Housing in Dubai will become more Affordable in 2024

Based on a report regarding the results of the third quarter of 2023, there has been a moderate reduction in the supply of housing, and a slowdown in the growth of prices and rental rates. At the same time, the sector remains dynamic thanks to the completion of new projects. There is an increase in demand due to the growing population, so the rate of price increases will continue until at least the end of 2023.

In the third quarter of 2023, more than 6,000 properties were rented out in Dubai, including 4,700 apartments and 1,850 villas. This is down slightly from previous quarters, but the volume remains large.

High demand leads to an increase in rental rates for all types of real estate. With the implementation of large projects in 2024, the population's need for new residential properties will decrease, meaning the cost of real estate and rent will decrease as well.

In the next 3-4 years, more than 130,000 new projects will be implemented in Dubai. This will lead to purchase prices and rental costs stabilising. Many projects are being built in the middle price-range segment, which will give potential buyers and renters more affordable housing options.

In the commercial sphere, large-scale office building projects are expected to be implemented in the coming years, as the demand for offices in Dubai outstrips the supply. These types of complexes are especially popular in Business Bay and Dubai International Financial Centre, but, as a result of dense development, other business centres may start appearing in other areas of the emirate.

The activity of the Dubai real estate market indicates development and stable growth. Dubai is a popular city for expats, investors, tourists, and business people. Experts believe that in the coming years, the situation with the growth of real estate prices will stabilise, as the indicators of supply and demand for housing will gradually reach market parity.

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