Page 79 - SOBHA REALTY PR REPORT NOVEMBER 2023

11/27/23, 2:03 PM Dubai: Here's why property prices will continue to rise in 2024
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.

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“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.

Gurrapu foresees waterfront locations such as Palm Jumeirah and Jumeirah Bay and established
districts including Downtown Dubai to continue witnessing relatively higher price increases next year.

According to Moody’s Investors Service, property prices have increased by about 15 per cent in Dubai

and Abu Dhabi since the second quarter of 2021 and UAE real estate market conditions will remain
healthy in the next 12-18 months, but demand will be slower than the past two years.

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Prathyusha Gurrapu expects prices in upcoming areas such as Dubailand and Mohammed bin Rashid
City where major handovers are expected, to foresee relatively lower price increases.

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