Dubai’s Real Estate Market Projected to Grow 15% in 2024
Not only is Dubai considered a “fair valued” real estate investment according to the most recent study reports by the UBS Global Real Estate Bubble Index, but according to a recent result of an artificial intelligence (AI)- driven research of property markets in top cities worldwide, Dubai’s real estate market is expected to by expand by 15% in 2024
This comes as no surprise, as the trends for tourism and population continue to show an upward trajectory for Dubai, ‘The City of Gold.” From its perfect weather and luxury lifestyle to its thriving tourism industry, to being a centrally-located hub for business, Dubai remains an enticing attraction for an influx of high-net-worth individuals and expats from all over the world!
“Fueled by resilient demand, a buoyant economy, and robust foreign investor interest, the [Gulf] city’s real estate landscape is projected to experience a remarkable upswing [in the coming year],” the latest study by Realiste, an AI-based prop-tech specializing in real estate investment solutions, said.
Alex Galt, founder and CEO of Realiste, stated that the study’s prediction that Dubai would become a significant growth hub in the global real estate sector in 2024 is primarily due to the fact that people understood the value and quality present in Dubai in terms of safety, cleanliness, tourism, and other areas.
“The prospects [in Dubai] are much greater than in any other city in the world,” Galt was quoted stating in Arabian Business.
Realiste’s AI-based analysis specified pockets within Dubai that could witness a significant price per square footage increase, potentially surpassing the 15 percent benchmark in 2024.
“This phenomenon promises to amplify the appeal of real estate investments in these localized regions, thereby marginally detracting from the allure of alternative areas and global economic hubs,” Realiste said.
According to Arabian Business, “Industry experts said the study insights could provide valuable guidance to stakeholders, investors, and industry players, equipping them with a deeper understanding of the evolving real estate dynamics around the world.”
51 cities from 51 major nations, including the US and the UAE, were included in the Realiste study.
Realiste states its AI-based forecasts and estimations have an average success rate of 96 percent
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