How Dubai's Property Market is Holding Up in 2024

The year 2023 witnessed an interesting situation: while the effect of inflation, surging borrowing costs, and the economic uncertainty surrounding the property markets in the world started a marked decline in transaction numbers, luxury residential properties built and launched in other locations of the world, with prices going up by a 3.1% only. This slowdown can not be seen by the good situation of markets in Manila and Dubai, which witnessed high price surges of 26% and 15%, respectively. It is opposite to the backdrop of declines in property markets in cities like New York and London, where luxury prices declined by 2%. 

Dubai has become a hub for buying properties among buyers in countries like India, Russia, and China because of its luxurious collections in housing projects that are launched by top builders. In 2024 this will remain the same as more launches of exclusive properties will be seen in locations like Palm Jabel Ali, Rashid Yachts and Marina, Business Bay, Dubai Creek Harbour, and more.

This trend, as explained by the professionals of a popular real estate company in their new report for 2024, showed that the rich buyers and investors and their cash were filled by the rising stock markets, showing their interest towards the situation of luxury real estate around the world. Manila, with its catching 26% leap, stood at the top among the 100 market places, with Dubai and the Bahamas not far behind, both catching up 15% increase where Dubai is seeing more and more launches of new housing projects by builders like Damac Properties and Emaar Properties.The result changes for the luxury cities like New York and London who witnessed their luxury real estate prices going down by 2% in 2023, now holding at 8% and 17% which is below their top market conditions.

Dubai is holding up because builders like Emaar Properties, a well-known property developer in Dubai has launched its new phase of Fairway Villas 3 in a posh location of Emaar South Dubai. People who are looking for a house that is both exclusive and more luxurious than villas built by Emaar are the good options to choose. The amenities and services provided by Emaar are also very trendy and also liked by the people living in projects by Emaar Properties. 

As the month of march in 2024 has started so does the excitement of the buyers who are looking for luxurious properties in a comfortable location because Emaar is prepared to launch new housing projects on different dates of 2024. Some reports showed that the property transactions in Dubai are still good despite the rise in property prices.

The opinion takes a different turn as a professional at the head of a popular company working in real estate stated on the recovery of wealth and sales in 2023, highlighting the planning style of rich buyers towards the allure of luxury housing properties in global hotspots. This change is also shown by thought from another professional working as the head of another branch at the same company, who thinks that the pandemic-affected property boom's unavoidable result amidst increasing borrowing costs, yet sees the small chance that luxury property prices will rise more in later months. Cities like Dubai will continue to see good results in the property market.

For being a popular city in the world, Dubai's property market depends not only on local economic conditions but also on investor's assumptions who are from other countries, changes in exchange rate, other events, and the promotion of new investor markets. In 2023 the price of villas in Dubai went up by 22 percent and the apartment costs increased by around 18 percent. One of the main reason for this growth in the real estate market of Dubai is Indian investors. According to a housing market report, India is one of the top buyers in the Dubai real estate market.

The condition also changes when it comes to the market of commercial properties, surrounded by the rising trend of remote work and the result of high borrowing costs, which collectively started a downturn, notably more noticeable than that shared by their housing counterparts. This section of the market in other cities experienced a heavy 46% decline in the global commercial property market in 2023, diving to $698 billion, with a notable pullback by U.S. investors. Amidst this turmoil, the industrial and logistics sector arose profitable, seizing offices as the top-wanted investment market for the first time on record, capturing a quarter of all global investment.

The commercial property market in Dubai is different, where the demand for office areas is met by launching new commercial properties in Dubai Hills. Business Park and Park Heights Square. The good growth of Dubai's real estate and its popularity as a prime business city in UAE has started a significant gap between supply and demand in the commercial real estate market in 2023, posed some difficulties to the builders working in Dubai, but in 2024, the demand is being fulfilled.

As this position of opulence, soundness, and difference are studied, it casts a spotlight on the private real estate investors as the guards of 2023. They have controlled the ridge of market dislocation, staring into the result of 2024 with plans to amplify their investment works, guiding the rough seas of the global real estate markets with a strong resolve to capitalise on the unfolding opportunities. This article, filled with opinions and also showing different results and situations in different places, offers a view into the busy play of situations shaping the luxury real estate markets around the world, according to the professional of Dubai Housing.