Dubai Property News and Market Insights in 2024

It’s crystal ball time as the haus & haus experts give their take on the sector’s trajectory. We’ll be diving into key Dubai property news, popular Dubai real estate prices and trends for the year ahead. Spoiler: it’s looking fierce.

It was a tale of expansion in 2023 for Dubai's real estate market with a surge in property prices due to increased demand from both local and international buyers.

Now, as the industry tries to speculate where we’re headed in 2024, the general expectation reflected in new property news is ‘more of the same if not better.’

In sharp contrast to most of the world, Dubai's real estate market is poised for a 5-7% price increase in 2024, according to a recent ValueStrat report published in The National. This reflects the latest real estate news in Dubai today.

As a tax efficient and business friendly ‘safe’ haven, the city is attracting a growing population seeking stability and the predicted sustainable growth with fewer spikes.

Dubai property news & upcoming trends

As for the most impactful trends, our Managing Director Luke Remington recently told Arabian Business he predicts a resurgence of Chinese buyers in the market after something of a pull back during lockdown.

He also tipped Expo City as one to watch for investors.

“The infrastructure that already exists, including a metro station, and sustainable features, make it extremely attractive compared to other new community developments,” he told the publication.

Luke also pointed to increased interest in other Emirates like Ras Al Khaimah (RAK), especially now its headline-grabbing new casino development is drawing eager new investors to the region.

On the secondary sales front, longtime Dubai expat hotspots such as Arabian Ranches and Emirates Living will likely continue to see demand outstrip supply, with owners taking advantage of market conditions by renovating outdated properties and re-selling at higher prices.

And as the population continues to grow, buyers will also need to consider properties further afield.

“Developers are preparing for this demand by building higher-end properties in more ‘affordable’ areas such as JVC and Arjan, which will see the value of these areas increasing,” Luke told Arabian Business.

Despite tenant hopes for rent relief in 2024, limited inventory persists due to lower than expected property handovers in 2023. This means our in-house experts predict a 10-20% rent increase, with investors and landlords standing to benefit from average returns surpassing 6.5%. Existing tenants may opt for renewals, prompting landlords to consider holiday/short-term leasing for increased flexibility.

Top areas to watch in Dubai real estate

Charlie Bannan, Managing Director at haus & haus says in 2024 there is a handful of areas savvy buyers should be thinking about.

First, Tilal Al Ghaf, a new mixed-use community by Majid Al Futtaim featuring a range of elegant apartments, modern villas and townhouses. Described by Dubai property insiders as something of an emerging ‘hidden gem,’ the community represents a huge opportunity for investors and end users alike. In 2024, more of the area’s sub communities will be handing over.

“There is also an ongoing trend of owners extending, adding significant value to the property and this looks set to continue this year. Notably Jumeirah Village Triangle (JVT), which is one of the only places in Dubai where you can get a two-bedroom standalone villa, circa 2,690 sq. ft BUA with a plot large enough to extend up to six bedrooms. We have seen homeowners in JVT add up to 80% in built up area,” revealed Charlie, adding that developers in some other areas have started to limit the size an owner can extend by.

He also pointed to Peninsula by leading developer Select Group in Business Bay which is due to hand over in Q4 of this year. With stunning waterfront and Downtown Dubai views, this gorgeous development of soaring towers and luxury villas will become a new leisure and business hub. 

Record-breaking success

Experts also predict a surge in property prices, fueled by demand from both local and international buyers. Despite caution on potential market cooldown, projections hint at a 5-7% price increase, reflecting a positive outlook.

Predictions include a resurgence of Chinese buyers, with focus areas such as Expo City and Ras Al Khaimah. Secondary sales dynamics, rent relief predictions, and prime investment opportunities in emerging communities like Tilal Al Ghaf and Jumeirah Village Triangle all add to this market overview. Overall, Dubai braces for another successful year, and is predicted to reach a record-breaking performance in the real estate sector.

The conclusion?

While there are always some unknowns in any market projections (and being too certain is asking for trouble), the smart money says Dubai is going to have another enviable, potentially record-busting year. 

As Dubai's real estate industry increases in success, keeping updated with the latest developments can prove challenging. That's why the haus & haus team issues Quarterly Market Reports encompassing Sales, Leasing, and Off-Plan sectors. These reports include vital information, insights, and key factors influencing the present market landscape.

Check out more Market Reports here.