Dubai’s residential property market continued its impressive growth trajectory in the first quarter of 2024, according to a report by Springfield Properties. The emirate witnessed a staggering $109.8 billion in transactions, reflecting a 37,134 increase in property sales compared to the previous period.
This surge follows a record-breaking year for Dubai’s real estate market in 2023. The report highlights a significant 55% rise in investment inflows, with a notable 42% of these new investors coming from international markets. This trend is expected to continue, with the report predicting a 24.6% increase in high-net-worth individuals residing in Dubai by 2025. This influx of wealthy residents is poised to further propel the city’s ultra-luxury property segment to even greater heights.
“The first quarter of 2024 demonstrates a sustained upsurge in Dubai’s real estate market,” the report states, emphasizing the market’s robustness and global appeal. Dubai’s position as a thriving business hub, coupled with its luxurious lifestyle offerings, appears to be a major draw for both domestic and international investors and buyers.
