UAE Real Estate Market is Expected to Reach AED 2.6 Trillion by 2024

UAE Real Estate Market is Expected to Reach AED 2.6 Trillion by 2024

Statista’s latest data indicates that the UAE‘s real estate market is on track to hit a value of AED 2.6 trillion by the close of 2024. This expansion is primarily fueled by the growing interest of high-net-worth individuals (HNWIs) in luxury real estate, with Dubai being a focal point for such investments.

Read More: UAE Plans To Establish A National Investment Strategy

In the first quarter of 2024, Dubai sold 105 high-end residences, edging closer to last year’s peak of 431 deals for properties over $10 million. This achievement outstrips other leading markets, such as New York and London. The number of wealthy individuals relocating to Dubai is expected to increase by 24.6 percent by 2025, further raising the city’s ultra-luxury and overall real estate sectors.

Georgina Atkinson, Managing Partner at Origin Private Office, observed continuous growth in the regional real estate sector, with Dubai emerging as a leader in sales volume and price increases. She pointed out the strong demand from regional and global investors, particularly high-net-worth people from Asia and Europe, to move to or set up a base in Dubai.

Read More: Dubai’s Population Grows Faster Than Property Supply

Atkinson highlighted the consultancy’s pivotal function in guiding developers in the ‘ultra-prime’ market sector. She lauded her team’s worldwide knowledge in creating landmark residential projects and conveyed confidence about their ongoing influence on Dubai’s vibrant real estate market.

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