Page 485 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

2/29/24, 1:07 PM Dubai Prime Property Sector To See Robust Price Surge In 2024 | MENAFN.COM

PNC Menon, chairman and founder of Sobha Realty, said the UAE's luxury real estate market
would remain robust in 2024 due to the sustained demand for prime properties driven by a

growing influx of foreign investors.“In particular, Dubai, ranked among the world's most
affordable luxury markets, has been able to better position itself as the destination of choice

for high net worth buyers and business investors thanks to the diversity of prime properties
available for purchase.”

He noted that the luxury real estate industry is modifying its strategy in response to the

shifting economic environment by focusing on technological integration, immersive virtual
experiences, and sustainable practices.“Smart houses, eco-friendly architecture, and
wellness-focused amenities are becoming increasingly popular in response to the evolving

needs and values of luxury property buyers,” said Menon.

According to Knight Frank, prime residential values in neighbourhoods including the Palm

Jumeirah, Emirates Hills and Jumeirah Bay Island have experienced record growth during
2023, albeit this has been from a low base.

Faisal Durrani, partner and head of Research, Knight Frank Mena, said the total number of
prime homes available for sale declined by 38.5 per cent in Dubai during 2023, echoing the

52 per cent decrease in sales inventory in Dubai's Burj Khalifa over the same period.“Owners

are clearly deciding to hold on to their homes for longer, with inventory levels falling sharply,
signalling the longer-term residency mindset now bedding in amongst the increasingly
dominant buy-to-hold purchasers. Unsurprisingly, this behaviour has helped to sustain price

growth in the emirate's prime market, which registered the second fastest rate of growth
globally in 2023 at 15.9 per cent”

“The accolades for Dubai's prime market are piled high following the city's record-breaking
431 $ 10 million+ home sales, including an all-time high of 56 properties trading for over $25

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