As some of you are aware we are expanding into the Dubai property market (one I've known well, over the last ten or so years) and wanted to provide a market update for you all, and also share why I have a keen interest here:

⭐Price Appreciation: Last year was a great year for the Dubai property market with no signs of slowing down, the residential property volumes recorded a 23% increase over the same period last year *. Prime locations, such as Downtown Dubai and Dubai Marina, have experienced even higher appreciation rates, reaching up to 5% *.

⭐ Increase in Transactions: Despite global economic uncertainties, Dubai's property transaction volumes are increasing. In 2023, the total number of property transactions surpassed 110,000, reflecting a 15% year-on-year increase. This uptrend signals sustained confidence among investors and residential purchasers, with this continuing with 13,900 transactions in January 2024 alone.

⭐Investment Hotspots: As with any property market, certain areas will stand out as lucrative investment hot spots. For instance, off-plan properties have gained traction, constituting approximately 60% of total transactions in recent months. Additionally, luxury villas and waterfront properties have seen heightened demand, with transaction volumes growing by 20% and 25%, respectively.

⭐Government Initiatives: Dubai's government is known for being proactive, introducing measures in the real estate market to stimulate the market. Initiatives such as the introduction of long-term residency visas for investors and the extension of the Expo 2020 effect have bolstered investor sentiment and contributed to market stability.

⭐Digital Innovation: The Dubai market has full on embraced technology to enhance efficiency and transparency. They are revolutionising the way in which transactions are completed, benefiting buyers/sellers creating convenience and trust.

2024 has started on fire for the Dubai real estate market, presenting significant opportunities for investors seeking sustainable returns with unparalleled lifestyle experiences.

Stay tuned and I will continue to provide UAE & UK property market updates on a regular basis!

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Data sourced from dubai rest & DXBinteract