The real estate sector in the UAE is poised for continued growth in 2024 despite global economic uncertainties, with Dubai and Abu Dhabi expected to deliver a substantial number of new units. Experts predict around 34,000 units in Dubai and 8,000 units in Abu Dhabi, driven by robust economic fundamentals, government initiatives, and increasing investor confidence.
The real estate industry has become a cornerstone of the UAE’s diversification agenda, offering stability amidst global uncertainties. Despite inflationary pressures, the sector is expected to perform strongly, attracting both regional and international investors.
While the residential market continues to see annual increases in both value and volume of transactions, the pace of growth may moderate in the coming year. Luxury properties remain niche, but there’s solid growth in branded residences, wellness-focused projects, and co-living spaces catering to young professionals.
Dubai, in particular, is set to witness the handover of over 40,000 units in 2024, following a surge in new launches in 2023. The housing sector, which saw a significant price increase last year, is expected to maintain a robust pipeline of supply in the years ahead.
The wider GCC region also presents promising prospects for the real estate sector, buoyed by private and sovereign wealth and increased infrastructure spending. Despite global challenges like inflation and interest rate hikes, the GCC market remains relatively resilient.
In the UAE, residential, hospitality, and office segments remain top-performing, with commercial real estate seeing demand for high-quality spaces. Sustainability and technological innovations are reshaping the landscape, with green building practices gaining prominence.
In the office market, strong demand persists, particularly for quality spaces, while flex offices gain traction due to changing work patterns. The industrial sector is also thriving, driven by government-led initiatives and the rise of e-commerce.
Overall, the UAE real estate market in 2024 presents diverse opportunities for investors, characterized by stability, growth, and a focus on sustainability and innovation.
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