UAE realty market displays growth
Infrastructure investment is going to be a big boost for the real estate market in Dubai. It augurs well for the market at the macro-level. Dubai just made a new announcement, devising plans for a new $34.85 billion passenger terminal at Dubai World Central - Al Maktoum international (DWC), the emirates newest airport to be completed by 2034.
This was shared by Kashif Ansari - Cofounder and Group CEO –Juwai IQI GLOBAL with Gulf Today. The UAE real estate market is displaying strong growth based on the premise of solid demand and limited supply. This signals to the market that real estate market in UAE and dubai in general remain robust in the long run. He shared the data about Dubai real estate market performance in Q-1-2024
Real estate in Dubai has played a pivotal role, contributing 8 to 9 per cent to the economy at the macro level. Dubai real estate market has witnessed an unprecedented boom in the last 10-15 years. Most of the global sophisticated and smart investors are more interested in buying property in dubai rather than in London or Singapore.
On the ground information is very simple that mortgage approvals increased by 40 per cent which indicates that banks are positive about the real estate market. According to Knight Frank’s Dubai Market Review, Dubai is set to deliver just 13,000 homes annually over the next six years. However, inflation and a dynamic global interest rate policy have already hampered market growth.
Geopolitical factors like the tensions in West Asia and the unabated Russia-Ukraine war cause uncertainty. Despite the possibility of the slowdown in Dubai’s real estate sector, it remains one of the most affordable luxury markets in the world, which only adds to its appeal among the international elite as per the report stated in the latest trends in Dubai real estate market. At Juwai IQI, Kashif shared that a 5 to 7 per cent increase in prime residential values in Dubai is expected in 2024, thus marking and positioning the city as the third fastest-growing prime residential market globally.
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