Fri 22 Mar 2024

Dubai's Real Estate Sector Poised to Deliver 34,000 Units in 2024

The sector solidifies its role as a key component of the UAE’s diversification strategy.

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 The real estate sector in the UAE is poised for continued growth in 2024, despite a global economic slowdown. Experts participating in a panel discussion predict that both Dubai and Abu Dhabi will collectively deliver around 34,000 and 8,000 residential units, respectively.

At JLL’s event titled “Navigating the Growth Spectrum: Exploring Strategies for Sustained Success,” panelists emphasized that strong economic foundations, government programs, and rising investor trust are creating fresh prospects for consistent growth across various asset categories in the rapidly changing market of the United Arab Emirates. These opportunities are particularly pronounced in the near and medium future.

According to the panelists, the real estate industry is poised to sustain its positive trajectory, capitalizing on the robust expansion and substantial buyer interest witnessed in 2023.

James Allan, CEO of JLL Middle East and Africa (MEA), asserted that the sturdy and adaptable real estate sector has firmly positioned itself as a central element of the UAE’s economic diversification strategy. Despite inflationary challenges, it is anticipated to maintain a robust performance throughout 2024.

Furthermore, the optimistic prospects for growth and the upward trajectory in the investment climate provide stability during a period of global uncertainty, reaffirming the UAE’s status as an appealing destination for both regional and international real estate investors.

During the panel discussion, seasoned experts projected that although there have been yearly increments in both the value and volume of transactions within the residential segment, the rate of growth is expected to decelerate in the upcoming year.

While luxury real estate remains a specialized market, branded residences, wellness-focused projects, and lifestyle-oriented developments are experiencing robust growth. Additionally, co-living spaces are providing affordable and convenient living solutions for young professionals.

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