Dubai is emerging as a highly competitive and attractive hub for corporate and tourism activities, with ample opportunities for real estate investments. The real estate market in Dubai continues to remain hot, with recent performance reports indicating significant growth in the sector. Large volumes of property purchases and sales during the first two months of 2024 have led to high momentum, which marks a visible improvement over last year's performance.
Dubai boasts significant infrastructure improvements, a thriving economy, and a diverse population, making it ideal for a prosperous residential area. Recent data indicates the city's residential market remains attractive, with double-digit solid transaction numbers and value growth during the January-March 2024 quarter.
Dubai started off the year 2024 on a positive note, with a notable increase of 30.91% in residential sales values during January and February compared to the same period in 2023. Transactions also increased, with almost 22,900 deals completed, an impressive 26.6% increase from the previous year. These figures indicate that the market is on track to exceed Dh100 billion in total sales through over 30,000 transactions in Q1 alone. Such strong performances reflect continued buyer interest across different property segments.
The key to achieving sustainable growth in Dubai lies in a strong foundation built upon the government's significant measures to promote long-term market activity. The Economic Vision 2040 strives to establish Dubai as a leading tourist and business destination on a global scale, thus ensuring the prosperity of its economy.
Dubai is experiencing significant population growth, which will lead to ongoing housing needs. The current number of residents has exceeded 3.65 million and is expected to reach 5.8 million by 2040, indicating an increase of over 2 million people. To accommodate this influx, approximately 30,000 new residential units must be completed annually in the coming years. With more families settling in the emirate, ranging from young professionals to retirees, the demand for housing across all segments, from affordable to luxury, is expected to remain strong.
Dubai's real estate market is expected to grow with the government's support for long-term development plans and infrastructure spending.