Page 74 - SOBHA REALTY PR REPORT NOVEMBER 2023

Dubai: Here's why property

prices will continue to rise in

2024

Rise in foreign fund inflows fuels surge in the rally along with tenants turning into
property ownership, availability of ready-to-move-in properties, among others

by

Waheed Abbas

Published: Sun 26 Nov 2023, 3:51 PM
Last updated: Sun 26 Nov 2023, 10:50 PM

Property prices rally in Dubai will continue next year, but the pace will slow down
compared to 2023, with a growth rate of up to 10 per cent projected on the back of

strong demand from residents, investors and high-net-worth individuals.

Analysts expect that the prime residential market will continue to drive the market, led
by Jumeirah, Downtown, Palm Jumeirah and other high-end areas that have witnessed
unprecedented demand in the post-pandemic period.

The surge in the rally is fuelled by a combination of factors, including a rise in foreign
fund inflows, tenants transitioning into property ownership, a growing availability of

ready-to-move-in properties, and the interest of investors seeking to capitalize on long-
term residency programs like the Golden Visa, Retirement Visa, and Freelance Visa.

“With sustained demand and positive market sentiment, we foresee prices to continue
witnessing steady increases in the range of 5-10 per cent over 2024 – albeit with the
pace expected to slow down compared to the 20-25 per cent price increases witnessed

in 2023,” says Prathyusha Gurrapu, head of research and consulting at Cushman &
Wakefield Core.

https://www.khaleejtimes.com/business/realty/dubai-heres-why-property-prices-will-continue-to-rise-
in-2024