Why Dubai’s Real Estate Sector Will Double Through 2040 & Beyond
As 2023 comes to a close, global news outlets are buzzing about Dubai’s real estate market potential – not just for 2024, but over the next decade. A booming economy, government-backed initiatives, and home-buying safeguards are just a few of the reasons why foreign investors continue to invest in Dubai’s property market, contributing to its position as the #1 Global Destination.
According to recent articles, such as those in Arabian Business and other news outlets, these are some of the most important reported benchmarks fueling Dubai’s continued accelerated growth in the real estate sector over the next 10 years and well-after:
- Overall Growth Trajectory: Knight Frank projects that Dubai’s real estate market will increase by 15% in 2024
- Population Explosion: Dubai’s 2040 Urban Master Plan anticipates that there will be a “5.8 million increase in the population, taking the total number of residents in Dubai to 7.8 million,” which will have a direct influence on residential housing demand, as well as commercial and industrial properties.
- Consistent Uptick in Real Estate Transactions: The demand for properties continues to escalate, according to developers like Emaar Properties , which projects to “generate Dh485 billion ($132.15 billion) from the sale of its development portfolio by 2040.”
- Surging Apartment Prices: News reports share that “Dubai apartment prices surged 20%” this year, with no slow-down in sight.
- Economic Boom: Also in the news, the UAE economy on the whole is projected to grow 4% in 2024, thanks to growth in diversified areas such as government plans, tourism, and technology, staying on a steady course of growth.
- Foreign Investor Perks: Free zones, 0% income tax, and protective government councils and programs such as the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA), create confidence for foreign investors.
Do you want to learn more about why Dubai is a hot-spot for foreign real estate investors and homebuyers? Visit our blog for the latest news and trends in Dubai’s real estate sector.
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