A report by Mansion Global expects the continued growth of the luxury real estate boom in the emirate during the current year, 2024. A report by the platform on its official website indicated that the luxury real estate growth boom in Dubai is on the right track.
The website quoted Orwell Font, CEO of Lux Habitat Sothebay International Realty, as saying that 2023 will witness the emergence of the Emirate of Dubai as the most important real estate market in the world for high-value transactions.
Font pointed out that Dubai is expected to strengthen its position as one of the most suitable destinations for the wealthy. Pointing out that Dubai is witnessing the influx of a large number of high-net-worth individuals, due to the lifestyle offered by the emirate, which is unparalleled in the entire Middle East region.
He added: “During the past two years, 2022 and 2023, the growth of real estate prices in Dubai was topping the news headlines, which indicates an outstanding performance, and it is expected to continue for a long period, during 2024, and also during 2025.”
Font concluded his statements by saying: “The luxury real estate market in Dubai will witness levels of growth, which may be moderate, but it will certainly grow because it is moving in the right direction.”
The website quoted Joel Goodrich, Director of the Real Estate Department at Cold Well Banker Global Luxury Company, as saying that the Gulf region will remain the capital of technology and artificial intelligence in the world, due to the presence of the vast majority of the best artificial intelligence companies in the world, which may lead to a major boom in luxury real estate prices in the region.
The report reviewed a number of real estate price growth in other regions around the world, indicating that global events will have a major impact compared to previous usual years, in all global luxury housing markets, starting from San Francisco in the United States, all the way to Sydney in Australia, and passing through Dubai during 2024.
The website quoted Tom Bell, head of housing research at Knight Frank, as saying that the current year 2024 is likely to witness fluctuations in luxury real estate markets, driven by non-economic events taking place around the world.
However, the report indicates a decline in mortgage rates in New York, for example, according to Bess Friedman, CEO of Brown Harris Stevens, an American company specializing in the real estate sector.
2024-01-01 22:02:14
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