The Dubai real estate is going through the best of the best periods, witnessing the highest market performance through various sectors of the emirates from hospitality to residential and retail. With effect from global geopolitical situation and continuous upgrades in the standards from the government, the real estate companies and brokers have been able to bring the best to the table. The profit margins have gone up and with each passing month, the demands from the tenants are also increasing, which requires the real estate companies to stay on their toes to keep their competitive edge. An overview of the latest growth stats will provide you with the insights into the future trends.

Increased number of tourists

The number of tourists has been increasing over the period of last few years, which is a major contributing factor towards the high performance of the real estate market:

• 17.15 M in 2023
• 14.36 M in 2022
• 16.73 M in 2019

The number of tourists continue to increase in 2024 as well with 5.18 M coming to the emirate from Jan-Mar 2024. The gross domestic product (GDP) for the first half of the year 2023 increased by 3.2% amounting to AED 223.8 billion.

Effective government initiatives

Dubai government is one of the top forward-looking and proactive governments in the world, who has its finger on the pulse of the changing trends and demands. The initiatives of the government are always aimed at fostering the growth and well-being of its residents and citizens. From people-centric policies to making it easy for businesses to invest and provide services, the government is making it all easy and effective. Digitalization across the government has been at the forefront of increasing the investment and business activities in the Emirate.

Expansion of the non-oil sector

With the focus on expanding the non-oil sector in the country, Dubai has witnessed a surge in the people moving in from the western side of the globe. From setting up a new business to moving here with families for a great quality of life, people are seeing Dubai as their home for generations to come. This expansion has also contributed heavily towards increasing the value of the real estate in the Emirate. Every area, even the ones considered for the lowest rental value have now moved up the ladder.

With all the above mentioned factors and the latest trends towards development of the Emirate, the real estate is expected to grow even higher in 2024 and the next few years.