Investors’ Guide to Dubai Real Estate in 2024
In the dynamic real estate market of Dubai, the recent pandemic has notably shifted demand patterns among various property types.
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While villas and townhouses experienced a surge in popularity due to a growing need for space, experts now suggest that apartments could present more profitable investment opportunities in 2024. This shift is attributed to apartments’ relative affordability and sustained demand, potentially offering better prospects for price appreciation.
Dubai’s evolving Real Estate sector
Dubai’s real estate sector is undergoing rapid transformation, with development spreading into new areas and diversifying the options available to investors. This evolution poses crucial decisions for investors regarding the type of property—be it villas, townhouses, or apartments—that best aligns with their investment objectives and personal preferences. Each property type offers distinct advantages, with experts providing insights into their potential risks and rewards, guiding investors toward the choices that could offer the most significant benefits in 2024.
Experts Opinions on the Diverse Dubai Property Market
According to some experts in this field, the key to successful property investment in Dubai does not solely depend on the type of property but also on strategic timing and a long-term investment horizon.
Currently, Dubai’s residential landscape comprises approximately 800,000 units, with a majority being apartments. Despite an anticipated increase in single-family homes, apartments are expected to continue dominating the market.
Other experts emphasize the importance of considering various factors like budget, location, and personal goals when investing. The high demand and appreciation potential of townhouses and villas is mainly due to their limited supply and community lifestyle benefits, without forgetting the attractiveness of apartments for their affordability and rental yield potential.
Recommendations and considerations for potential buyers and renters
For those looking to invest in Dubai’s property market, experts recommend areas like Dubailand, Dubai Hills Estate, and Arabian Ranches for townhouses or villas, and Downtown Dubai, Dubai Marina, and Business Bay among others for apartments.
These recommendations are based on the potential for growth, property prices, and the advantages of securing long-term rental income. However, investors should also weigh the advantages against potential drawbacks, such as maintenance costs for villas and townhouses or the challenges of apartment living, including pet restrictions and noise issues.
Anticipated price trends for Dubai properties in 2024
Reflecting on the market trends, experts explain that the pandemic has significantly influenced property prices, with villas and townhouses seeing a notable increase in value. This trend has reduced their accessibility to some buyers, while certain apartment communities have experienced rising prices due to heightened demand.
Looking forward, experts see potential for price increases across all property types in 2024, driven by Dubai’s appealing lifestyle, exclusive property offerings, and incentives like the Golden Visa, which continue to attract high-end buyers.
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
