metro.”
Al Zarouni revealed that real estate sales in Dubai are heading to break the barrier of 400 billion dirhams in 2023, concluding four years of strong growth for the sector, which is expected to continue during the next year, according to market indicators and with the emirate being the best city in the world to live and work at the same time. .
Significant growth
In turn, the General Manager of the Royal Liwan Real Estate Company, Mohammed Hareb, expected that the next year would witness significant growth in the real estate sector in Dubai, especially during the first and second quarters, pointing out that there is a state of anticipation by investors and those interested in the sector, after it achieved positive numbers this year. This is due to the increasing demand for Dubai real estate in new projects under construction.
He said: The sector achieved great leaps that began immediately after the Corona pandemic, specifically in 2021, and continued last year, recording the highest annual sales ever, which were surpassed this year, which is considered exceptional, both in terms of the value of deals and their number.
Hareb added that there are some new segments interested in investing in the Dubai real estate market, with lucrative returns on investment, in addition to regulating legislation and laws, which maintains the cohesion of the market, stressing the presence of a continuous demand for investment in the emirate’s real estate.
Record numbers
In the same context, the CEO of Malak Real Estate, Tariq Ramadan, said: In 2023, Dubai witnessed the breaking of all previous records in terms of the volume of real estate sales and their value in all types of real estate, starting from land to villas and apartments, and in all sectors, which include the sector. Industrial, commercial and residential. Ramadan expected that next year would witness the continued growth of the real estate sector and the launch of new projects, which would lead to an increase in demand for land, and thus an increase in its prices. However, he indicated that despite this, the increase in sales covers the additional cost of land.
Revitalized sector
For his part, Managing Director of Harbor Real Estate Company, Muhannad Al-Wadiya, said: The real estate sector will continue to recover at a good pace during the coming year, supported by continued spending on developing infrastructure, developing laws and legislation, especially with regard to golden residency, and facilitating procedures for establishing… Companies.
He expected that various residential units would witness increasing demand, with increased investor demand and capital inflow to Dubai.
influx of foreigners
The CEO of Elio Real Estate Company, Zahi Qashou, also expected the continued influx of foreigners and capital to Dubai, which will lead to an increasing growth in demand for the real estate sector for those wishing to live and invest, in addition to the sales figures achieved in 2023 giving a great indication that Next year will be a distinctive year in terms of increased demand for real estate.
Qashou said: The demand for land is increasing with the influx of new developers into Dubai, which increases competition, pointing out that the availability of multiple options and diverse projects gives an indication of the continued increase in sales.
Collective investment
Real estate marketing expert, Alaa Masoud, said that the real estate sector in Dubai will continue the strong sales momentum in 2024, in light of the high investment return rate, ease of procedures, and guarantee of investors’ rights.
He added that these factors helped increase investor confidence, not just individuals; Rather, collective investment has become widespread in Dubai.
2023-12-21 22:07:39
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