Dubai’s property market is expected to achieve a 7% growth
Dubai’s property market is set to experience a growth spurt, with anticipated price increases of 5% to 7% this year, building on the back of a record $117 billion in real estate transactions in 2023.
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Experts at D&B Properties predict a continuation of this upward trend, driven by strong buyer demand. The sector’s growth is underpinned by a combination of government initiatives, economic resilience, and significant investor interest, which are all expected to contribute to further market expansion.
Cautious Optimism for the Future
Despite the positive outlook, there’s a note of caution regarding potential shifts in the latter part of 2024, especially within the luxury real estate segment. Soliman Hossameldin, the Director of Digital Marketing at D&B Properties, emphasizes Dubai’s attractive qualities for investors, including its strategic location, world-class infrastructure, and dynamic business environment. These factors, combined with the city’s status as a global hub, ensure a continuous demand for real estate investments, offering lucrative opportunities for capital appreciation and rental yields.
Resilience and Surge in Transactions
The resilience of the UAE’s property market is notably demonstrated by its performance, especially in Dubai and Abu Dhabi. Enhanced by governmental policies and sustained economic growth, the market has seen a surge in transactions, particularly in Dubai, which recorded a significant increase in new property deals. Forecasts predict a price rise of 5% to 7% in Dubai and 3% to 9% in Abu Dhabi.
Record-Breaking Year for Dubai Real Estate
The previous year marked a milestone for Dubai’s real estate sector, with 116,116 transactions totaling AED429.6 billion ($117 billion). This represented a remarkable year-over-year increase in both the number of transactions and their value, underscoring the market’s attractiveness and resilience to global investors. With investors hailing from diverse regions including India, China, the UK, Europe, CIS countries, Latin America, Mexico, and Canada, the market’s global appeal is evident. The anticipated post-pandemic recovery in China is expected to further enhance demand and investor confidence.
The Evolving UAE Property Market
As the property market in the UAE continues to evolve, stakeholders are advised to remain cautious and adaptable to changing market dynamics. Collaboration among developers, investors, and policymakers is essential to fostering sustainable growth and ensuring long-term market stability.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
